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19 August, 21:52

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:

Retained earnings, January 1, 20Y3 $64,083,000

Net income 7,373,000

Cash dividends declared 967,000

Stock dividends declared 2,783,000

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

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  1. 20 August, 00:21
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    The preparation of the retained earnings statement for the year ended December 31, 20Y3 is shown below:

    Retained earnings, January 1, 20Y3 $64,083,000

    Add: Net income $7,373,000

    Less: Total dividend declared - $3,750,000

    Retained earnings, December 31, 20Y3 $67,706,000

    The total dividend declared would be

    = Cash dividends declared + Stock dividends declared

    = $967,000 + $2,783,000

    = $3,750,000
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