These financial statement items are for Concord Company at year-end, July 31, 2022. Salaries and wages payable $ 1,700 Notes payable (long-term) $ 1,600 Salaries and wages expense 51,500 Cash 14,800 Utilities expense 22,500 Accounts receivable 10,700 Equipment 29,400 Accumulated depreciation-equipment 5,700 Accounts payable 5,000 Dividends 2,600 Service revenue 61,500 Depreciation expense 4,300 Rent revenue 8,500 Retained Earnings (beginning of the year) 20,000 Common Stock 31,800
Prepare a retained earnings statement for the year.