Data for Madison Realty Are as Follows Madison Realty Paid Dividends of $30,000 During 2011

question 90

Essay

Data for Madison Realty are as follows:
$\begin{array}{|l|r|}\hline \text { Total assets at December } 31,2010 & \$ 100,000 \\\hline \text { Total liabilities at December 31,2010 } & 35,000 \\\hline \text { Total revenues 2011 } & 79,000 \\\hline \text { Total expenses for 2011 } & 47,000 \\\hline \text { Common stock at December 31, 2010 } & 20,000\\\hline\end{array}$

Madison Realty paid dividends of $30,000 during 2011.From the above data,prepare Madison Realty's statement of retained earnings for the year ended December 31,2011.

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Definitions:

Ending Work

The work or tasks that are in the process of being completed at the end of a given period, often used in the context of project management or production.

Cost System

A method utilized by companies to measure, record, and analyze costs associated with their operations.

Process Inventory

Inventory that is currently in the stages of production but has not yet been completed.

Cost Reconciliation

The process of explaining the difference between the starting and ending balances of costs in a specific accounting period.