Cooper Industries, Inc., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of $5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021. Complete the statement of retained earnings below: (Round to the nearest dollar.) Cooper Industries, Inc. Statement of Retained Earnings for the Year Ended December 31, 2021 Retained earnings balance (January 1, 2021) Plus: Net profits after taxes (for 2021) Less: Cash dividends (paid during 2021) Preferred stock Common stock Total dividends paid Retained earnings balance (December 31, 2021)
Cooper Industries, Inc., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of $5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021. Complete the statement of retained earnings below: (Round to the nearest dollar.) Cooper Industries, Inc. Statement of Retained Earnings for the Year Ended December 31, 2021 Retained earnings balance (January 1, 2021) Plus: Net profits after taxes (for 2021) Less: Cash dividends (paid during 2021) Preferred stock Common stock Total dividends paid Retained earnings balance (December 31, 2021)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...
Related questions
Question
please help me answeer the following given
![Cooper Industries, Ic., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares,
were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of S$5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021.
Complete the statement of retained earnings below: (Round to the nearest dollar.)
Cooper Industries, Inc.
Statement of Retained Earnings
for the Year Ended December 31, 2021
Retained earnings balance (January 1, 2021)
$
Plus: Net profits after taxes (for 2021)
Less: Cash dividends (paid during 2021)
Preferred stock
$
Common stock
Total dividends paid
Retained earnings balance (December 31, 2021)
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5f1e995-ee7c-47a1-a1b1-a4aa2347115b%2F8ad8eb8b-a4d4-4a3d-9360-9b9a2046536e%2F9yst63e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cooper Industries, Ic., began 2021 with retained earnings of $25.11 million. During the year it paid four quarterly dividends of $0.37 per share to 3.16 million common stockholders. Preferred stockholders, holding 492,000 shares,
were paid two semiannual dividends of $0.72 per share. The firm had a net profit after taxes of S$5.35 million. Prepare the statement of retained earnings for the year ended December 31, 2021.
Complete the statement of retained earnings below: (Round to the nearest dollar.)
Cooper Industries, Inc.
Statement of Retained Earnings
for the Year Ended December 31, 2021
Retained earnings balance (January 1, 2021)
$
Plus: Net profits after taxes (for 2021)
Less: Cash dividends (paid during 2021)
Preferred stock
$
Common stock
Total dividends paid
Retained earnings balance (December 31, 2021)
$
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Managerial Accounting: The Cornerstone of Busines…](https://www.bartleby.com/isbn_cover_images/9781337115773/9781337115773_smallCoverImage.gif)
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Managerial Accounting: The Cornerstone of Busines…](https://www.bartleby.com/isbn_cover_images/9781337115773/9781337115773_smallCoverImage.gif)
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Intermediate Financial Management (MindTap Course…](https://www.bartleby.com/isbn_cover_images/9781337395083/9781337395083_smallCoverImage.gif)
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT