Hayes Enterprises began 2023 with a retained earnings balance of Rs. 928,000. During 2023, the firm earned Rs. 377,000 after taxes. From this amount, preferred stockholders were paid Rs. 47,000 in dividends. At year-end 2023, the firm’s retained earnings totaled Rs. 1,048,000. The firm had 140,000 shares of common stock outstanding during 2023.
a. Prepare a statement of retained earnings for the year ended December 31, 2023, for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash dividends paid in 2023.)
b. Calculate the firm’s 2023 earnings per share (EPS).
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