Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $541,000. During the year,...
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.
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Retained earnings |
$
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Homework Answers
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Retained Earnings = 541,000+345,500-121,000-40,500-60,500 = $664,500 |
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Comment if you face any issues Thank you |
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year,...
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