Statement of retained earnings, Financial Accounting

Statement of Retained Earnings
Landon Corporation was organized on January 2, 2010, 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 2011 to $125,320 and to $145,480 during 2012. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.
Prepare a statement of retained earnings for the year ended December 31, 2012.
I'd like to understand how you got the answer. I've got part of it right. I know the net income for 2012 is $145,480 and I know the Dividends paid were -40,000. I need the retained earnings Jan 1st 2012 and then the Retained earnings Dec 31 2012.
Retained Earnings Jan 1 2012 ?
Net Income 2012 145,480
Dividends paid -40,000
Retained Earnings Dec 31 2012 ?

Posted Date: 2/20/2014 4:03:16 AM | Location : United States

Related Discussions:- Statement of retained earnings, Assignment Help, Ask Question on Statement of retained earnings, Get Answer, Expert's Help, Statement of retained earnings Discussions

Write discussion on Statement of retained earnings
Your posts are moderated
Related Questions
Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013: 1. Unrealized

Characteristics of a will 1) Dispositionary:  A will disposes the deceased’s property. 2) Formality:   For a will to be valid, it  must be written and signed by the d

Necessary things for Receivership If no power to appoint a receiver is given by the terms of issue, the trustee for the debenture holders, or a debenture holder acting on behal

DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the

Statement of Cash Flows - A statement of cash flows is one of the fundamental financial statements which is required as part of a complete set of financial statements prepared in c

practical problems of chapter one of company accounts

1- Journalize May transactions. Entry: 1. May 1 Owner H.Hadi invested $40,000 in the business. 2. May 4 Equipment was purchased at a cost of $7,000; a three-month, 10% note pa

KAM Computer Timeshare Company entered into the following transactions durnig May 2014 Decribe the effects of each transaction on assets, liabilities, and owner's equity. 1. Purcha

1. Lett Corp declared and issued a 15% stock dividend when they had 100,000 shares of common stock issued and outstanding. The market price of the stock was $20 per share on the de