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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

None Cruises Inc. reported the following results for the year ended October 31, 20Y9:

Retained earnings, November 1, 20Y8 $ 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. 20Y9.

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 NC
Retained earnings statement
For the Year Ended October 31, 20Y9
Particulars Amount Amount
Retained earnings balance, November 1, 20Y8   $12,400,000
Net income $2,350,000
Cash Dividend declared

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