repare a retained earnings statement for the year ended December 31, 20Y3. Retained earnings, January 1, 20Y3 Net Income Dividends Change in retained earnings Retained earnings, December 31, 20Y3
repare a retained earnings statement for the year ended December 31, 20Y3. Retained earnings, January 1, 20Y3 Net Income Dividends Change in retained earnings Retained earnings, December 31, 20Y3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:
| Retained earnings, January 1, 20Y3 | $509,400 |
| Net income | 71,300 |
| Cash dividends declared | 12,800 |
| Stock dividends declared | 24,200 |
Prepare a retained earnings statement for the year ended December 31, 20Y3.
Retained earnings, January 1, 20Y3
Net Income
Dividends
Change in retained earnings
Retained earnings, December 31, 20Y3
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