Preparing the statement of retained earnings [10-15 min]
Rolling Hill Interiors, Inc., began the year with Retained earnings of $20,000. On July 12, Rolling Hill issued common stock and received $14,000 cash. The income statement for the year ended December 31, 2012, reported net income of $63,000. During this fiscal year, Rolling Hill paid cash dividends of $6,000 each month.
Requirement
1. Prepare Rolling Hill Interiors, Inc.’s, statement of retained earnings for the year ended December 31, 2012.
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