What would the retained earnings statement look like for the below events? Blake

Question

What would the retained earnings statement look like for the below events?

Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Retained Earnings had a balance of $918,000. During the year, no additional common stock was issued, and $15,000 of dividends were paid. For the year ended December 31, 2018, Grab Bag Delivery reported a net loss of $43,500. Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement.

Explanation / Answer

Retained earnings statement

For the Year Ended December 31 2018

Retained earnings, January 1 2018 918000 Deduct: Net loss -43500 874500 Deduct : cash dividends -15000 Retained earnings, December 31, 2018 859500

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