Solved: Sumter pumps corporation a manufacturer of industrial pumps, Accounting Basics

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Sumter pumps corporation a manufacturer of industrial pumps

Question - Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following re- sults for the year ended January 31, 2016:

Retained earnings, February 1, 2015 - $59,650,000

Net income - 8,160,000

Cash dividends declared - 1,000,000

Stock dividends declared - 2,600,000

Prepare retained earnings statement for the fiscal year ended January 31, 2016.

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Accounting Basics: Sumter pumps corporation a manufacturer of industrial pumps

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Accounting Basics: Sumter pumps corporation a manufacturer of industrial pumps

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