Bancroft Corporation, a manufacturer of industrial pumps, reported the following results for the year ended January 31,
Question:
Retained earnings, February 1, 2014. . . . . . . . . . . . . . . . . . . . . . . $3,175,500
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,000
Cash dividends declared-common . . . . . . . . . . . . . . . . . . . . . . . 75,500
Cash dividends declared-preferred . . . . . . . . . . . . . . . . . . . . . . . 140,000
Prepare a statement of retained earnings for the fiscal year ended January 31, 2015.
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Related Book For 
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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