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

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

Retained earnings, November 1, 20Y8 $1,645,500
Net income 559,500
Cash dividends declared 169,000
Stock dividends declared 435,000

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

Zippy Zap Cameras Inc.
Retained Earnings Statement
For the Year Ended October 31, 20Y9
$
$
$
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Answer #1

Solution:

Retained Earnings Statement
For the Year Ended October 31, 20Y9
Retained earnings, November 1, 20Y8 $16,45,500
Add: Net income $5,59,500
$22,05,000
Less:
Cash dividend $1,69,000
Stock dividend $4,35,000
$6,04,000
Retained earnings, October 31, 20Y9 $16,01,000
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