Question

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended...

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016:

Retained earnings, February 1, 2015 $53,783,000
Net income 8,135,000
Cash dividends declared 980,000
Stock dividends declared 2,526,000

Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of 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.

Labels and Amount Descriptions

Labels
For the Year Ended January 31, 2016
January 31, 2016
Amount Descriptions
Decrease in retained earnings
Dividends
Excess of issue price over par
Increase in retained earnings
Issuance of additional common stock
Issuance of additional preferred stock
Net income
Net loss
Retained earnings, February 1, 2015
Retained earnings, January 31, 2016

Retained Earnings Statement

Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of 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.

SUMTER PUMPS CORPORATION

Retained Earnings Statement

1

2

3

4

5
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended...
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January 1, 20Y3 $64,083,000 Net income 7,373,000 Cash dividends declared 967,000 Stock dividends declared 2,783,000 Prepare a retained earnings statement for the year ended December 31, 20Y3. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted negative numbers...
PLEASE USE THE CHART PROVIDED Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following...
PLEASE USE THE CHART PROVIDED Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January 1, 20Y3 $60,583,000 Net income 7,466,000 Cash dividends declared 1,001,000 Stock dividends declared 2,607,000 Prepare a retained earnings statement for the year ended December 31, 20Y3. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text...
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended...
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January 1, 20Y3 $573,200 Net income 63,100 Cash dividends declared 11,400 Stock dividends declared 21,500 Prepare a retained earnings statement for the year ended December 31, 20Y3. Sumter Pumps Corporation Retained Earnings Statement For the Year Ended December 31, 20Y3
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.
Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from...
Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows: Common Stock Jan. 1 75,000 Feb. 15 25,000 Retained Earnings Dec. 31 160,000 Jan. 1 (20Y2) 4,150,800 Dec. 31 700,000 Dividends Mar. 31 40,000 Dec. 31 160,000 June 30 40,000 Sept. 30 40,000 Dec. 31 40,000 Required: Prepare a statement of stockholders’ equity for the year. Refer...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $640,000 on January 1, 2018, the beginning of the year. During the year, dividends of $45,000 were paid. Accounts payable $ 71,000 Accounts receivable 268,000 Cash 191,500 Common stock 70,000 Fees earned 851,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 Supplies 5,700 Supplies expense 4,100 Utilities...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $1,470,000 Office expense 309,000 Miscellaneous expense 26,000 Wages expense 807,000 Everett McCauley invested an additional $49,000 in the business in exchange for common stock, and $29,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $579,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and...
The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018,...
The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018, are listed below. $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000. Accounts Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Accounts payable 18,000 Accounts receivable 38,000 Cash 52,000 Common stock 100,000 Land 450,000 Supplies 3,000 Prepare a balance sheet as of May 31, 2018. Refer to the lists of Accounts, Labels...
The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow....
The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow. Accounts (revenue and expense items) Fees earned $746,500 Office expense 295,700 Miscellaneous expense 10,400 Wages expense 450,200 Prepare a statement of owner’s equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional $37,000 in the business during the year and withdrew cash of $19,000 for personal use. Shane Ousel, capital as of December 1, 2015, was $380,000. Refer to...
The balances of Sentinel Travel Service’s accounting equation items for the year ended August 31, 2016,...
The balances of Sentinel Travel Service’s accounting equation items for the year ended August 31, 2016, are listed below. Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1, 2015, was $380,000. Accounts Fees earned $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages expense 450,000 Accounts payable 44,600 Accounts receivable 75,500 Cash 45,400 Land 310,000 Supplies 4,700 Prepare a balance sheet...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT