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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?

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Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535

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Section
BuyFindarrow_forward

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
Chapter 1, Problem 1.18EX
Textbook Problem
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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
  1. A. Prepare a retained earnings statement for the month ended November 30, 2018.
  2. B. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet?

a)

To determine

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   $2,940,000
Net income for the month of Novemb...

b)

To determine

To explain: the reason for preparing the statement of retained earnings before preparing the balance sheet.

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Corporate Financial Accounting
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