Statement of Retained Earnings Use the following data to prepare a statement of retained earnings for June Corporation. Total retained earnings originally reported as of January 1 $347,000 Stock dividends declared during the year 25,000 Cash dividends declared during the year 40,000 Net income for the year 70,000
Statement of Retained Earnings Use the following data to prepare a statement of retained earnings for June Corporation. Total retained earnings originally reported as of January 1 $347,000 Stock dividends declared during the year 25,000 Cash dividends declared during the year 40,000 Net income for the year 70,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Statement of
Use the following data to prepare a statement of retained earnings for June Corporation.
| Total retained earnings originally reported as of January 1 | $347,000 |
| Stock dividends declared during the year | 25,000 |
| Cash dividends declared during the year | 40,000 |
| Net income for the year | 70,000 |
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