Morpeth Ltd. began 2020 with retained earnings of $12 million. Revenues during the year were $37...

 

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Morpeth Ltd. began 2020 with retained earnings of $12 million. Revenues during the year were $37 million and expenses totalled $26 million. Morpeth declared dividends of $8 million. What was the company's ending balance of retained earnings? To answer this question, prepare Morpeth's statement of retained earnings for the year ended December 31, 2020, and complete with its appropriate heading. Morpeth Ltd. began 2020 with retained earnings of $12 million. Revenues during the year were $37 million and expenses totalled $26 million. Morpeth declared dividends of $8 million. What was the company's ending balance of retained earnings? To answer this question, prepare Morpeth's statement of retained earnings for the year ended December 31, 2020, and complete with its appropriate heading.

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