The retained earnings are a component of equity that is not distributed to ordinary shareholders and is retained for further investment purposes. Retained earnings can include undistributed profits and other reserves. As per accounting standards, revaluation surplus and decline are also included in the retained earnings. The retained earnings is now a compulsory item of Stockholders’ equity area where it is shown as a separate item.
The general format of statement of retained earnings is as follows
|
Opening Retained earnings |
XXX |
|
Add: Profit/ (loss) for the year |
XX/(XX) |
|
Less: Drawings |
(XX) |
|
Less: Dividends |
(XX) |
|
Closing Retained Earnings |
XXX |
The comparative balance sheet of Olson-Jones Industries Inc. for
The comparative financial statements of Marshall Inc. are as follows.
The comparative balance sheet of Navaria Inc. for December 31,
Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company
The following is a December 31, 2018, post-closing
Planter Corporation used debentures with a par value of $625,
The general ledger of the Karlin Company, a consulting company,
The comparative balance sheet of Navaria Inc. for December 31,
Using the data presented in E1-13, determine the amount
The unadjusted trial balance of Walton Anvils at December 31, 2018
