Question

Please help me with preparing a statement of retained earnings for year ended December 31, 2018

Cash	$      277,253		$      388,753
Accounts Receivable	724,500		175,000
Less: Allowance for Doubtful Accounts	(28,980)		(4,600)
Marketable Securities	19,500		18,000
Inventory	30,600		100,000
Prepaid Rent	6,200		22,000
Prepaid Insurance	3,750		16,000
Supplies	450		3,600

Equipment	190,000		160,000
Less: Accumulated Depreciation Equipment	(72,625)		(41,500)
Delivery Truck	56,500		56,500
Less: Accumulated Depreciation Delivery Truck	(24,764)		(15,875)
Land	535,000		35,000

Patents (Net)

70,000

75,000

Accounts Payable	197,300		183,300
Salaries Payable	42,000		36,000
Payroll Taxes Payable	10,300		8,000
Interest Payable	7,667
Dividends Payable	15,000		40,000
Income Tax Payable	130,169		61,585
Note Payable - Short Term	471,640		71,640

Note Payable - Long Term	175,000		175,000
Bond Payable (net premium)	213,055		214,353

Common Stock $1 par	41,000		30,000
Paid in Capital - Common Stock	235,000		123,000
Retained Earnings	376,753		45,000
Less: Treasury Stock (net)	(57,500)
Less: Unearned Compensation	(70,000)

Answer 1

The statement of retained earnings is prepared below:

Particulars	Amount ($)
Retained earnings, Beginning balance	376,753
Less: Net loss (b/f)	306,753
Less: Dividend declared	-25,000
Retained earnings, Ending balance	45,000

where,

Dividend declared = Ending balance of dividend payable - Beginning balance of dividend payable

= $40,000 - $15,000

= $25,00

Note: It is assumed that the balance given in the first column is beginning balance and the second column is the ending balance.

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