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The assets and liabilities of Gator Pest Control Services, Inc. at May 31, 2018, the end...

The assets and liabilities of Gator Pest Control Services, Inc. at May 31, 2018, the end of the current year, and its revenue and expenses for the year are listed below. The capital stock was $100,000 at June 1, 2017, the beginning of the current year. Mr. Al Gator invested an additional $15,000 in the business in exchange for capital stock during the year.

Accounts Payable

$1,200

Miscellaneous Expense

$220

Accounts Receivable

$12,340

Office Expense

$560

Cash

$32,990

Supplies

$1,670

Fees Earned

$78,350

Wages Expense

$26,770

Land

$65,000

Dividends

$3,000

Building

$143,670

Retained Earnings

$90,000

REQUIRED: Prepare a statement of retained earnings for the current year ended May 31, 2018.

Business   Accounting   
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Solution:

Gator Pest Control Services, Inc.
Income Statement
For year ended May 31, 2018
Particulars Amount
Fees Earned $78,350.00
Expenses:
Miscellenous Expenses $220.00
Office Expense $560.00
Wages Expense $26,770.00
Net Income $50,800.00
Gator Pest Control Services, Inc.
Statement of retained earnings
For year ended May 31, 2018
Particulars Amount
Beginning retained earnings $90,000.00
Add: Net Income $50,800.00
Less: Dividends $3,000.00
Ending Retained Earnings $137,800.00
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