retained earnings statement Labole
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Retained Earnings Statemer
Instructions
Accounts, Labels, and Amount Descriptions
Se
Accounts
Accounts Payable
Accounts Receivable
Cash
Common stock
Dividends declared
Treasury Stock
Labels
20Y5 Be sure to complete the stater
For the Year Ended June 30, 20Y5
g of the answer choices for text entri
June 30, 20Y5
Amount Descriptions
Decrease in retained earnings

Transcribed Image Text:Seismic Inc. reported the following results for the year ended June 30, 20Y5:
Retained earnings, July 1, 20Y4
$1,700,000
Net income
311,000
Cash dividends declared
44,000
Stock dividends declared
22,000
Required:
Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5. 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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