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Retained Earnings Statement

All revenue and expense accounts have been closed at the end of the calendar year for Spehr Company. The Income Summary account has total debits of $500,000 and total credits of $650,000. As of the same date, Retained Earnings has a balance of $115,000, and Dividends has a balance of $60,000.

(a) Prepare a retained earnings statement for the year ended December 31, 2000.

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Retained earning statement :-
REtained earning before adding profit for 2000 115000
Earning of ...

Solution Summary

Solution contains retained earnings statement of Spehr Company.