Question
Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January
Retained Earnings Statement
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:
| Retained earnings, January 1, 20Y3 | $59,650,000 |
| Net income | 8,160,000 |
| Cash dividends declared | 1,000,000 |
| Stock dividends declared | 2,600,000 |
Prepare a retained earnings statement for the year ended December 31, 20Y3.
| Sumter Pumps Corporation | ||
| Retained Earnings Statement | ||
| For the Year Ended December 31, 20Y3 | ||
| Retained Earnings, January 1, 20Y3 | $ | |
| Net Income | $ | |
| Dividends | ||
| Change in retained earnings | ||
| Retained Earnings, December 31, 20Y3 | $ | |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
17th Edition
1119613698, 978-1119613695
