Preparing a statement of retained earnings Selected accounts of Guitars by Peter, Inc., for the year ended December 31, 2012, follow:
|
Retained earnings |
||||
|
Clo |
31,000 |
Jan 1 Clo |
152,000 120,000 |
|
|
|
|
Bal |
241,000 |
|
|
Dividends |
|||
|
Mar 31 |
10,000 |
|
|
|
Jun 30 |
7,000 |
|
|
|
Sep 30 |
8,000 |
|
|
|
Dec 31 |
6,000 |
|
|
|
Bal |
31,000 |
Clo |
31,000 |
|
Income summary |
|
|
Clo 100,000 |
Clo 220,000 |
|
Clo 120,000 |
Bal 120,000 |
Requirement
1. Prepare the company’s statement of retained earnings for the year.