Data for Kennedy Realty Are as Follows Cash Dividends of $30,000 Were Paid to Its Sole Stockholder,Finn

question 194

Essay

Data for Kennedy Realty are as follows:
$$\begin{array} { l r } \text { Total assets at January 1 } & \$ 100,000 \\\text { Total liabilities at January 1 } & 35,000 \\\text { Common stock at January 1 } & 50,000 \\\text { Total revenues for the year } & 79,000 \\\text { Total expenses for the year } & 47,000\end{array}$$
Cash dividends of $30,000 were paid to its sole stockholder,Finn Kennedy,during the year.No stock was issued during the year.Using the above data,prepare Kennedy Realty's Statement of Retained Earnings for the year ended December 31.

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Definitions:

Take-Home Pay

The amount of earnings an employee receives after deductions like taxes and retirement plan contributions are subtracted from their gross pay.

Federal Withholdings

The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax.

No-Fault Divorce

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Irreconcilable Differences

Fundamental disagreements between partners that are deemed unsolvable, leading often to divorce.