Question

As of December 31, 2017, Armani Company’s financial records show the following items and amounts.
As of December 31, 2017, Armani Companys financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,900 10,900 7,900 6,900 15,700 14,000 5,900 7,900 14,900 36,800 25,800 21,900 13,900 9,900 Required: Prepare a yearend statement of owners equity for Armani Company ARMANI COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 Retained earnings, December 31, 2017

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Answer #1
Retained Earnings, December 31,2016 5900
Add: Net income 16900 =36800+25800-21900-13900-9900
22800
Less: Dividends 14900
Retained Earnings, December 31,2017 7900
Note: Dividends may alternatively be written without parenthesis
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