Solution-Calculate ending retained earnings balance

Calculate ending retained earnings balance

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Reference no: EM132479582

Landon Corporation was organized on January 2, 2015, with the investment of $120,000 by each of its two stockholders. Net income for its first year of business was $72,860.

Net income increased during 2016 to $104,920 and to $122,760 during 2017. Landon paid $17,000 in dividends to each of the two stockholders in each of the three years.

Required:

Question 1) Calculate ending retained earnings balance for 2016.

Question 2) Remember, the ending retained earnings balance for 2016 is the beginning retained earnings balance for 2017, and so forth.

Question 3) Prepare statement of retained earnings starting with the beginning balance in 2017.

Question 4) Prepare a statement of retained earnings for the year ended December 31, 2017.

Reference no: EM132479582

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Calculate ending retained earnings balance

Reference no: EM132479582

Reference no: EM132479582

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