Question
Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 $29,842,000
Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2:
| Retained earnings, February 1, 20Y1 | $29,842,000 |
| Net income | 4,082,000 |
| Cash dividends declared | 500,000 |
| Stock dividends declared | 1,301,000 |
Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2.
| CashNet IncomeNet LossRetained Earnings, February 1, 20Y1Retained Earnings, January 31, 20Y2Retained Earnings, February 1, 20Y1 | $Retained Earnings, February 1, 20Y1 | |
| CashNet IncomeNet LossRetained Earnings, February 1, 20Y1Retained Earnings, January 31, 20Y2Net Income | $Net Income | |
| CashDividends DeclaredNet LossRetained Earnings, February 1, 20Y1Retained Earnings, January 31, 20Y2Dividends Declared | Dividends Declared | |
| CashDecrease in Retained EarningsIncrease in Retained EarningsNet IncomeNet LossIncrease in Retained Earnings | Increase in Retained Earnings | |
| CashDividends DeclaredNet IncomeRetained Earnings, February 1, 20Y1Retained Earnings, January 31, 20Y2Retained Earnings, January 31, 20Y2 | $Retained Earnings, January 31, 20Y2 |
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
