Question
Instructions: Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Retained Earnings had a balance of $618,500. During the year, Marcie invested
Instructions: Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Retained Earnings had a balance of $618,500. During the year, Marcie invested an additional $40,000 in exchange for common stock, and $15,000 of dividends were paid. For the year ended December 31, 2015, Gemini Advertising Services reported a net income of $92,330.
Prepare a retained earnings statement for the year ended December 31, 2015. Enter all amounts as positive numbers. 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 statement heading.
List of Labels and Amount Descriptions
Labels | |
December 31, 2015 | |
For the Year Ended December 31, 2015 | |
For the Year Ended January 1, 2015 | |
January 1, 2015 | |
Amount Descriptions | |
Additional investment during 2015 | |
Decrease in retained earnings | |
Increase in retained earnings | |
Dividends | |
Retained earnings, January 1, 2015 | |
Retained earnings, December 31, 2015 | |
Net income | |
Net loss |
Prepare a retained earnings statement for the year ended December 31, 2015. Enter all amounts as positive numbers. 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 statement heading. Gemini Advertising Services Retained Earnings Statement (Label)
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