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Retained earnings statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings January 1,20Y3 $59,650,000 Net income 8,160,000 Cash dividends declared 1,000,000 Stock dividends declared 2,600,000 Prepare a retained earnings statement for the year ended December 31, 20Y3-

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Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

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BuyFindarrow_forward

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
Chapter 12, Problem 12.20EX
Textbook Problem
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Retained earnings statement

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:

Retained earnings January 1,20Y3 $59,650,000
Net income 8,160,000
Cash dividends declared 1,000,000
Stock dividends declared 2,600,000

Prepare a retained earnings statement for the year ended December 31, 20Y3-

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 earnings statement for the fiscal year ended January 31, 20Y2.

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 12 Solutions

Financial & Managerial Accounting
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