Instructions Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 $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 fiscal year ended January 31, 20Y2. Refer to the lists of Labels and Amount Descrip n Retained Earnings Statement subtractive or negative numbers use a minus sign. Enter all amounts as positive numbers. The word "Less" is not required. Sumter Pumps Corporation Retained Earnings Statement (Label) 1 2 3 Labels and Amount Descriptions Labels For the Year Ended January 31, 20Y2 January 31, 20Y2 Amount Descriptions Decrease in retained earnings Dividends declared 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, 20Y1 Retained earnings, January 31, 20Y2

Instructions Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 $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 fiscal year ended January 31, 20Y2. Refer to the lists of Labels and Amount Descrip n Retained Earnings Statement subtractive or negative numbers use a minus sign. Enter all amounts as positive numbers. The word "Less" is not required. Sumter Pumps Corporation Retained Earnings Statement (Label) 1 2 3 Labels and Amount Descriptions Labels For the Year Ended January 31, 20Y2 January 31, 20Y2 Amount Descriptions Decrease in retained earnings Dividends declared 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, 20Y1 Retained earnings, January 31, 20Y2

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Description: Instructions Labels and Amount Descriptions Retained Earnings StatementInstructionsSumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2:Retained earnings, February 1, 20Y1$60

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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