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Sheffield Corporation has retained earnings of $687,600 at January 1, 2025. Net income during 2025...

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Accounting

Sheffield Corporation has retained earnings of $687,600 at January 1, 2025. Net income during 2025 was $1,614,300, and cash dividends declared and paid during 2025 totaled $79,700. Prepare a retained earnings statement for the year ended December 31, 2025. (List items that increase retained earnings first.) SHEFFIELD CORPORATION Retained Earnings Statement For the Year Ended December 31, 2025 Retained Earnings, January 1 Add V: Net Income /(Loss) Less v: Cash Dividends Retained Earnings, December 31 LA v 01
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Sheffield Corporation has retained earnings of $687,600 at January 1, 2025. Net income during 2025 was $1,614,300, and cash dividends declared and paid during 2025 totaled $79,700. Prepare a retained earnings statement for the year ended December 31 , 2025. (List items that increase retained earnings first.)

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