MARIO BRO INC. STATEMENT OF RETAINED EARNINGS FOUR MONTHS ENDED APRIL 30, 2018 0

Question

MARIO BRO INC. STATEMENT OF RETAINED EARNINGS FOUR MONTHS ENDED APRIL 30, 2018 0 RETAINED EARNINGS, JANUARY 1, 2018 NET INCOME FOR FOUR MONTHS DIVIDENDS DECLARED RETAINED EARNINGS, APRIL 30, 2018 MARIO BRO INC BALANCE SHEET (Partial) May, 4, 2018 Paid-in Capital: Preferred Stock-$10 par value 4% 3,000 shares authorized, 20,000 shares issued and outstanding Common Stock $1 par value, 10,000,000 shares authorized, 350,000 shares issued and outstanding Total Paid in Capital Retained Earnings Total Stockholders' Equity

Explanation / Answer

Mario Bro Inc.

Statement of Retained Earnings

Four months ended April 30, 2018

Balance Sheet of Mario Bro Inc.as on April 30, 2018

Preferred Stock $10 par value, 4% 3,000 shares

authorised, 20,000 shares issued and outstanding

Common stock $1 par value, 100,000 shares

authorised, 350,000 shares issued and outstanding

2. Journal Entries

Mario Bro Inc.

Statement of Retained Earnings

Four months ended May 20, 2018

Balance Sheet of Mario Bro Inc.as on April 30, 2018

Preferred Stock $10 par value, 4% 5050 shares

authorised, 20,000 shares issued and outstanding

Common stock $1 par value, 110,000 shares

authorised, 350,000 shares issued and outstanding

3.

Mario Bro Inc.

Statement of Retained Earnings

Four months ended May 20, 2018

Balance Sheet of Mario Bro Inc.as on April 30, 2018

Preferred Stock $10 par value, 4% 5050 shares

authorised, 20,000 shares issued and outstanding

Common stock $1 par value, 110,000 shares

authorised, 350,000 shares issued and outstanding

Retained Earnings, January 1, 2018 NIL Net income for four months (750,000 - 80,000) 670,000 Dividend declared NIL Retained Earnings, April 30, 2018 670,000

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