Question 5 For the year ended December 31, 2018, Sweetwater Farms Limited, a pri

Question

Question 5 For the year ended December 31, 2018, Sweetwater Farms Limited, a private company, reported net income of $160,600. The company declared dividends of $95,800 and paid $84,900 of these dividends during the year. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on January 1, 2018, was $487,000. (List items that increase retained earnings first.) SWEETWATER FARMS LIMITED Statement of Retained Earnings LINK TO TEXT How would this statement change if Sweetwater Farms were a publicly traded company? If Sweetwater were a publicly traded corporation, a would be required instead of a

Explanation / Answer

If Sweetwater were a publicaly traded coperation,a chane in equity would bed required instead of Statement of retained Earnnings

Sweetwater farm Limited Statement of retained Earnnings Retained on January 1 2018 487000 Add Net Income 160600 647600 Less Dividend 95800 Retained on Decmeber 31 2018 551800

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