Answer Happy

Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January 1, 2013 $378,500 Net Income 53,000 Cash dividends declared 9,500 Stock dividends declared 18,000 Prepare a retained earnings statement for the year ended December 31, 203, Sumter Pumps Corporation Retained Earnings Statement For the Year Ended December 31, 20Y3 Retained earnings, January 1, 2083 378,500 Net Income $1,000 Dividends 9,500 Change in retained earings ✓ 43.500 X Retained earnings, December 31, 2013 422,000 X