Below is information from the statement of retained earnings of Mrs. Kittys Cookies, Inc. for a recent
Question:
Below is information from the statement of retained earnings of Mrs. Kitty’s Cookies, Inc. for a recent year.
Dividends...........................$ 0
Net income...........................?
Retained earnings, January 31, 2010...........$159,490
Retained earnings, January 31, 2009...........$105,000
Prepare the statement of retained earnings for Mrs. Kitty’s Cookies in good form. You will need to solve for the amount of net income. What are retained earnings? Why would the company’s board of directors decide not to pay any dividends to its owners?
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-1439037805
9th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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