Marisol Company has just completed operations for the year e

Marisol Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business

Accounts Payable $ 12,200 Office Expense $ 6,500
Accounts Receivable 14,500 Rent Expense 9,600
Cash 8,200 Retained Earnings, Jan. 1, 2016 8,300
Common Stock 9,000 Salaries Expense 36,000
Dividends 13,500 Service Revenue 84,000
Equipment 15,000 Utilities Expense 6,200
Insurance Expense 4,000

Prepare the statement of retained earnings. Use a proper heading.
What will be an ideal response

ANSWER

Marisol Company
Statement of Retained Earnings
Year Ended December 31, 2016

Retained Earnings, January 1, 2016 $ 8,300
Net Income for the month 21,700
30,000
Dividends (13,500 )
Retained Earnings, December 31, 2016 $ 16,500