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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
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-
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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