(Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2001. During its first 3 years...
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(Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2001. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.
The following information relates to 2004.
Instructions
(a) Prepare a 2004 retained earnings statement for Eddie Zambrano Corporation.
(b) Assume Eddie Zambrano Corp. restricted retained earnings in the amount of $70,000 on December 31, 2004. After this action, what would Zambrano report as total retained earnings in its December 31, 2004, balance sheet?
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Related Book For
Intermediate Accounting
ISBN: 9780471448969
11th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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