Free Class LUS Be sExercise 3s Part Level A tabular analysis

Free Class LUS Be sExercise 3-s (Part Level A tabular analysis of the transactions made during August 2017 by Wolfe Company during its first month of operations is shown below. Esch increase and decrease in Assets .Liabilities Retained Earnings Revenues-Expenses (1) $20,000 (2) 1,000 (3) 750 (4) 4,100 $5,400 (5)1,500 (6) 2,000 5,000 $4,000 $750 $9,500 Serw. Rev. 1,500 $2,000 Div Rent Exp. 450-450 (9) 3,000 300 Ubil Exp. ? (a) MacBook Air

Solution

WOLFE COMPANY Retained Earnings Statement For the Month Ended August 31, 2017 Retained Earnings, August 1 $               -   Add: Net Income / (Loss)            5,400            5,400 Less: Dividends            2,000 Retained Earnings, August 31 $        3,400