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.