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Retained earnings statement Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows: Net income for November $93,500 Cash dividends paid during November 7,000 Retained earnings, November 1,2018 2,940,000 A. Prepare a retained earnings statement for the month ended November 30, 2018. B. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet?
Corporate Financial Accounting
Solutions
Corporate Financial Accounting
Retained earnings statement
Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:
| Net income for November | $93,500 |
| Cash dividends paid during November | 7,000 |
| Retained earnings, November 1,2018 | 2,940,000 |
- A. Prepare a retained earnings statement for the month ended November 30, 2018.
- B. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet?
a)
Retained Earnings Statement: Retained earnings statement shows, the changes in the retained earnings, and the income left in the company after payment of the dividends, for the accounting period.
To prepare: Statement of retained earnings of Company HP for the month ended November 30, 2018.
Explanation of Solution
Prepare statement of retained earnings of Company HP for the month ended November 30, 2018.
| Company HP | ||
| Statement of Retained Earnings | ||
| For the month ended November 30, 2018 | ||
| Retained earnings, November 1, 2018 | Â | $2,940,000 |
| Net income for the month of Novemb... | ||
b)
To explain: the reason for preparing the statement of retained earnings before preparing the balance sheet.
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