Blossom Corporation has retained earnings of $677,300 at January
1, 2020. Net income during 2020 was $1,598,100, and cash dividends
declared and paid during 2020 totaled $75,700. Prepare a retained
earnings statement for the year ended December 31, 2020.
(List items that increase retained earnings
first.)
Statement of Retained Earnings | |
For the year ended Dec 31, 2020 | |
Retained earnings jan 1, 2020 | $ 6,77,300 |
Add: Net Income | $ 15,98,100 |
Less: Dividends | $ 75,700 |
Retained earnings Dec 31, 2017 | $ 21,99,700 |
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