For the year ended December 31, 2015, Stirling Farms Limited, a private company, reported a profit of
Question:
For the year ended December 31, 2015, Stirling Farms Limited, a private company, reported a profit of $150,000.
The company declared cash dividends of $90,000 and paid $80,000 of these dividends during the year.
(a) Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on January 1, 2015, was $490,000.
(b) How would this statement change if Stirling Farms were a publicly traded company?
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a STIRLING FARMS LIMITED Statement of Retained Earnings Year ...View the full answer
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Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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