Question

Financial information related to Infra-Systems Company for the month ended November 30, 2014, is as follows:
Net income for November ........... $275,000
Dividends paid during November ........ 40,000
Retained earnings, November 1, 2014 ..... 400,000
a. Prepare a retained earnings statement for the month ended November 30, 2014.
b. Why is the retained earnings statement prepared before the November 30, 2014, balance sheet?



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  • CreatedFebruary 28, 2014
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