Essay
Powder Corporation began operations on January 2,2016,with a total investment of $150,000 by its stockholders.Net income for its first year of business was $90,000.During 2017 and 2018,net income increased to $188,000 and $217,000,respectively.Powder paid $85,000 in dividends to its shareholders in each of the three years.
A) In good form, prepare a statement of retained earnings for the year ended December 31,2017 .
B) How much is total retained earnings on December 31,2018?
C) Explain the link between the statement of retained eamings and the balance sheet.
Correct Answer:
Verified
Correct Answer:
Verified
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