On January 1, Hannah\'s Pool Service Company had a retained earnings balance of

Question

On January 1, Hannah's Pool Service Company had a retained earnings balance of $252,000. During the year Hannah's stockholders bought an additional $32,000 in common stock and received dividends of $52,200. For the year ended December 31 Hannah's Pool Service Company reported a net income of $73,200.

Hannah's Pool Service Company

Retained Earnings Statement

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Required: Prepare a retained earnings statement for the year ended December 31. Refer to the Instructions and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Be sure to complete the statement heading.
Labels For the Year Ended December 31 Amount Descriptions Decrease in retained earnings Dividends Increase in retained earnings Net income Net loss Retained earnings, December 31 Retained earnings, January 1

Hannah's Pool Service Company

Retained Earnings Statement

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Need help making

Retained Earnings Statement

Explanation / Answer

Retained earning statement is prepared as under:

Hannah's Pool Service Company Retained Earning Statement For the Year Ended December 31'20XX Particulars Amount ($) Amount ($) Retained Earnings, January 1 252,000 Add: Net income 73,200 Less:   Dividends 52,200 Retained earnings ,December 31 273,000

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