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)