Retained earnings statement
Well Systems Co. offers its services to residents in the Dallas area. Selected accounts from the ledger of Well Systems Co. for the current fiscal year ended October 31, 2014, are as follows:
| Retained Earnings | Dividends | ||||||
| Oct. 31 | 48,000 | Nov. 1 (2013) | 475,000 | Jan. 31 | 12,000 | Oct. 31 | 48,000 |
| Oct. 31 | 90,000 | Apr. 30 | 12,000 | ||||
| July 31 | 12,000 | ||||||
| Oct. 31 | 12,000 | ||||||
| Income Summary | |||
| Oct. 31 | 270,000 | Oct. 31 | 360,000 |
| 31 | 90,000 | ||
Prepare a retained earnings statement for the year.
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