he following 2004 information related to Al-Nada Co. 1- Retained earning in 31/12/2003 4,200,000 2- Net income for the year 1,800,000 3- Dividends declared:- 30% preferred stocks 10% Common stocks 4- Adjustments for prior periods:- - Decreased in depreciation 80,000 - Decreased in inventory 100,000 Ins From the foreging information prepare retained earning statement for the year ended in 31/12/2004. Assume that 1,000 shares of preferred stock and 20,000 of common stock were outstanding during the year
he following 2004 information related to Al-Nada Co. 1- Retained earning in 31/12/2003 4,200,000 2- Net income for the year 1,800,000 3- Dividends declared:- 30% preferred stocks 10% Common stocks 4- Adjustments for prior periods:- - Decreased in depreciation 80,000 - Decreased in inventory 100,000 Ins From the foreging information prepare retained earning statement for the year ended in 31/12/2004. Assume that 1,000 shares of preferred stock and 20,000 of common stock were outstanding during the year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following 2004 information related to Al-Nada Co.
1- Retained earning in 31/12/2003 4,200,000
2- Net income for the year 1,800,000
3- Dividends declared:-
30% preferred stocks
10% Common stocks
4- Adjustments for prior periods:-
- Decreased in depreciation 80,000
- Decreased in inventory 100,000
Ins
From the foreging information prepare retained earning statement
for the year ended in 31/12/2004.
Assume that 1,000 shares of preferred stock and 20,000 of common
stock were outstanding during the year.
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