Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2020
Question:
Presented below is information related to Alexis and Ryans, Attorneys at Law.
Retained earnings, January 1, 2020 ............................. $ 23,000
Legal service revenue—2020 ........................................ 340,000
Total expenses—2020 ................................................... 211,000
Assets, January 1, 2020 ................................................. 85,000
Liabilities, January 1, 2020 ............................................ 62,000
Assets, December 31, 2020 .......................................... 168,000
Liabilities, December 31, 2020 ..................................... 80,000
Dividends—2020 ............................................................ 64,000
Instructions
Prepare the 2020 retained earnings statement for Alexis and Ryans, Attorneys at Law.
Step by Step Answer:
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso