Homework Answers
Answer
- The correct answer is Option ‘C’ Prior period adjustments are shown on the statement of Retained Earnings as corrections to the beginning balance.
- The Statement of Retained Earnings prepared for adjusting errors might look like this:
|
Unadjusted beginning balance - Retained earnings |
XXX |
|
|
Add/Less: Prior period error/adjustment |
XXX |
|
|
Adjusted beginning balance - Retained earnings |
XXX |
|
|
Add: Net Income |
XXX |
|
|
Less: Dividends |
XXX |
|
|
XXX |
||
|
Ending balance - Retained earnings |
XXX |
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