Retained Eamings Statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Retained Earnings Statement
Haggen Cruises Inc. reported the following results for the year ended October 31, 20Y9:
Retained earnings, November 1, 20Y8
$11,775,000
Net income
2,232,000
Cash dividends declared
166,000
Stock dividends declared
285,000
Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.
Haggen Cruises Inc.
Retained Earnings Statement
For the Year Ended October 31, 20Y9
%24
%24
Expert Solution
Concept of retained earnings
Retained earnings is the part of profits retained with the entity without distribution to stockholders. It contains opening balance and net income and excludes dividends declared.
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