You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial...
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Accounting
You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company's general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $10,000 Common stock 7,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 1,000 5,000 5,000 Additional paid-in capital Prepaid insurance Prior period adjustment, net of income taxes Unearned revenue Retained earnings, beginning of the year (2,000) 4,000 8,000 Net income for the year 9,000 Prepare the company's Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020
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