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Preparation of a Statement of Retained Earnings from Closing Entries
Fisher Corporation reported a Retained Earnings balance of $125,780 on January 1, 2014. Fisher Corporation made the following three closing entries on December 31, 2014. (The entry to transfer net income to Retained Earnings was intentionally omitted.) Prepare a statement of retained earnings for Fisher for the year.
Dec. 31
Service Revenue
65,400
Interest Revenue
20,270
Income Summary
85,670
31
62,345
Salary and Wage Expense
23,450
Rent Expense
20,120
Interest Expense
4,500
Utilities Expense
10,900
Insurance Expense
3,375
Retained Earnings
6,400
Dividends
Bond premium is amortized on a straight-line basis.
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