Retained earnings, November 1, 2013 $12,400,000
Net income 2,350,000
Cash dividends declared 175,000
Stock dividends declared 300,000
Prepare a retained earnings statement for the fiscal year ended October 31, 2014.
Answer:
NORIC CRUISES INC.
Retained Earnings Statement
For the Year Ended October 31, 2014
Retained earnings, November 1, 2013 $12,400,000
Net income $2,350,000
Less dividends declared 475,000
Increase in retained earnings 1,875,000
Retained earnings, October 31, 2014 $14,275,000
Rockwell Inc. reported the following results for the year ended June 30, 2014:
Retained earnings, July 1, 2013 $3,900,000
Net income 714,000
Cash dividends declared 100,000
Stock dividends declared 50,000
Prepare a retained earnings statement for the fiscal year ended June 30, 2014.
Answer:
ROCKWELL INC.
Retained Earnings Statement
For the Year Ended June 30, 2014
Retained earnings, July 1, 2013 $3,900,000
Net income $714,000
Less dividends declared 150,000
Increase in retained earnings 564,000
Retained earnings, June 30, 2014 $4,464,000
