EX 4-8 Retained earnings statement Apex Systems Co. offers its services to resid

Question

EX 4-8 Retained earnings statement Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for the fiscal year ended December 31, 2016, are OBJ. 2 as follows: Retained Earnings 90,000 Dividends 22,500 Dec. 31 22,500 22,500 22,500 Dec. 31 Jan. 1 (2016) 1,375,000 Mar. 31 355,000 June 30 Sept. 30 Dec. 31 90,000 Dec. 31 Income Summary Dec. 31 1,415,000 Dec. 31 1,770,000 31 355,000 Prepare a retained earnings statement for the year.

Explanation / Answer

Apex Systems Co.

Statement of Retained Earnings

for the year ended 12/31 2016

Retained earnings at December 31, 2016                                                                 1,375,000

Net income for the year ended December 31, 2016 355,000

Dividends paid to shareholders ( 90,000)

Retained earnings at December 31, 2016 1,640,000

Dividend has declared and paid is same hence dividend account has both debit and credit account has same

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.