(BE-04-02)

Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Retained Earnings had a balance of $918,000. During the year, no additional common stock was issued, and $15,000 of dividends were paid. For the year ended December 31, 2018, Grab Bag Delivery reported a net loss of $43,500.

Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement.

Labels
December 31, 2018
For the Year Ended December 31, 2018
For the Year Ended January 1, 2018
January 1, 2018
Amount Descriptions
Additional investment during 2018
Change in retained earnings
Dividends
Retained earnings, January 1, 2018
Retained earnings, December 31, 2018
Net income
Net loss

Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Grab Bag Delivery Services Retained Earnings Statement (Label) 1 2 3 4 5