Enabled: ACC101 Test 4

Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. Note: Amounts to be deducted should be indicated by a minus sign.

[tex]\[
\begin{array}{ll}
\text{Cash dividends declared and paid in current year} & \$11,400 \\
\text{Retained earnings at December 31, prior year} & \$66,800 \\
\text{Net income in current year} & \$39,800 \\
\end{array}
\][/tex]

\begin{tabular}{|l|l|}
\hline
\multicolumn{2}{|c|}{\textbf{Tidal Company}} \\
\hline
\multicolumn{2}{|c|}{\textbf{Statement of Retained Earnings}} \\
\hline
\multicolumn{2}{|c|}{For Current Year Ended December 31} \\
\hline
\text{Retained earnings at December 31, prior year} & \[tex]$66,800 \\
\hline
\text{Add: Net income} & \$[/tex]39,800 \\
\hline
\text{Less: Cash dividends declared and paid} & -\$11,400 \\
\hline
\text{Retained earnings at December 31, current year} & \text{Total} \\
\hline
\end{tabular}

Question

29-07-2024
Business

Answered

Enabled: ACC101 Test 4

Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. Note: Amounts to be deducted should be indicated by a minus sign.

[tex]\[
\begin{array}{ll}
\text{Cash dividends declared and paid in current year} & \$11,400 \\
\text{Retained earnings at December 31, prior year} & \$66,800 \\
\text{Net income in current year} & \$39,800 \\
\end{array}
\][/tex]

\begin{tabular}{|l|l|}
\hline
\multicolumn{2}{|c|}{\textbf{Tidal Company}} \\
\hline
\multicolumn{2}{|c|}{\textbf{Statement of Retained Earnings}} \\
\hline
\multicolumn{2}{|c|}{For Current Year Ended December 31} \\
\hline
\text{Retained earnings at December 31, prior year} & \[tex]$66,800 \\
\hline
\text{Add: Net income} & \$[/tex]39,800 \\
\hline
\text{Less: Cash dividends declared and paid} & -\$11,400 \\
\hline
\text{Retained earnings at December 31, current year} & \text{Total} \\
\hline
\end{tabular}

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-29T20:00:13-04:00

### Tidal Company
#### Statement of Retained Earnings
#### For the Year Ended December 31

[tex]\[ \begin{array}{|l|r|} \hline \text{Retained earnings, December 31, prior year} & \$66,800 \\ \hline \text{Add: Net income for the current year} & \$39,800 \\ \hline \text{Less: Cash dividends declared and paid} & -\$11,400 \\ \hline \text{Retained earnings, December 31, current year} & \$95,200 \\ \hline \end{array} \][/tex]

### Explanation:

1. Retained earnings, December 31, prior year: These are the retained earnings carried forward from the previous year, which are \[tex]$66,800. 2. Add: Net income for the current year: This is the net income generated in the current year, amounting to \$[/tex]39,800.

3. Less: Cash dividends declared and paid: The company has paid out \[tex]$11,400 in dividends during the current year. 4. Retained earnings, December 31, current year: After adding the net income and subtracting the dividends from the prior year's retained earnings, we get the ending retained earnings of \$[/tex]95,200.