Question

In: Accounting

Prepare a retained earnings statement for the fiscal year ended January 31,20Y2

Sumter pumps corporation, a manufacturer of industrial pumps,reports the following results for the year ended January 31,20Y2

ParticularsAmount$
Retained earnings,February 1,20Y159,650,000
Net income8,160,000
Cash dividends declared1,000,000
Stock dividends declared2,600,000

Prepare a retained earnings statement for the fiscal year ended January 31,20Y2

 

Solutions

Expert Solution

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

Preparation  of retained earnings statement for the fiscal year ended January 31,20Y2

Sumter pumps corporation 

Retained earnings statement

For the year ended January 31,20Y2

Particulars Amount$ Amount$
Retained earnings balance,February 1,20Y1   59,650,000
Net income 8,160,000  
Cash dividend declared (3,600,000)  
Increase in retained earnings   $4,560,000
Retained earnings balance,January 31,20Y2   $64,210,000

 

Therefore, the retained earnings balance of sumter pumps corporation as of January 31,20Y2 is $64,210,000

balaji rao answered 2 years ago
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