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

question 96

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.

---

Definitions:

Negative Correlation

A relationship between two variables in which one variable increases as the other decreases, and vice versa.

Direct Correlation

A positive relationship between two variables such that as one variable increases, the other also increases.

Strong Relationship

A significant and intense association or correlation between two or more variables in a study or analysis.

Direct Correlation

A relationship between two variables such that as the value of one variable increases, the value of the other variable also increases, and vice versa.