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notsponge [240]
3 years ago
10

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3

:
Retained earnings, January 1, 20Y3 $64,083,000
Net income 7,373,000
Cash dividends declared 967,000
Stock dividends declared 2,783,000
Prepare a retained earnings statement for the year ended December 31, 20Y3. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted negative numbers use a minus sign
Business
1 answer:
serious [3.7K]3 years ago
6 0

Answer:

Explanation:

The preparation of the retained earnings statement for the year ended December 31, 20Y3 is shown below:

Retained earnings, January 1, 20Y3                           $64,083,000

Add: Net income                                                          $7,373,000

Less: Total dividend declared                                     -$3,750,000

Retained earnings, December 31, 20Y3                     $67,706,000

The total dividend declared would be

= Cash dividends declared + Stock dividends declared

= $967,000 + $2,783,000

= $3,750,000

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Answer:

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6 0
2 years ago
2-a. Refer to the original data. How much will net operating income increase (decrease) per month if the company uses higher-qua
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The original data is :

Data for Hermann Corporation

                                          Per unit     Percent of sales

Selling price                         $ 75              100%

Variable expenses                  51                 68

Contribution margin             $ 24               32%

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Solution :

                                                     Present             Proposed

Sales                                             300000            375000

Less : Variable cost                      204000           275000

Contribution margin                     96000               100000

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Net income                                   21000                25000

The net operating income :      Increases          4000

Net operating income = increased sales Net income - current sales net income.

Therefore the higher quality component should be used.                                                            

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