Unformatted text preview: Amount Title Amount Title Amount Title Formula Add: Net income Amount Formula Title Amount Title Formula $70,000 Enter text answer here. Retained earnings Appropriated Amount Unappropriated Amount Total Amount McEntire Corporation began operations on January 1, 2007. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. (a) Prepare a 2010 retained earnings statement for McEntire Corporation. (b) Assume McEntire Corp. restricted retained earnings in the amount of on December 31, 2010. After this action, what would McEntire report as total retained earnings in its December 31, 2010, balance sheet?...
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This note was uploaded on 02/24/2010 for the course ACCT 4397 taught by Professor Staff during the Spring '08 term at University of Houston.
- Spring '08