Statement of retained earnings, Financial Accounting

Assignment Help:

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 ?


Related Discussions:- Statement of retained earnings

Revenue recognition, Revenue recognition is a joint project of financial ac...

Revenue recognition is a joint project of financial accounting standard board and international accounting standard board.1.identify the roles and objectives of FASB and IASB?.2. W

What do you mean by fiscal year, Q. What do you mean by Fiscal Year? Fi...

Q. What do you mean by Fiscal Year? Fiscal Year - Period of 12 consecutive months chosen by an entity as its ACCOUNTING period that may or may not be a calendar year. Fixed Ass

What is the net present value of this machine, A company is considering the...

A company is considering the purchase of new equipment for $45,000. The projected after-tax net income is $3,000 after deducting $15,000 of depreciation. The machine has a useful l

Numerical question, A company's sales are 50% in cah and 50% on credit. 70%...

A company's sales are 50% in cah and 50% on credit. 70% of the credit sales are colected in the month of the sale, 20% in the month following the sale, and 5% in the second month f

Executive, Ask question #EM201683STE718FACMinimum 100 words accepted#

Ask question #EM201683STE718FACMinimum 100 words accepted#

Process to increase the financial health of company, Process to increase th...

Process to increase the financial health of company Financial affairs of a limited company enter public domain. With exception of small companies, there is also a requirement f

Determine the range and quality of information, Determine the Range and qua...

Determine the Range and quality of information Financial accounting reports concentrate on information which can be quantified in monetary terms. Management accounting addition

Need answer, Suppose a company will issue new 25-year debt with a par value...

Suppose a company will issue new 25-year debt with a par value of $1,000 and a coupon rate of 8%, paid annually. The tax rate is 40%. If the flotation cost is 3% of the issue proce

Determine the payback period for a project, GoFlo is a small growing firm t...

GoFlo is a small growing firm that is considering the purchase of another truck to serve GoFlo's expanding customer base. The new truck will cost $21,000 and should generate annual

What are the advantage of limited liability, What are the Advantage of limi...

What are the Advantage of limited liability Advantage of limited liability, though, imposes certain obligations on such companies. To start up a limited company, documents of i

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd