1. Centerpiece Arrangements' retained earnings for December 31, 2024, were <u>$2,400</u>.
2. Centerpiece Arrangements' retained earnings for January 1, 2024, were <u>$5,100</u>.
3. Centerpiece Arrangements' Net Income for January 1, 2024, was <u>$2,100</u>.
<h3>What are Retained Earnings?</h3>
Retained earnings are the undistributed profits of an entity accumulated over a period of time.
The formula for computing the Retained Earnings is Beginning Retained Earnings Plus Net Income or Loss Minus Dividends.
<h3>Data and Calculations:</h3>
Centerpiece Arrangements
<h3>Statement of Retained Earnings</h3>
For December 31, 2024
Retained Earnings, January 1, 2024, $5,100
Net Income 2,100
Dividends 4,800
Retained Earnings, December 31, 2024, 2,400
Learn more about Retained Earnings at brainly.com/question/25998979
#SPJ1
<h3>Question Completion:</h3>
Centerpiece Arrangements - X Data Table
Retained Earnings, January 1, 2024, $5,100
Accounts Payable 17,600
Office Supplies 1,700
Common Stock 9,000
Accounts Receivable 8,000
Cash 7,200
Equipment 12,100
Centerpiece Arrangements
<h3>Income Statement </h3>
Year Ended December 31, 2024
Revenues:
Service Revenue $ 70,000
Expenses:
Salaries Expense $ 46,000
Rent Expense 16,000
Insurance Expense 4,500
Utilities Expense 1,400
Total Expenses 67,900
Net Income $ 2,100
