Barrett, Inc., restores antique automobiles. The retained earnings balance of the corporation was ($28,500) at December 31,2009.

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Barrett, Inc., restores antique automobiles. The retained earnings balance of the corporation was \($28,500\) at December 31,2009. During 2010, the corporation paid \($35,000\) in dividends to its stockholders. At December 31,2010, the business’s accounting records show these balances:image text in transcribed

Requirement 1. Prepare the following financial statements for Barrett, Inc.:

a. Income statement for the year ended December 31,2010

b. Statement of retained earnings for the year ended December 31,2010

c. Balance sheet at December 31,2010

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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