Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from...
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Accounting
Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for the fiscal year ended December 31, 2016, are as follows:
| Retained Earnings | |||
| Dec. 31 | 90,000 | Jan. 1 (2016) | 1,375,000 |
| Dec. 31 | 355,000 | ||
| Dividends | |||
| Mar. 31 | 22,500 | Dec. 31 | 90,000 |
| June 30 | 22,500 | ||
| Sept. 30 | 22,500 | ||
| Dec. 31 | 22,500 | ||
| Income Summary | |||
| Dec. 31 | 1,415,000 | Dec. 31 | 1,770,000 |
| Dec. 31 | 355,000 | ||
Prepare a retained earnings statement for the year. If a net loss has been incurred or there has been a decrease in retained earnings, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries.
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