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Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of...

Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2016 to $125,320 and to $145,480 during 2017. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.

Prepare a statement of retained earnings for the year ended December 31, 2017.

Landon Corporation
Statement of Retained Earnings
For the Year Ended December 31, 2017
Business   Accounting   
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Answer #1

Landon Corporation

Statement of Retained Earnings for the Year ended December, 2015 :-

Opening Balance (Jan 2,2015 ) $ 0
Add : Net Income $ 85200
Less : Dividend Paid ( 2 * $ 20000) ($ 40000)
Closing Balance ( Dec 31, 2015 ) $ 45200

Statement of Retained Earnings for the Year ended December, 2016 :-

Opening Balance ( Jan 1 , 2016 ) $ 45200
Add : Net Income $ 125320
Less : Dividend Paid ( 2 * $ 20000) ($ 40000)
Closing Balance ( Dec 31, 2016) $ 130520

Statement of Retained Earnings for the Year ended December, 2017 :-

Opening Balance ( Jan 1 ,2017 ) $ 130520
Add : Net Income $ 145480
Less : Dividend Paid ( 2 * $ 20000) ($ 40000)
Closing Balance ( Dec 31,2017 ) $ 236000
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