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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

Rockwell Inc. reported the following results for the year ended June 30, 20Y5:

Retained earnings, July 1.20Y4 $3,900,000
Net income 714,000
Cash dividends declared 100,000
Stock dividends declared 50,000

Prepare a retained earnings statement for the fiscal year ended June 30,20Y5.

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 identify: The retained earnings balance at the end of the year.

Explanation

Calculate the retained earnings balance at the end of the year.

Incorporation R
Retained earnings statement
For the Year Ended June 30, 20Y5
Particulars Amount Amount
Retained earnings balance, July 1, 20Y4   $3,900,000
Net income $714,000
Cash Dividend declared

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