Preparing a Statement of Retained Earnings
Clint's Stonework Corporation was organized on January 1, 2011 . For its first two years of operations. it reported the following :
Net income for 2011 | $ 31,000 |
Net income for 2012 | 42,000 |
Dividend s for 2011 | 14,200 |
Dividend s for 2012 | 18,700 |
Total asset s at the end of 2011 | 1,30,000 |
Total assets at the end of 2012 | 250,000 |
Required:
On the basis of the data given, prepare a statement of retained earnings for 2012. Show computations.
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