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.
Retained earning statement :-
REtained earning before adding profit for 2000 115000
Earning of ...
Solution contains retained earnings statement of Spehr Company.