At December 31, 2020, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common shares (no-par value; authorized 100,000 shares; issued 35,000 shares) Contributed surplus Dividends declared and paid in 2020 Retained earnings, January 1, 2020 Net income for the year was $48,000. Required: 1. Prepare the statement of retained earnings for the year that ended on December 31, 2020, and the shareholders' equity section of the balance sheet at December 31, 2020. (Amounts to be deducted should be indicated with minus sign.) BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 Retained Earnings, December 31, 2020 BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2020 Contributed capital: Total contributed capital Total Shareholders' Equity $525,000 180,000 28,000 76,000 2-a. Compute the ROE ratio for 2020, assuming total shareholders' equity on December 31, 2019 was $629,000. (Round your answer to 1 decimal place.) ROE ratio %

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At December 31, 2020, the following account balances were selected from the records of beverage maker Blake Corporation after all
adjusting entries were completed:
Common shares (no-par value; authorized 100,000 shares; issued 35,000 shares)
Contributed surplus
Dividends declared and paid in 2020
Retained earnings, January 1, 2020
Net income for the year was $48,000.
Required:
1. Prepare the statement of retained earnings for the year that ended on December 31, 2020, and the shareholders' equity section of
the balance sheet at December 31, 2020. (Amounts to be deducted should be indicated with minus sign.)
BLAKE CORPORATION
Statement of Retained Earnings
For the Year Ended December 31, 2020
Retained Earnings, January 1, 2020
Retained Earnings, December 31, 2020
BLAKE CORPORATION
Balance Sheet (Excerpt)
Shareholders' Equity-December 31, 2020
Contributed capital:
Total contributed capital
Total Shareholders' Equity
$525,000
180,000
28,000
76,000
2-a. Compute the ROE ratio for 2020, assuming total shareholders' equity on December 31, 2019 was $629,000. (Round your answer
to 1 decimal place.)
ROE ratio
2-b. This part of the question is not part of your Connect assignment.
Transcribed Image Text:At December 31, 2020, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common shares (no-par value; authorized 100,000 shares; issued 35,000 shares) Contributed surplus Dividends declared and paid in 2020 Retained earnings, January 1, 2020 Net income for the year was $48,000. Required: 1. Prepare the statement of retained earnings for the year that ended on December 31, 2020, and the shareholders' equity section of the balance sheet at December 31, 2020. (Amounts to be deducted should be indicated with minus sign.) BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 Retained Earnings, December 31, 2020 BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2020 Contributed capital: Total contributed capital Total Shareholders' Equity $525,000 180,000 28,000 76,000 2-a. Compute the ROE ratio for 2020, assuming total shareholders' equity on December 31, 2019 was $629,000. (Round your answer to 1 decimal place.) ROE ratio 2-b. This part of the question is not part of your Connect assignment.
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