Retained Earnings Statement
Honey Mill Cameras Inc. reported the following results for the year ending October 31, 20Y9:
Retained earnings, November 1, 20Y8 | $799,500 |
Net income | 335,800 |
Cash dividends declared | 102,000 |
Stock dividends declared | 261,000 |
Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.
Honey Mill Cameras Inc. | ||
Retained Earnings Statement | ||
For the Year Ended October 31, 20Y9 | ||
$ | ||
$ | ||
$ |
Answer
#1
Honey Mill Cameras Inc. |
||
Retained Earnings Statement |
||
For the Year Ended October 31, 20Y9 |
||
Retained earnings, Nov 1, 20Y8 |
$799,500 |
|
Add: Net Income |
$335,800 |
|
Less: Cash dividend |
$102,000 |
|
Less: Stock dividend |
$261,000 |
($27,200) |
Retained earnings, Oct 31, 20Y9 |
$772,300 |
#2
Honey Mill Cameras Inc. |
||
Retained Earnings Statement |
||
For the Year Ended October 31, 20Y9 |
||
Retained earnings, Nov 1, 20Y8 |
$799,500 |
|
Add: Net Income |
$335,800 |
|
Less: Dividend ($102000 + 261000) |
$363,000 |
|
Increase (Decrease) |
($27,200) |
|
Retained earnings, Oct 31, 20Y9 |
$772,300 |
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