For the year ended December 31, 2021, Grayfair Inc. reported profit of $175,000. During the year, the

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For the year ended December 31, 2021, 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, 2020, was $248,000.

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Accounting Principles Volume 2

ISBN: 978-1119502555

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

Question Posted: Feb 20, 2020 10:55 AM

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For the year ended December 31, 2021, Grayfair Inc. reported profit of $175,000. During the year, the

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Accounting Principles Volume 2

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