Retained earnings, November 1, 2013 $12,400,000
Net income 2,350,000
Cash dividends declared 175,000
Stock dividends declared 300,000
Prepare a retained earnings statement for the fiscal year ended October 31, 2014.
Answer:
NORIC CRUISES INC.
Retained Earnings Statement
For the Year Ended October 31, 2014
Retained earnings, November 1, 2013 $12,400,000
Net income $2,350,000
Less dividends declared 475,000
Increase in retained earnings 1,875,000
Retained earnings, October 31, 2014 $14,275,000