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Sandhill Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2016, retained earnings of $327,475. During the year ended March
Sandhill Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2016, retained earnings of $327,475. During the year ended March 31, 2017, the company produced net income after taxes of $713,650 and paid out 40 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. (Round answers to 2 decimal places, e.g. 15.25. List items that increase retained earnings first.) decimal places, e.g. 15.25. List items that increase retained earnings first.) Sandhill Paper Mill, Inc. Retained Earnings for 2017 Expenses Balance of Retained Earnings, March 31,2017 Total Revenues Total Expenses Balance of Retained Earnings, April 1, 2016 Revenues Net Income, 2017 Dividends to common stockholders Sandhill Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1,2016 , retained earnings of $327,475. During the year ended March 31, 2017, the company produced net income after taxes of $713,650 and paid out 40 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. (Round answers to 2 decimal places, e.g. 15.25. List items that increase retained earnings first.)
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