The Jamery Goods Company has the following account balances:
Bonds payable, due 2016 ………………………………..$100,000
Inventory ……………………………………………………….30,000
Dividends ………………………………………………………10,000
Accounts payable ……………………………………………20,000
Cash …………………………………………………………….. 200,000
Accounts receivable ………………………………………..60,000
Accumulated depreciation-Cars …………………………..30,000
Income taxes payable …………………………………………15,000
Common shares ………………………………………………… 120,000
Net income ……………………………………………………….50,000
Cars …………………………………………………………………75,000
Opening retained earnings …………………………………..40,000
Required:
Prepare a statement of retained earnings using whichever of the preceding accounts you need from the December 31, 2010, books of the Jamery Goods Company.
The Jamery Goods Company has the following account balances Bonds payable