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10. From the following inform ation, prepare a retained earmings statement for TAY Corporation for the year ended December 31, 20X0. Net income for the year Dividends declared during the year Dividends pa id during the year Retained Earnings, January 1, 20X0 $30,000 12,000 6,000 60,000

10. From the following inform ation, prepare a retained earmings statement for TAY Corporation for the year ended December 31, 20X0. Net income for the year Dividends declared during the year Dividends pa id during the year Retained Earnings, January 1, 20X0 $30,000 12,000 6,000 60,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Retained Earnings Statement for TAY Corporation** The following information is used to prepare a retained earnings statement for TAY Corporation for the year ended December 31, 20X0. - **Net income for the year:** $30,000 - **Dividends declared during the year:** $12,000 - **Dividends paid during the year:** $6,000 - **Retained Earnings, January 1, 20X0:** $60,000 **TAY Corporation** **Retained Earnings Statement** **For Year Ended December 31, 20X0** - **Retained earnings, January 1, 20X0:** $60,000 - **Add: Net income:** $30,000 **Total:** $90,000 - **Deduct: Dividends declared:** $12,000 - **Retained earnings, December 31, 20X0:** $78,000 This statement illustrates the changes in retained earnings over the year, considering the net income and dividends declared.
Transcribed Image Text:**Retained Earnings Statement for TAY Corporation** The following information is used to prepare a retained earnings statement for TAY Corporation for the year ended December 31, 20X0. - **Net income for the year:** $30,000 - **Dividends declared during the year:** $12,000 - **Dividends paid during the year:** $6,000 - **Retained Earnings, January 1, 20X0:** $60,000 **TAY Corporation** **Retained Earnings Statement** **For Year Ended December 31, 20X0** - **Retained earnings, January 1, 20X0:** $60,000 - **Add: Net income:** $30,000 **Total:** $90,000 - **Deduct: Dividends declared:** $12,000 - **Retained earnings, December 31, 20X0:** $78,000 This statement illustrates the changes in retained earnings over the year, considering the net income and dividends declared.
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