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Retained earnings statement None Cruises Inc. reported the following results for the year ended October 31, 2016: Retained earnings, November 1,2015 $12,400,000 Net income 2,350,000 Cash dividends declared 175,000 Stock dividends declared 300,000 Prepare a retained earnings statement for the fiscal year ended October 31, 2016.

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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 11, Problem 11.7BPE
Textbook Problem
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Retained earnings statement

None Cruises Inc. reported the following results for the year ended October 31, 2016:

Retained earnings, November 1,2015 $12,400,000
Net income 2,350,000
Cash dividends declared 175,000
Stock dividends declared 300,000

Prepare a retained earnings statement for the    fiscal year ended October 31, 2016.

To determine

Retained earnings: It refers to the amount of earnings that are not paid as dividends to the stockholders rather kept by the corporation for reinvestments, payment of debts, and future growth.

To prepare: The retained statement for the fiscal year ended October 31, 2016.

Explanation of Solution

The net income earned by the company increases the amount of retained earnings available at the end of an accounting period...

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Chapter 11 Solutions

Financial & Managerial Accounting
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