QS 3-28 (Algo) Preparing a statement of retained earnings LO C2 J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $23,500. During the current year, the company paid $12,400 in cash dividends. Clancy Consulting reports net income of $49,100 for the current year. Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31. CLANCY CONSULTING Statement of Retained Earnings Retained earnings, December 31 prior year Retained earnings, Dec. 31 current year
QS 3-28 (Algo) Preparing a statement of retained earnings LO C2 J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $23,500. During the current year, the company paid $12,400 in cash dividends. Clancy Consulting reports net income of $49,100 for the current year. Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31. CLANCY CONSULTING Statement of Retained Earnings Retained earnings, December 31 prior year Retained earnings, Dec. 31 current year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![QS 3-28 (Algo) Preparing a statement of retained earnings LO C2
J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $23,500. During the
current year, the company paid $12,400 in cash dividends. Clancy Consulting reports net income of $49,100 for the current year.
Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31.
CLANCY CONSULTING
Statement of Retained Earnings
Retained earnings, December 31 prior year
Retained earnings, Dec. 31 current year](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2265b8bc-4098-4545-ad65-d615bcfa6dec%2Fd8240ad3-1c91-497f-9f3a-f2b7818728bb%2Fn5tyvca_processed.png&w=3840&q=75)
Transcribed Image Text:QS 3-28 (Algo) Preparing a statement of retained earnings LO C2
J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $23,500. During the
current year, the company paid $12,400 in cash dividends. Clancy Consulting reports net income of $49,100 for the current year.
Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31.
CLANCY CONSULTING
Statement of Retained Earnings
Retained earnings, December 31 prior year
Retained earnings, Dec. 31 current year
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