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zvonat [6]
3 years ago
11

Spahr​, Inc. had beginning retained earnings of $ 125 comma 000 on January ​1, 2018. During the​ year, Spahr declared and paid $

65 comma 000 of cash dividends and earned $ 90 comma 000 of net income. Prepare a statement of retained earnings for Spahr​, Inc. for the year ending December ​31, 2018.
Business
1 answer:
ruslelena [56]3 years ago
7 0

Answer:

Explanation:

Preparation of the retained statement of earnings for the year ended 31 December 2018 is discussed below:

                                             Spahr​, Inc.

                             Retained Earning statement

                    For the year ended December 31, 2018

Beginning retained earning balance $125,000

Add: Net income earned  $90,000

Less: Cash Dividend paid -$65,000

Ending retained earning balance                 $150,000

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Explanation:

The adjusting entry is shown below:

Deferred Subscription Revenue A/c Dr $12,000

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Explanation:

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