Firefly, Inc ​
Prepare a Retained Earnings Statement for the Fiscal Year

Essay

Firefly, Inc. reported the following results for the year ending July 31:
​ $\begin{array}{|l|r|}\hline \text { Retained earnings, August 1 } & \$ 875,000 \\\hline \text { Net income } & 450,000 \\\hline \text { Cash dividends declared } & 140,000 \\\hline \text { Stock dividends declared } & 60,000 \\\hline\end{array}$ ​
Prepare a retained earnings statement for the fiscal year ended July 31.