Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for...

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	$358,900
Net income	43,100
Cash dividends declared	7,800
Stock dividends declared	14,700

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
		$
	$


		$

Expert Solution

Solution:
	Statement of Retained Earnings
	For the year Ended December 31, 20Y3

	Retained Earnings, January 1, 20Y3	$ 3,58,900

	Add: Net income of the year	$ 43,100

	Total	$ 4,02,000

	Less:
	Cash Dividend Declared	$ 7,800
	Stock dividends declared	$ 14,700

	Retained Earnings December 31, 20Y3	$ 3,79,500


	Note: Stock dividend and cash dividend both is reduced from retained earnigns
	balance only stock split is not reduced from the retained earnings

ekkarill92 answered 2 years ago

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