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In: Accounting

Prepare a retained earnings statement for the fiscal year ended June 30,20Y5

Rockwell Inc, reported the following results for the year ended June 30,20Y5

ParticularsAmount$
Retained earnings July 1,20Y43,900,000
Net income7,14,000
Cash dividends declared1,00,000
Stock dividends declared50,000

Solutions

Expert Solution

Retained earnings : It describes the amount of profits that are not distributed as dividends to investors but are instead retained by the company for reinvestment, debt repayment, and future expansion.

Calculation of retained earnings balance at the end of the year

Rockwell inc 

Retained earnings Statement

For the Year ended June 30,20Y5

Particulars Amount$ Amount$
Retained earnings balance,july1,2014   3,900,000
Net income 714,000  
Cash dividend declared (150,000)  
Increase in retained earnings   5,64,000
Retained earnings balance,June 30,20Y5   4,464,000

Therefore,retained earnings balance for the year ended june 20Y5 is $4,464,000

balaji rao answered 2 years ago
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