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 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
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Sumter Pumps Corporation
Retained Earnings Statement
For the Year Ended December 31, 20Y3
Retained earnings, January 1, 20Y3 $       5,73,200
add:Net Income $           63,100
Less: Dividend declared
Cash Dividend $ 11,400
Stock Dividend $ 21,500 $           32,900
Retained earnings, December 31, 20Y3 $       6,03,400
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 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...
For the year ended December 31, 2020, Parson Corporation reported the following: Net income $300,000 Preferred...
For the year ended December 31, 2020, Parson Corporation reported the following: Net income $300,000 Preferred dividends declared 50,000 Common dividend declared 10,000 Unrealized holding loss, net of tax 5,000 Retained earnings, beginning balance 400,000 Common stock 200,000 Accumulated Other Comprehensive Income, Beginning Balance 25,000 A. Prepare a Statement of Retained Earnings for Parson Corporation in good form. B. Prepare the Stockholders’ Equity section of Parson Corporation’s Balance Sheet in good form.
Dry Creek Cameras Inc. reported the following results for the year ending October 31, 20Y9: Retained...
Dry Creek Cameras Inc. reported the following results for the year ending October 31, 20Y9: Retained earnings, November 1, 20Y8 $1,024,500 Net income 286,900 Cash dividends declared 23,000 Stock dividends declared 60,000 Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9. Dry Creek Cameras Inc. Retained Earnings Statement For the Year Ended October 31, 20Y9
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding $ 900,000      Paid-in capital in excess of par value, common stock 70,000      Retained earnings 370,000      Total stockholders’ equity $ 1,340,000   In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
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.
Q2. The income statement for Universal Corporation reported net income of $68,400 for the year ended...
Q2. The income statement for Universal Corporation reported net income of $68,400 for the year ended December 31 before considering the following: • During the year, the company purchased available-for-sale securities. • At year-end, the fair value of the investment portfolio was $8,100 more than cost. • The balance of Retained Earnings was $43,000 on January 1. • Dobson Corporation paid $11,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31.
The following information is available for Amos Company for the year ended December 31, 2017. A)...
The following information is available for Amos Company for the year ended December 31, 2017. A) Balance of retained earnings, December 31, 2016, prior to discovery of error, $851,000. B) Cash dividends declared and paid during 2017, $20,000. C) It neglected to record 2015 depreciation expense of $46,600, which is net of $6,600 in tax benefits. D) The company earned $221,000 in 2017 net income. Prepare a 2017 statement of retained earnings for Amos Company. (Amounts to be deducted should...
Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of...
Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2016 to $125,320 and to $145,480 during 2017. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Prepare a statement of retained earnings for the year ended December 31, 2017. Landon Corporation Statement of Retained...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT