Question
Salamon, Inc. had Retained earnings of $400,000 on 1/1/22. The company earned $250,000 for the year ended 12/31/22. The company declared a cash dividend of
Salamon, Inc. had Retained earnings of $400,000 on 1/1/22. The company earned $250,000 for the year ended 12/31/22. The company declared a cash dividend of $75,000 and a stock dividend of $20,000 during the year.
a. Prepare the journal entries to close net income and dividends into retained earnings.
b. Prepare a Retained Earnings Statement for the year ended 12/31/22.
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An Internal Audit
Authors: Mette Marx
1st Edition
0998140910, 978-0998140919
