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Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021....

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Mechanical Engineering

Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 105 million common shares, $1 par per share. 

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1. From the information provided by the account changes you should be able to re-create the transactions that affected Brenner-Jude?s retained earnings during 2021. Reconstruct the journal entries which can be used as spreadsheet entries in the preparation of a statement of cash flows. Also indicate any investing and financing activities you identify from this analysis that should be reported on the statement of cash flows. 

2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. 

Answer & Explanation Solved by verified expert
3.7 Ratings (413 Votes)
Statement of cash flows Statement of cash flows is a financial statement which reportsthe inflow and outflow of cashof a company over a particular period of time It shows how theoperating investing and financing activity affectsthe flow of cash of a company The statement of cash flows reports the cash receipt and cash payment of business for a particular period 1 Journal entryThe record of business transactions in a chronological order in the journal is referred to as journal entry Prepare journal entry for BJ Corporation for the year 2018 Journal entry for retirement of common shares Date Account Title and explanation Debit Credit Jan 1    See Answer
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