Ace corporation has been in business for many years, Financial Accounting

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Ace corporation has been in business for many years

Exercise : Statement of Retained Earnings

Ace Corporation has been in business for many years. Retained earnings on January 1, 2014, is $235,800. The following information is available for the first two months of 2014:

	January	February
Revenues	$83,000	$96,000
Expenses	89,000	82,000
Dividends paid	0	5,000

Required

Prepare a statement of retained earnings for the month ended February 28, 2014.

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Financial Accounting: Ace corporation has been in business for many years

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Financial Accounting: Ace corporation has been in business for many years

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