For the year ended December 31, 2024, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31, 2023, was $248,000.
Chapter 5, Brief Exercises #11
For the year ended December 31, 2024, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31, 2023, was $248,000.
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Accounting Principles Volume 2
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
ISBN: 9781119786634