Create a statement of retained earnings for the year ended

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Reference no: EM131989359

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.

Reference no: EM131989359

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