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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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