At January 1, 2017, Indigo Company reported retained earnings of $2,149,000. In 2017, Indigo discovered that...
At January 1, 2017, Indigo Company reported retained earnings of
$2,149,000. In 2017, Indigo discovered that 2016 depreciation
expense was understated by $383,000. In 2017, net income was
$948,000 and dividends declared were $256,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Indigo
Company.
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INDIGO COMPANY Retained Earnings Statement
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$
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$
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December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017Homework Answers
| INDIGO COMPANY | |
| Retained Earnings Statement | |
| For the Year Ended December 31, 2017 | |
| Retained Earnings, January 1 | $ 2,149,000 |
| Less: Correction of Depreciation Error ($383,000*65%) | $ (248,950) |
| Retained Earnings, January 1, as adjusted | $ 1,900,050 |
| Add: Net Income | $ 948,000 |
| Less: Dividends | $ (256,000) |
| Retained Earnings, December 31 | $ 2,592,050 |
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At January 1, 2017, Indigo Company reported retained earnings of
$2,149,000. In 2017, Indigo discovered that...
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Indigo Enterprises reported cost of goods sold for 2017 of
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$
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