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Calculating dividends in retained earnings
I just want to make sure I'm doing the retain earnings statement correctly. Thank you !
Retained Earnings, Novemeber 1, 2007... 1,277,250 Net Income... 67,200 Less Dividends: Preferred Stock... 12,000 Common Stock... 47,000... 59000 Increased Retained Earnings... 8,200 Ending, October 31,2008... 1,285,450 The problem is, I'm not sure if I calculated the dividends correctly because I was given Dividends: Cash dividends for common stock. 35,000 Cash dividends for preferred stock. 16,000 Stock dividends for common stock. 12,000 Dividends Payable. 12,750 I added the common stocks together and got 47,000. And I didn't use the dividends payable |
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