Ace Corporation has been in business for many years. Retained earnings on January 1, 2017, is $235,800.

Question:

Ace Corporation has been in business for many years. Retained earnings on January 1, 2017, is $235,800. The following information is available for the first two months of 2017:

________________________ January ________________February

Revenues ....................... $83,000 ....................... $96,000

Expenses ........................ 89,000 ......................... 82,000

Dividends paid ...................... 0 ............................. 5,000

Required

Prepare a statement of retained earnings for the month ended February 28, 2017?

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...