Retained Earnings StatementSumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:Retained earnings, January 1, 20Y3$509,400Net income71,300Cash dividends declared12,800Stock dividends declared24,200 Prepare a retained earnings statement for the year ended December 31, 20Y3.Retained earnings, January 1, 20Y3Net IncomeDividendsChange in retained earningsRetained earnings, December 31, 20Y3

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repare a retained earnings statement for the year ended December 31, 20Y3. Retained earnings, January 1, 20Y3 Net Income Dividends Change in retained earnings Retained earnings, December 31, 20Y3

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 24E

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Question

Retained Earnings Statement

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:

Retained earnings, January 1, 20Y3	$509,400
Net income	71,300
Cash dividends declared	12,800
Stock dividends declared	24,200

Prepare a retained earnings statement for the year ended December 31, 20Y3.

Retained earnings, January 1, 20Y3

Net Income

Dividends

Change in retained earnings

Retained earnings, December 31, 20Y3

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