The income statement of Fezzik's Shoe Repair is as follows:
On April 1, the Retained Earnings account had a balance of $12,900. During April, the company paid $3,000 in dividends.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare a retained earnings statement for the month of April.

Question

The income statement of Fezzik's Shoe Repair is as follows:  
On April 1, the Retained Earnings account had a balance of $12,900. During April, the company paid $3,000 in dividends.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare a retained earnings statement for the month of April.

Quizplus · Accepted Answer

The Answer of The income statement of Fezzik's Shoe Repair is as follows:  
On April 1, the Retained Earnings account had a balance of $12,900. During April, the company paid $3,000 in dividends.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare a retained earnings statement for the month of April.

The Income Statement of Fezzik's Shoe Repair Is as Follows