Data for Kennedy Realty are as follows: ?Total assets at January 1$100,000?Total liabilities at January 135,000?Total revenues for the year79,000?Total expenses for the year47,000Dividends of $30,000 were paid during the year. There were no stockholder investments. Using the above data, prepare Kennedy Realty's Statement of Retained Earnings for the year ended December 31.
What will be an ideal response?
| ? | KENNEDY REALTY Statement of Retained Earnings For year Ended December 31 | ||
| ? | Retained earnings, January 1* | $ 65,000 | * |
| ? | Plus Net income | 32,000 | ? |
| ? | ? | $ 97,000 | ? |
| ? | Less: Dividends | (30,000 | ) |
| ? | Retained earnings, December 31 | $ 67,000 | ? |
| ? | ? | ? | ? |
| ? | *Total assets at January 1 | $100,000 | ? |
| ? | Less total liabilities at January 1 | 35,000 | ? |
| ? | Total stockholders' equity at January 1 | $ 65,000 | ? |
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