Selected accounts from the ledger of Restoration Arts for the fiscal year ended
ID: 2450134 • Letter: S
Question
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2016, are as follows:
Prepare a retained earnings statement for the year. If a net loss has been incurred or there has been a decrease in retained earnings, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries.
Retained Earnings Apr. 30 30,800 May 1 (2015) 462,000 Apr. 30 3,400Explanation / Answer
Restoration Arts Statement of retained earnings For the year ending April 30, 2016 Beginning retained earnings $462000 Less: Net Loss -$30800 $431200 Less: Dividends -$3400 Retained earnings - April 30, 2016 $427800
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