Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of...
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Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Required: Prepare a statement of retained earnings for the year ended December 31, 2016. Landon Corporation Statement of Retained Earnings For the Year Ended December 31, 2016 Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Required: Prepare a statement of retained earnings for the year ended December 31, 2016. Landon Corporation Statement of Retained Earnings For the Year Ended December 31, 2016
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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