Prepare a statement of retained earnings as of december 31, Ask an Expert

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Landon Corporation was organized on January 2, 2006, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2007 to $125,320 and to $145,480 during 2008. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.

Prepare a statement of retained earnings as of December 31, 2008. Use the minus sign to indicate deductions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M992843

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