Rockwell Inc. reported the following results for the year ended June 30, 2016: P

Question

Rockwell Inc. reported the following results for the year ended June 30, 2016:

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.

In CengageNOW, a Label is a text entry that does not have an amount associated with it.

In CengageNOW, an Amount Description is a text entry other than an Account that has an amount associated with it.

Retained earnings, June 30, 2016

Prepare a retained earnings statement for the fiscal year ended June 30, 2016. Be sure to complete the statement heading. 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.

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ROCKWELL INC.

Retained Earnings Statement

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Solution

ROCKWELL INC.

Retained Earnings Statement

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Retained earnings, July 1, 2015 $3,755,000 Net income 680,000 Cash dividends declared 95,100 Stock dividends declared 47,700

Explanation / Answer

net income for the year =                     680000

cash dividend       =                              (95100)

stock dividend               =             (47700)

remaining net income    =                      537200

opening balance of retained earnings= 3755000

balance of retained earnings on june 30 = 4292200

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