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Rockwell Inc. reported the following results for the year ended June 30, 2016: Retained earnings, July...

Rockwell Inc. reported the following results for the year ended June 30, 2016:

Retained earnings, July 1, 2015 $3,799,000
Net income 704,900
Cash dividends declared 101,900
Stock dividends declared 49,300

Prepare a retained earnings statement for the fiscal year ended June 30, 2016. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word “Less” is not required.

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Answer #1
  • Under Statement of retained earnings, the opening balance (if any) is increased or decreased by Net Income or Loss during the year, respectively.
  • Any amount of dividend declared is also deducted from Retained earnings.
  • Statement of Retained Earnings is provided below:

Retained Earnings on July 1, 2015

$3,799,000

Add: Net Income

$704,900

Less: Cash dividend declared

$101,900

Less: Stock dividends declared

$49,300

Retained Earnings on Jun 30, 2016

$4,352,700

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