Homework Answers
Answer:
Corrected Net Income = $340,500 - $35,500
Corrected Net Income = $305,000
Dividend Declared = $111,000 + $55,500
Dividend Declared = $166,500
Retained Earnings, December 31, 2020 = Retained Earnings,
January 1, 2020 + Net Income – Dividend Declared
Retained Earnings, December 31, 2020 = $531,000 + $305,000 -
$166,500
Retained Earnings, December 31, 2020 =
$669,500
Therefore, Retained Earnings balance at the end of the year is $669,500
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CALCULATOR FULL SCREEN Exercise 14-08 On January 1, 2020, Crane Corporation had retained earnings of $531,000....
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year, Blossom had the following selected transactions. 1. 2. 3. 4. Declared cash dividends $110,000. Corrected overstatement of 2019 net income because of inventory error $35,000. Earned net income $340,000. Rectangular Ship Declared stock dividends $55,000. Determine the retained earnings balance at the end of the year. Retained earnings
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