Beginning retained earnings was $364,800, and dividends declared totaled $105,000 for the year.
1. Prepare the income statement of Cameron Services, Inc., for the year ended December 31, 2014.
2. Prepare the companys statement of retained earnings for the year.
3. Prepare the companys balance sheet at December 31, 2014.
4. Analyze Cameron Services, Inc., by answering these questions:
a. Was Cameron Services profitable during 2014? By how much?
b. Did retained earnings increase or decrease? By how much?
c. Which is greater total liabilities or total stockholders equity? Who owns more of Cameron Services assets, creditors of the company or the Cameron Servicesstockholders?