Cooper Industries, Inc., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of $5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021. Complete the statement of retained earnings below: (Round to the nearest dollar.) Cooper Industries, Inc. Statement of Retained Earnings for the Year Ended December 31, 2021 Retained earnings balance (January 1, 2021) Plus: Net profits after taxes (for 2021) Less: Cash dividends (paid during 2021) Preferred stock Common stock Total dividends paid Retained earnings balance (December 31, 2021)
Cooper Industries, Inc., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of $5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021. Complete the statement of retained earnings below: (Round to the nearest dollar.) Cooper Industries, Inc. Statement of Retained Earnings for the Year Ended December 31, 2021 Retained earnings balance (January 1, 2021) Plus: Net profits after taxes (for 2021) Less: Cash dividends (paid during 2021) Preferred stock Common stock Total dividends paid Retained earnings balance (December 31, 2021)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...
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Transcribed Image Text:Cooper Industries, Ic., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares,
were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of S$5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021.
Complete the statement of retained earnings below: (Round to the nearest dollar.)
Cooper Industries, Inc.
Statement of Retained Earnings
for the Year Ended December 31, 2021
Retained earnings balance (January 1, 2021)
$
Plus: Net profits after taxes (for 2021)
Less: Cash dividends (paid during 2021)
Preferred stock
$
Common stock
Total dividends paid
Retained earnings balance (December 31, 2021)
$
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