On March 1, the Amount of Retained Earnings in Richard's

Essay

On March 1, the amount of retained earnings in Richard's Catering Company was $150,000. During March, stockholders were paid $31,000 in dividends from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: $$\begin{array} { l l } \text { Accounts payable } & \$ 10,250 \\\text { Accounts receivable } & 45,950 \\\text { Cash } & 23,840 \\\text { Fees earned } & 64,950 \\\text { Insurance expense } & 1,275 \\\text { Land } & 85,400 \\\text { Miscellaneous expense } & 1,210 \\\text { Prepaid insurance } & 3,000 \\\text { Rent expense } & 9,000 \\\text { Salary expense } & 20,300 \\\text { Supplies } & 900 \\\text { Supplies expense } & 525 \\\text { Utilities expense } & 2,800\end{array}$$ Present, in good form, a) an income statement for March, b) a statement of retained earnings for March, and c) a balance sheet as of March 31.