10. Wantage, Inc. had beginning retained earnings of $280,000 on January 1, 2025. During the year, Wantage, Inc. declared and paid $120,000 of cash dividends and earned $170,000 of net income. In addition, the company reports on January 1, 2025, 18,000 shares of common stock at a par value of $6 per share. The company issued this stock at par value, and there were no additional changes in common stock throughout the year. Prepare a statement of retained earnings and statement of stockholders' equity for Wantage, Inc. for the year ended December 31, 2025. Start by preparing a statement of retained earnings for Wantage, Inc. for the year ended December 31, 2025. (Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal.) Wantage, Inc. Statement of Retained Earnings Year Ended December 31, 2025

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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10. Wantage, Inc. had beginning retained earnings of $280,000 on January 1, 2025. During the year, Wantage, Inc. declared and paid $120,000 of cash dividends and earned $170,000 of net income. In addition, the company reports on
January 1, 2025, 18,000 shares of common stock at a par value of $6 per share. The company issued this stock at par value, and there were no additional changes in common stock throughout the year. Prepare a statement of retained
earnings and statement of stockholders' equity for Wantage, Inc. for the year ended December 31, 2025.
Start by preparing a statement of retained earnings for Wantage, Inc. for the year ended December 31, 2025. (Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal.)
Wantage, Inc.
Statement of Retained Earnings
Year Ended December 31, 2025
Transcribed Image Text:10. Wantage, Inc. had beginning retained earnings of $280,000 on January 1, 2025. During the year, Wantage, Inc. declared and paid $120,000 of cash dividends and earned $170,000 of net income. In addition, the company reports on January 1, 2025, 18,000 shares of common stock at a par value of $6 per share. The company issued this stock at par value, and there were no additional changes in common stock throughout the year. Prepare a statement of retained earnings and statement of stockholders' equity for Wantage, Inc. for the year ended December 31, 2025. Start by preparing a statement of retained earnings for Wantage, Inc. for the year ended December 31, 2025. (Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal.) Wantage, Inc. Statement of Retained Earnings Year Ended December 31, 2025
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