The Records of Skymaster Airplane Rentals Show the Following Information

question 8

Essay

The records of Skymaster Airplane Rentals show the following information as of December 31,2011
$\begin{array}{|l|r|l|r|}\hline\text { Accounts payable } & \$ 36,000 & \text { 2011 Wages expense } & \$ 75,000 \\\hline \text { Insurance expense } & 2,000 & \text { 2011 Advertising expense } & 22,000 \\\hline \text { Accounts receivable } & 24,00 & \text { Cash } & 11,000 \\\hline \text { Retained earnings, } & & \text { Common stock } & 20,000 \\\text { December 31,2010 } & 130,000 & \text { Office furniture } & 15,000\\\hline\text { Airplanes } & 150,000 & 2011 \text { Maintenance expense } & 39,000 \\\hline \text { Notes payable } & 47,000 & 2011 \text { Revenues } & 217,000 \\\hline \text { Hangar } & 60,000 & &\\\hline \end{array}$

Dividends of $52,000 were paid during 2011.
Using the above information,prepare a statement of retained earnings for 2011

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Definitions:

Gene

Unit of heredity existing as alleles on the chromosomes; in diploid organisms, typically two alleles are inherited—one from each parent.

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Dominance Hierarchy

A social organization in which individuals within a group are ranked relative to one another in terms of dominance and submission.

Social Groups

Collections of individuals who interact with each other, share similar characteristics, and collectively have a sense of unity or identity.