The Records of Skymaster Airplane Rentals Show the Following Information

question 111

Essay

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
$\begin{array}{|l|r|l|r|}\hline \text { Accounts payable } & \$ 36,000 & 2014 \text { wages expense } & \$ 75,000 \\\hline \text { Insurance expense } & 2,000 & 2014 \text { advertising expense } & 22,000 \\\hline \text { Accounts receivable } & 24,00 & \text { Cash } & 11,000 \\\hline \text { Retained earnings, } & & \text { Common stock } & 20,000 \\\text { December } 31,2013 & 130,000 & \text { Office furniture } & 15,000 \\\hline \text { Airplanes } & 150,000 & 2014 \text { maintenance expense } & 39,000 \\\hline \text { Notes payable } & 47,000 & 2014 \text { revenues } & 217,000 \\\hline \text { Hangar } & 60,000 & &\\\hline\end{array}$

Dividends of $52,000 were paid during 2014.
Using the above information,prepare a statement of retained earnings for 2014.

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