Problemtentco reported the following amounts in various, Ask an Expert

Accounting

Problem

Tentco reported the following amounts in various statements included in its 2016 annual report. (All amounts are stated in millions of dollars.)
Net income for 2016 $142 Cash dividends declared in 2016 15 Retained earnings, December 31, 2015 $ 95

REQUIRED:

(1) Prepare a Statement of retained earnings for the year ended December 31, 2016.

(2) Assume that Tentco presents a statement of stockholders' equity rather than a statement of retained earnings in its annual report. Explain how the information differs between the two statements.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92827011

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