Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31,2018, are as follows: Retained Earnings160,000DividendsJan. 1 (2018) 4,150,800Dec. 31Dec. 31Mar. 3140,000Dec. 31160,000700,000June 3040,000Sept. 3040,000Dec. 3140,000Income SummaryDec. 314,530,000 Dec. 315,230,00031700,000Prepare a retained earnings statement for the year.

Retained earnings are the income earned accumulated over a period of time by the company.

Retained Earnings 160,000 Dividends Jan. 1 (2018) 4,150,800 Dec. 31 Dec. 31 Mar. 31 40,000 Dec. 31 160,000 700,000 June 30 40,000 Sept. 30 40,000 Dec. 31 40,000 Income Summary Dec. 31 4,530,000 Dec. 31 5,230,000 31 700,000 Prepare a retained earnings statement for the year.

Retained Earnings 160,000 Dividends Jan. 1 (2018) 4,150,800 Dec. 31 Dec. 31 Mar. 31 40,000 Dec. 31 160,000 700,000 June 30 40,000 Sept. 30 40,000 Dec. 31 40,000 Income Summary Dec. 31 4,530,000 Dec. 31 5,230,000 31 700,000 Prepare a retained earnings statement for the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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