1 answer

Please explain why the beginning retained earning for 20x8 is 0. Thank you Fallon Inc was...

Question:

Fallon Inc was started in January 20x8. Within the first 2 years of operations they earned a net income in 20x8 of $2,740 and

please explain why the beginning retained earning for 20x8 is 0. Thank you
Fallon Inc was started in January 20x8. Within the first 2 years of operations they earned a net income in 20x8 of $2,740 and in 20x9 of $4,270. Fallon Inc declared dividends in 20x8 of $880 but did not declare any in 20x9. As of January 1st 20x8 a private investor invested $2,400 in the common shares of Fallon Inc. Prepare a statement of Retained Earnings for 20x9.

Answers

From the information given above, I have prepared Statement of Retained Earnings for 2019 of Fallon Inc.

Fallon Inc Statement of Retained Earnings for 2019 11 Particulars Amount Retained Earnings Beginning Balance as on January 20

.

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