Jordan Corporation reported retained earnings of $225,000 at the beginning of the current year. During the year,

Question:

Jordan Corporation reported retained earnings of $225,000 at the beginning of the current year. During the year, Jordan Corporation earned net income of $45,000 and paid cash dividends of $3,750. Prepare the statement of retained earnings of Jordan Corporation for the current year.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...