I need both of these questions answered within an hour or less!! Firefly, Inc., reported the following results for the year ending July 31:Retained earnings, August 1$875,000Net income450,000Cash dividends declared140,000Stock dividends declared60,000Prepare a retained earnings statement for the fiscal year ended July 31.Firefly, Inc.Retained Earnings StatementFor the Year Ended July 31 On May 10, a company issued for cash 1,000 shares of no-par common stock (with a stated value of $4) at $18, and on May 15, it issued for cash 6,000 shares of $17par preferred stock at $62.Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave itblank.May 10May 15

Retained earnings are earnings that were not distributed as dividends. Out of the net income, the…

refly, Inc., reported the following results for the year ending July 31 etained earnings, August 1 $875,000 let income 450,000 Cash dividends declared 140,000 Stock dividends declared 60,000 repare a retained earnings statement for the fiscal year ended July Firefly, Inc. Retained Earnings Statement For the Year Ended July 31

refly, Inc., reported the following results for the year ending July 31 etained earnings, August 1 $875,000 let income 450,000 Cash dividends declared 140,000 Stock dividends declared 60,000 repare a retained earnings statement for the fiscal year ended July Firefly, Inc. Retained Earnings Statement For the Year Ended July 31

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 12.7BE: Retained earnings statement Noric Cruises Inc. reported the following results for the year ended...

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