Based on the Adjusted Trial Balance,prepare a Statement of Retained

question 27

Essay

Based on the adjusted trial balance,prepare a statement of retained earnings for Martin Sky Taxi Services.
$\begin{array}{c}\text { MARTIN SKY TAXI SERVICES}\\\text { Adjusted Trial Balance}\\\text { For the year ended December 31}\\\begin{array}{|l|r|l|}\hline \text { Cash } & \$ 28,000 & \\\hline \text { Accounts receivable } & 14,200 & \\\hline \text { Office supplies } & 1,700 & \\\hline \text { Airplanes } & 100,000 & \\\hline \text { Accumulated depreciation - Airplanes } & & 45,000 \\\hline \text { Accounts payable } & & 11,500 \\\hline \text { Common stock } & & 25,000 \\\hline \text { Retained earnings } & & 46,900\\\hline\text { Dividends } & 40,000 & \\\hline \text { Fees earned } & & 150,000 \\\hline \text { Rent expense } & 13,000 & \\\hline \text { Office supplies expense } & 2,000 & \\\hline \text { Utilities expense } & 2,500 &\\\hline\text { Depreciation Expense - Airplanes } & 15,000 & \\\hline \text { Salary expense } & 50,000 & \\\hline \text { Fuel expense } & 12,000 & \\\hline \text { Totals } & \$ 278,400 & \$ 278,400 \\\hline\end{array}\end{array}$