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Income statement. Of ABC Company for the ended financial year, 2016 showed Total revenues amounted to...

Income statement. Of ABC Company for the ended financial year, 2016 showed Total revenues amounted to 100,000, and total expenses amounted to 75,000. The company made at the end of the year dividends of 10,000 and beginning period balance in retained earnings amounted to 20,000. Amounts in Saudi riyal

Required: prepare the retained earnings statement for the period.

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Answer #1
Statement of retained earnings
For the ended financial year, 2016 (Currency-Saudi Riyal)
Retained earning at the beginning of the period           20,000
Add: Net income (100000-75000)           25,000
Less: Dividends         (10,000)
Retained earnings at the end of the period           35,000
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