Question Details

Prepare a retained earnings statement for the month of April



The income statement of Hall Marine Repairs is as follows:

HALL MARINE REPAIRS
Income Statement
For the Month Ended April 30, 2011

Revenue
	Repair Revenue			₤7,500
Expenses
	Salaries Expense		₤3,400
	Depreciation Expense		350
	Utilities Expense		400
	Insurance Expense		600
	Supplies Expense		  1,050
	Total Expenses			  5,800
Net Income			₤1,700

On April 1, the retained earnings account had a  balance of ₤12,900. During April, the company paid  ₤3,000 in dividends.

Instructions
(a)	Prepare closing entries at April 30.
(b)	Prepare a retained earnings statement for the month of April.




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