Rainbow Paint Co.
Comparative Retained Earnings Statement
For the Years Ended December 31, 2013 and 2012
2013
2012
Retained earnings, January 1
$
723,000
$
581,800
Add net income for year
245,000
211,200
Total
$
968,000
$
793,000
Deduct dividends:
On preferred stock
$
40,000
$
40,000
On common stock
45,000
30,000
Total
$
85,000
$
70,000
Retained earnings, December 31
$
883,000
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$
723,000
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