I don't know how to correct the problem that I got wrong ### Retained Earnings Statement**Honey Mill Cameras Inc.** reported the following results for the year ending October 31, 20Y9:- **Retained earnings, November 1, 20Y8:** $1,787,500- **Net income:** $643,500- **Cash dividends declared:** $76,000- **Stock dividends declared:** $195,000**Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.****Honey Mill Cameras Inc.****Retained Earnings Statement****For the Year Ended October 31, 20Y9**| Item | Amount ($) ||------------------------------------|--------------|| Retained Earnings, November 1, 20Y8| $1,787,500 ✓ || Net Income | $643,500 ✓ || Dividends Declared | $76,000 ✕ || Increase in Retained Earnings | $372,500 ✓ || Retained Earnings, October 31, 20Y9| $1,415,000 ✕ |#### Explanation of Graphs and Diagrams:The image contains a retained earnings statement with annotations to validate or invalidate certain amounts.1. **Initial Retained Earnings:** The statement begins with the retained earnings of $1,787,500 as of November 1, 20Y8, which is marked correct.2. **Net Income:** Net income for the year ending on October 31, 20Y9 is correctly stated as $643,500.3. **Dividends Declared:** The figure $76,000 for cash dividends declared is marked as incorrect, likely because it does not account for other types of dividends or has been miscalculated.4. **Increase in Retained Earnings:** This is correctly marked as $372,500, based on the valid net income and presumably the correct total of dividends declared.5. **Final Retained Earnings:** The retained earnings as of October 31, 20Y9, is erroneously stated as $1,415,000, as indicated by the cross mark. This is based on incorrect dividend calculation.The graphical representation with check marks (✓) and cross marks (✕) helps visually identify which figures are accurate and which need correction.

Dividends declared = Cash Dividends declared + Stock Dividends declared

Honey Mill Cameras Inc. reported the following results for the year ending October 31, 20Y9: Retained earnings, November 1, 20Y8 $1,787,500 Net income 643,500 Cash dividends declared 76,000 Stock dividends declared 195,000 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 Retained Earnings, November 1, 20Y8 V $ 1,787,500 Net Income 643,500 Dividends Declared 76,000 X Increase in Retained Earnings 372,500 Retained Earnings, October 31, 20Y9 1,415,000 X

Honey Mill Cameras Inc. reported the following results for the year ending October 31, 20Y9: Retained earnings, November 1, 20Y8 $1,787,500 Net income 643,500 Cash dividends declared 76,000 Stock dividends declared 195,000 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 Retained Earnings, November 1, 20Y8 V $ 1,787,500 Net Income 643,500 Dividends Declared 76,000 X Increase in Retained Earnings 372,500 Retained Earnings, October 31, 20Y9 1,415,000 X

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 9E

See similar textbooks

Similar questions

a. What is the amount of total shareholders' equity?b. What is the balance of retained earnings at year-end?
ANSWER IN GOOD ACCOUNTING FORM. THANK YOUUUU!!! What amount should be reported as unappropriated retained earnings at year-end?
Can I ask for a solution to this problem? In good accounting form. Thank you. What amount should be reported as unappropriated retained earnings at year-end?
A company's starting retained earnings balance was $1328424. It had a net profit of $509389 for the year, and stockholders contributed an extra $613909 for shares. Retained profits had an ending amount of $1645010. How much in dividends did the corporation distribute throughout the course of the year? Choose one:a. $192803b. $0c. $806712d. $104520
i need the answer quickly
Please dont provide answer in image format thank you
View Policies Current Attempt in Progress The shareholders' equity accounts of Sandhill Inc. at December 31, 2023, are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 5,000 issued Common shares, unlimited number authorized, 140,000 issued Retained earnings Accumulated other comprehensive loss Sandhill has a 35% income tax rate. During the following fiscal year ended December 31, 2024, the company had the following transactions and events: Feb. July Dec. 1 Repurchased 10,000 common shares for $40,000. Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. 12 1 $500,000 700,000 550,000 (48,000) Dec. 18 Dec. 31 Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2025, payable on January 31, 2025, Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12. 2025. The fair value of the common…
WHAT IS RESTATED/ADJUSTED/NEW RETAINED EARNINGS BALANCE 2021
REQUIRED: 1. What amount should be reported as unappropriated retained earnings at year-end?
Required: Journal entries to record the above transactions including the entry to close the Income and Expense Summary Account Balance of the Retained Earnings account as of: b.1 December 31, 200 B 2 December 31, 200C
Financial Statement Presentation of EPS To illustrate EPS reporting for various combinations of gains and losses, assume that 1,000 weighted-average shares of common stock are outstanding for each of the four cases below. Also assume preferred stock dividends of $3,750 were declared and paid during the year. Case A Case B Case C Case D Income (loss) continuing operations 15,000 (15,000) $15,000 $(15,000) Income (loss) from discontinued operations 4,500 (4,500) (4,500) 9,000 In the table below - leave the answers blank (zero). Proceed to the next table. Case A Case B Case C Case D Income (loss) continuing operations $11,250 0 0 0 Income (loss) from discontinued operations 0 0 0 0 Required Show the EPS financial statement presentation for basic EPS for each Case A through D. Basic EPS Case A Case B Case C Case D Income (loss) from continuing operations Answer Answer Answer Answer Income (loss) from…
i need the answer quickly