On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its cl

Question

On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700.

B. Prepare a T-account for the Retained Earnings account

This is how the excel blocks look. I can't add or use anymore than that.

Retained Earnings beg Bal answer(if needed) answer(if needed) cant use only date can be added(12/31/16) answer(if needed) answer(if needed) only date can be added(12/31/16) only date can be added(12/31/16) answer(if needed) answer(if needed) only date can be added(12/31/16) only date can be added(12/31/16) answer(if needed) answer(if needed) only date can be added(12/31/16) End Bal answer answer can't use

Explanation / Answer

Ditka Inc. Details Amt $ Service revenue 2016        175,100 Interest Revenue 2016          84,800 Total revenue 2016        259,900 Less expenses 2016 Supplies          91,400 Advertising Expenses          17,100 Salaries & Wages          19,350 Income tax expense          15,100 Total Expense        142,950 Net Income 2016        116,950 T Account -Retained Earning Date Details Amt $ date Details Amt $ Dec 31.2016 To Cash dividend             6,700 Dec 31.2016 Opening Balance      274,800 Dec 31.2016 To Balance b/d        385,050 Dec 31.2016 By Income statement        116,950 Jan 1.2017. By Balace c/f      385,050

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