II

I just need help with the statement of retained earnings. Thanks in advance!

TRIAL DALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 55,200 Allowance for Doubtful Accounts $732 Supplies 2,490 Prepaid Insurance 1,740 Equipment 29,700 Accumulated Depreciation-Equipment 6,522 Notes Payable 7,200 Common Stock 10,000 Retained Earnings 22,774 Service Revenue 115,238 Rent Expense 9,516 Salaries and Wages Expense 32,130 Utilities Expenses 1,400 Office Expense 790 $162,466 $162,466 1. Fees received in advance from clients $6,350, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,693. 3. Bad debt expense for the year is $1,515. 4. Insurance expired during the year $433. 5. Equipment is being depreciated at 10% per year. 6. Robert gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. 7. Rent of the building is $732 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,739. ROBERT CONSULTING ENGINEER Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1 22,774 Add : Net Income /(Loss) 63,492 Less 4: Dividends Retained Earnings, December 31 A $ 86,266