3 New lab S New lab d New lab GS New Tab Leaning Objective 5

(3) New lab (S) New lab (d) New lab GS New Tab Leaning Objective 5 Attas Realty Retained Earnings Statement For the Month Ended May 31, 2018 0 Retained earnings, May 1, 2018 Net income Dividends Change in retained earnings Retained earnings, May 31, 2018 112,000 64,000v 48,000V $ 48,000 Feedback Check My Work Because all four financial reports are interrelated, determine the relate accuracy of the reports Retained earnings, May 1, 2018 Since this is the first month of operati Net income: You can obtain the income figure from the income statem Dividends: You can obtain the investment amount and dividends amou Learning Objective 5

Solution

Because this statement of retained earnings is for first month of operation so beginning retained earnings in nil. and first month net income from income statement is $112000

and first month dividend paid is $64000

so ending retained earnings is 112000-64000 = $48000