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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Retained earnings statement

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results l'or the year ended January 31, 20Y2:

Retained earnings, February 1,20Y1 $59,650,003
Net income 3,160000
Cash) dividends declared 1,000,000
Stock dividends declared 2,600,000

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

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

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

Corporation SP
Retained earnings statement
For the Year Ended January 31, 20Y2
Particulars Amount Amount
Retained earnings balance, February 1, 20Y1   $59,650,000
Net income $8,160,000
Cash Dividend declared (...

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