The adjusted trial balance of blossom company at december 31, 2019, includes the following accounts: common stock $17,200, dividends $7,000, service revenue $38,900, salaries and wages expense $16,200, insurance expense $2,400, rent expense $4,600, supplies expense $1,000, and depreciation expense $1,200. the balance in common stock is the balance as of january 1. prepare a retained earnings statement for the year assuming net income is $13,500 for the year and retained earnings is $7,900 on january 1.

Explanation:

Before preparing the retained earning statement, first we have to compute the closing balance of retained earning which is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $7,900 + $13,500 - $7,000

= $14,400

The statement of retained earnings is presented in the spreadsheet. Kindly find the attachment below:

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