The trial balance columns of the worksheet for Lampert Roofing at March 31, 2017

Question

The trial balance columns of the worksheet for Lampert Roofing at March 31, 2017, are as follows. LAMPERT ROOFING Worksheet For the Month Ended March 31, 2017 Trial Balance Account Titles Dr. 4,300 2,700 2,500 11,132 Cr. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense 1,265 2,100 700 9,677 3,400 1,200 6,500 1,500 310 23,642 23,642 Other data: 1. A physical count reveals only $500 of roofing supplies on hand. 2. Depreciation for March is $253. 3. Unearned service revenue amounted to $230 at March 31. 4. Accrued salaries are $800. Enter the trial balance on a worksheet and complete the worksheet.

Explanation / Answer

Retained earning income statement :

As on March 31,2017

Beginning retained earnings 3400 Add; Net income 2107 5507 Less: Dividend -1200 Ending retained earnings 4307

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