The following information applies to the questions displayed below) Assume you are the president of Nuclear...
Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31), the following financial data for the company are available:
2. Prepare a statement of retained earnings for the year ended December 31.
TIP: Because this is the first year of operations, the beginning balance in Retained Earnings will be zero.
Homework Answers
Answer
- Requirement 2
|
Statement of Retained earnings |
|
|
for the year ended 31 Dec |
|
|
Retained earnings Jan 1 |
$0 |
|
Add: Net Income ($97700 sales revenue - $74500 operating expense - $ 9650 other expense) |
$13,550 |
|
Less: Dividends |
$360 |
|
Retained earnings Dec 31 |
$13,190 |
SOLUTION :
Retained earnings in the beginning $0
Add
Income 97,700
Less
Expenses (84,150)
(74500+9650)
__________
Net Income 13,550
Less
Dividend (360)
________
Retained earnings at the end of year $13,190
________
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