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Statement of Retained Earnings for Kingston, Inc. for the Year Ending December 31, 2024: Beginning Retained Earnings (January 1, 2024) $135,000
Add: Net Income $75,000
Total Available Retained Earnings $210,000
Less: Dividends Paid $85,000
Ending Retained Earnings (December 31, 2024) $125,000
The statement of retained earnings is a financial statement that shows the changes in a company's retained earnings over a specific period. Retained earnings represent the accumulated profits of a company that have not been distributed to shareholders as dividends.
In this case, we are preparing the statement of retained earnings for Kingston, Inc. for the year ending December 31, 2024. The statement starts with the beginning retained earnings balance on January 1, 2024, which is given as $135,000.
Next, we add the net income earned by the company during the year, which is $75,000. Net income represents the company's total revenues minus expenses and taxes.
The total available retained earnings, which is the sum of the beginning retained earnings and net income, is calculated as $135,000 + $75,000 = $210,000.
Then, we subtract the dividends paid by the company during the year, which is $85,000. Dividends represent the distribution of profits to shareholders.
Finally, we arrive at the ending retained earnings balance on December 31, 2024, which is $210,000 - $85,000 = $125,000.
The statement of retained earnings provides insights into how a company's earnings have been retained and used over a given period, reflecting changes in profitability and dividend distribution.
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