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Future Sources, Inc. reported the following results for the year ending July 31, 2012: Retained earnings, August 1, 2011 $875,000 Net income 260,000 Cash dividends
Future Sources, Inc. reported the following results for the year ending July 31, 2012:
Retained earnings, August 1, 2011 | $875,000 |
Net income | 260,000 |
Cash dividends declared | 120,000 |
Stock dividends declared | 100,000 |
Prepare a retained earnings statement for the fiscal year ended July 31, 2012.
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