Johnlee, Inc. had beginning retained earnings of $ 140,000 on January 1, 2018. During the year, Johnlee declared and paid $ 55,000 of cash dividends and earned $ 95,000 of net income. Prepare a statement of retained earnings for Johnlee, Inc. for the year ending December 31, 2018.

Retained Earning is an equity account and its balance is credit in nature. It is the accumulated balance of all the prior year's income / losses after paying all the dividend. This balance can be used for the dividend payment or reinvestment in the business.

Johnlee​, Inc. had beginning retained earnings of $ 140,000 on January ​1, 2018. During the​ year, Johnlee declared and paid $ 55,000 of cash dividends and earned $ 95,000 of net income. Prepare a statement of retained earnings for Johnlee​, Inc. for the year ending December ​31, 2018.

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Johnlee, Inc. had beginning retained earnings of $ 140,000 on January 1, 2018. During the year, Johnlee declared and paid $ 55,000 of cash dividends and earned $ 95,000 of net income. Prepare a statement of retained earnings for Johnlee, Inc. for the year ending December 31, 2018.