The Jamery Goods Company has the following account balances:
Bonds payable, due 2016 ......................................$100,000
Inventory ................................................................30,000
Dividends ...............................................................10,000
Accounts payable ...................................................20,000
Cash ....................................................................... 200,000
Accounts receivable ...............................................60,000
Accumulated depreciation-Cars ................................30,000
Income taxes payable ................................................15,000
Common shares ......................................................... 120,000
Net income ................................................................50,000
Cars ...........................................................................75,000
Opening retained earnings .........................................40,000
Required:
Prepare a statement of retained earnings using whichever of the preceding accounts you need from the December 31, 2010, books of the Jamery Goods Company.