Weygandt, Financial Accounting, 10e Help I System Announcements Exercise 1-16 Pr

ID: 2605081 • Letter: W

Question

Weygandt, Financial Accounting, 10e Help I System Announcements Exercise 1-16 Presented below is information related to Pina Colada, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31, 2019 Liabilities, December 31, 2019 Dividends-2019 $35,000 334,500 216,500 94,000 59,000 172,000 103,500 84,500 Prepare the 2019 retained earnings statement for Pina Colada, Attorneys at Law. (List ite Pina Colada, Attorneys at Law Retained Earnings Statement

Explanation / Answer

Solution:

Retained Earnings Statement

Retained Earnings Statement

For the Year Ended December 31, 2019

Retained Earnings , January 1, 2019

$35,000

Add: Income for Year 2019

(Revenue 334,500 - Expenses 216,500)

$118,000

$153,000

Less: Dividends 2019

-$84,500

Retained Earnings, December 31, 2019

$68,500

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