Zippy Zap Cameras Inc. reported the following results for the year ending Octobe

Question

Zippy Zap Cameras Inc. reported the following results for the year ending October 31, 20Y9:

Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.

For the Year Ended October 31, 20Y9

___________                                 _________

___________   ______

___________   ______

___________                     _________

___________                    ___________

Retained earnings, November 1, 20Y8 $1,492,000 Net income 417,800 Cash dividends declared 49,000 Stock dividends declared 126,000

Explanation / Answer

Prepare retained earnings statement :

Beginning retained earnings 1492000 Net income 417800 Dividend (49000+126000) (175000) Changes in retained earnings 242800 Ending retained earnings 1734800

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