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Unformatted text preview: 28,930 Building Expense 9,130 Office Supplies Used 3,450 Telephone and Internet Expense 2,820 Miscellaneous Office Expense 6,000 Entertainment Expense 14,820 Depreciation of Office Furn. & Equip 7,250 Total Administrative Expenses $72,400 J.R. Reid Corporation Retained Earnings Statement For The Year Ended June 30, 2007 Retained Earnings, July 1, as reported $337,000 Correction for understatement of net income in prior period (17,700) Retained Earnings, July 1, as adjusted 319,300 Add: Net Income 290,525 609,825 Less: Preferred Stock 9,000 Common Stock 32,000 (41,000) Retained Earnings, June 30 $568,825 Prepared By: Zach Holbert...
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- Spring '08