Kingston, Inc. had beginning retained earnings of $135,000 on January 1, 2018. During the year, Kingston declared and paid $85,000 of cash dividends and earned $75,000 of net income. Prepare a statement of retained earnings for Kingston, Inc. for the year ending December 31, 2018.
Kingston, Inc. had beginning retained earnings of $135,000 on January 1, 2018. During the year, Kingston declared and paid $85,000 of cash dividends and earned $75,000 of net income. Prepare a statement of retained earnings for Kingston, Inc. for the year ending December 31, 2018.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 15EA: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid...
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