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Provided prepare statements of retained earnings

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Reference no: EM132646960

Southwest holiday hotel issues financial statements annually to its stock holders:

Retained earnings account balances:

December 31, 2011: $150,000
December 31, 2012: $200,00

Sale of capital stock:

2012: $10,000
2013: 15,000

Dividends declared

2012: $20,00
2013: 30,00

Dividends paid:

2012: $15,000
2013: $25,000

Operating results

2012 net income: $70,000
2013 net loss: $10,000

Problem 1: Using the information provided prepare statements of retained earnings for 2012 and 2013.

Reference no: EM132646960

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