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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 29
Preparing the statement of retained earnings
Rolling Hill Interiors, Inc., began the year with Retained earnings of $20,000. On July 12, Rolling Hill issued common stock and received $14,000 cash. The income statement for the year ended December 31, 2012, reported net income of $63,000. During this fiscal year, Rolling Hill paid cash dividends of $6,000 each month.
Requirement
1. Prepare Rolling Hill Interiors, Inc.'s, statement of retained earnings for the year ended December 31, 2012.
Rolling Hill Interiors, Inc., began the year with Retained earnings of $20,000. On July 12, Rolling Hill issued common stock and received $14,000 cash. The income statement for the year ended December 31, 2012, reported net income of $63,000. During this fiscal year, Rolling Hill paid cash dividends of $6,000 each month.
Requirement
1. Prepare Rolling Hill Interiors, Inc.'s, statement of retained earnings for the year ended December 31, 2012.
Explanation
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1. Retained earnings:
Retained earnings...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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