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

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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	$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.

Sumter Pumps Corporation
Retained Earnings Statement
For the Year Ended December 31, 20Y3
Retained Earnings, January 1, 20Y3		$
Net Income	$
Dividends
Change in retained earnings
Retained Earnings, December 31, 20Y3		$

business accounting

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Answer 1

Answer #1

Retained Earnings, January 1, 20Y3		$59,650,000
Net Income	$8,160,000
Dividends	$3,600,000
Change in retained earnings		$4,560,000
Retained Earnings, December 31, 20Y3		$64,210,000

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Answer 2

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