Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 Net income Cash dividends declared Stock dividends declared $60,583,000 7,466,000 1,001,000 2,607,000 Required: Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A decrease to retained earnings should be entered as a negative amount.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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am. 123.

Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2:
Retained earnings, February 1, 20Y1
Net income
Cash dividends declared
Stock dividends declared
$60,583,000
7,466,000
1,001,000
2,607,000
Required:
Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2. Be sure to complete the statement heading. Refer to the lists
of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A decrease to retained
earnings should be entered as a negative amount.
Transcribed Image Text:Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 Net income Cash dividends declared Stock dividends declared $60,583,000 7,466,000 1,001,000 2,607,000 Required: Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A decrease to retained earnings should be entered as a negative amount.
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