E3-21A (similar to) Question Help * Beta Guard, Inc., began the year with $13,00

Question

E3-21A (similar to) Question Help * Beta Guard, Inc., began the year with $13,000 of common stock and $24,000 of retained eamings. On July 5, investors bought $14,000 of additional stock in the business. On October 22, the business purchased land valued at S60,000. The income statement for the year ended December 31, 2016, reported a net loss of S6,000. During this fiscal year, the business paid $600 each month for dividends. Read the requirements Requirement 1. Prepare Beta Guard's statement of retained earnings for the year ended December 31, 2016. (If a box is not used in the statement, eave the box empty; do not select a label or enter a zero.) Complete the statement of retained earnings. Beta Guard, Inc. Statement of Retained Earnings For the Year Ended December 31, 2016 Less:

Explanation / Answer

Statement of retained Earning :-

Particulars Amount($) Amount($) Beginning Balance 24000 Less : Loss for the year 6000 Less : Dividend Paid ($600*12) 7200 (13200) Ending Balance 10800

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