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Marigold Corporation has retained earnings of $684,800 at January 1, 2020. Net income during 2020 was $1,690,600, and cash dividends declared and paid during 2020 totaled $84,200. Prepare a retained earnings statement for the year ended December 31, 2020

Respuesta :

Answer:

Explanation:

The preparation of the retained earnings statement for the year ended December 31, 2020 is presented below:

                                          Marigold Corporation

                                      Retained Earning statement

                              For the year ended December 31, 2020

Beginning balance of retained earning        $684,800

Add: Net income                                             $1,690,600

Less: Cash Dividend paid                             -$84,200

Ending balance of retained earning             $2,291,200

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