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General journal
DescriptionDate
23 Aug. Cash
Preference sharesDebit
7 500Credit
7 500
Cashdividendsonpreferredshare
Whenacompanyhasbothpreferredandordinarysharesoutstanding, cash
dividendsmustbeallocatedbetweenthe2:
Cumulativepreferredshares
Carrytherighttoreceivecurrentyeardividendsandallunpaiddividends
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How to fill out retained profits
How to fill out retained profits:
01
Start by gathering all relevant financial documents, including income statements, balance sheets, and cash flow statements.
02
Calculate the net profit or loss for the accounting period. This can be done by subtracting the total expenses from the total revenue.
03
Determine the proportion of the net profit or loss that needs to be retained. This decision can vary depending on the company's objectives, financial position, and future plans.
04
Make any necessary adjustments or allocations. This may include setting aside funds for tax obligations, dividends, or reinvestment in the business.
05
Record the retained profits on the balance sheet under the equity section. Specifically, it should be listed as "retained earnings" or "accumulated retained earnings."
Who needs retained profits:
01
Businesses of all sizes and types require retained profits. Whether it is a small startup, a medium-sized enterprise, or a large corporation, retained profits play a crucial role in sustaining and growing the business.
02
Retained profits are necessary for businesses that want to reinvest in their operations. These funds can be used for research and development, acquiring new assets or technologies, expanding marketing efforts, or entering new markets.
03
Retained profits also provide a buffer for businesses during periods of economic downturn or unforeseen expenses. They act as a reserve that can be tapped into to cover unexpected costs or to sustain the business during tough times.
Overall, retained profits serve as a measure of a company's financial health and stability. They not only provide a foundation for future growth but also offer a safety net for unforeseen circumstances.
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What is retained profits?
Retained profits are the profits that a company has kept after paying out dividends to shareholders.
Who is required to file retained profits?
Companies are required to file retained profits as part of their financial statements.
How to fill out retained profits?
Retained profits can be filled out by calculating the total profits earned by the company and subtracting any dividends paid out to shareholders.
What is the purpose of retained profits?
The purpose of retained profits is to reinvest back into the company for future growth and expansion.
What information must be reported on retained profits?
Retained profits must include the total profits earned, dividends paid out, and any amounts reinvested back into the company.
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