Question

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. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted negative numbers use a minus sign.

Answer 1

Statement of Retained Earnings
Retained Earnings, Jan 1		59,650,000
Net Income Earned During Year		8,160,000
Subtotal		67,810,000
Dividend Declared during Year:
Cash Dividend	(1,000,000)
Stock Dividend	(2,600,000)	(3,600,000)
Retained Earnings, Dec 31		71,410,000

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