On January 1, Martinez Corporation's retained earnings accounts had the following balances: Appropriation for debt retirement $ 53,000 Unappropriated retained earnings 900,000 $953,000 A summary of the year's activities is given below: Cash dividends declared and paid on preferred stock $ 25,000 Cash dividends declared and paid on common stock 120,000 Additional appropriation for debt retirement 53,000 Net income for the year 310,000 Required: Prepare the retained earnings statement for the year ended December 31, 20--.
On January 1, Martinez Corporation's retained earnings accounts had the following balances: Appropriation for debt retirement $ 53,000 Unappropriated retained earnings 900,000 $953,000 A summary of the year's activities is given below: Cash dividends declared and paid on preferred stock $ 25,000 Cash dividends declared and paid on common stock 120,000 Additional appropriation for debt retirement 53,000 Net income for the year 310,000 Required: Prepare the retained earnings statement for the year ended December 31, 20--.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On January 1, Martinez Corporation's retained earnings accounts had the following balances:
| Appropriation for debt retirement |
$ 53,000 |
| Unappropriated retained earnings |
900,000 |
|
$953,000 |
|
| A summary of the year's activities is given below: | |
| Cash dividends declared and paid on |
$ 25,000 |
| Cash dividends declared and paid on common stock |
120,000 |
| Additional appropriation for debt retirement |
53,000 |
| Net income for the year |
310,000 |
Required:
Prepare the retained earnings statement for the year ended December 31, 20--.
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