Data for Kennedy Realty are as follows:
$$\begin{array} { l r }
\text { Total assets at January 1 } & \$ 100,000 \
\text { Total liabilities at January 1 } & 35,000 \
\text { Common stock at January 1 } & 50,000 \
\text { Total revenues for the year } & 79,000 \
\text { Total expenses for the year } & 47,000
\end{array}$$
Cash dividends of $30,000 were paid to its sole stockholder,Finn Kennedy,during the year.No stock was issued during the year.Using the above data,prepare Kennedy Realty's Statement of Retained Earnings for the year ended December 31.

Question

Data for Kennedy Realty are as follows:
 $$\begin{array} { l r } 
\text { Total assets at January 1 } & \$ 100,000 \
\text { Total liabilities at January 1 } & 35,000 \
\text { Common stock at January 1 } & 50,000 \
\text { Total revenues for the year } & 79,000 \
\text { Total expenses for the year } & 47,000
\end{array}$$ 
Cash dividends of $30,000 were paid to its sole stockholder,Finn Kennedy,during the year.No stock was issued during the year.Using the above data,prepare Kennedy Realty's Statement of Retained Earnings for the year ended December 31.

Quizplus · Accepted Answer

The Answer of Data for Kennedy Realty are as follows:
 $$\begin{array} { l r } 
\text { Total assets at January 1 } & \$ 100,000 \
\text { Total liabilities at January 1 } & 35,000 \
\text { Common stock at January 1 } & 50,000 \
\text { Total revenues for the year } & 79,000 \
\text { Total expenses for the year } & 47,000
\end{array}$$ 
Cash dividends of $30,000 were paid to its sole stockholder,Finn Kennedy,during the year.No stock was issued during the year.Using the above data,prepare Kennedy Realty's Statement of Retained Earnings for the year ended December 31.

Data for Kennedy Realty Are as Follows Cash Dividends of $30,000 Were Paid to Its Sole Stockholder,Finn