Question

McKnight, Inc., restores antique automobiles. The retained earnings balance of the corporation was $23,500 at December 31, 2011. During 2012, the corporation paid $40,000 in dividends to its stockholders. At December 31, 2012, the business’s accounting records show these balances:


Requirement
1. Prepare the following financial statements for McKnight, Inc.:
a. Income statement for the year ended December 31, 2012
b. Statement of retained earnings for the year ended December 31, 2012
c. Balance sheet at December 31,2012


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  • CreatedApril 29, 2014
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