NOVA Industries prepared the following financial information as of December 31, 2022. Service revenue$158,500 Notes payable$58,000 Accounts payable13,700 Administrative expenses138,000 Cash14,600 Supplies2,500 Equipment106,500 Common stock35,000 Dividends9,000 Beginning Retained earnings (1/1/2022)5,400 Prepare a Statement of Retained Earnings for NOVA Industries as of December 31, 2022. NOVA IndustriesRetained Earnings StatementFor the year ended December 31, 2022 ["", ""] $ ["", "", "", ""] Add: ["", "", "", "", "", ""] ["", "", "", ""] ["", ""] Less: ["", "", "", "", "", "", "", ""] ["", "", "", "", "", "", ""] ["", ""] $ ["", "", "", ""]

Answered: NOVA Industries prepared the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 17PA: Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings...

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Question

NOVA Industries prepared the following financial information as of December 31, 2022.

Service revenue	$158,500	Notes payable	$58,000
Accounts payable	13,700	Administrative expenses	138,000
Cash	14,600	Supplies	2,500
Equipment	106,500	Common stock	35,000
Dividends	9,000	Beginning Retained earnings (1/1/2022)	5,400

Prepare a Statement of Retained Earnings for NOVA Industries as of December 31, 2022.

NOVA Industries Retained Earnings Statement For the year ended December 31, 2022
["", ""]		$ ["", "", "", ""]
Add:	["", "", "", "", "", ""]	["", "", "", ""]
		["", ""]
Less:	["", "", "", "", "", "", "", ""]	["", "", "", "", "", "", ""]
["", ""]		$ ["", "", "", ""]

Expert Solution

Step 1

Retained Earnings

The earnings remain after making dividend payments, direct and indirect expenses, and other operating expenses. It is the part of shareholder's fund as it belongs to the owners of the company.