On January 1, 2017, Eddy Corporation had retained earnings of
$545,000. During the year, Eddy had the following selected
transactions.
1. | Declared cash dividends $125,000. | |
2. | Corrected overstatement of 2016 net income because of depreciation error $42,500. | |
3. | Earned net income $347,500. | |
4. | Declared stock dividends $62,500. |
Prepare a retained earnings statement for the year.
Statement of retained earnings |
|
Retained earnings, January 1, 2017 |
$ 5,45,000.00 |
Prior period adjustment: |
|
Correction of depreciation error |
$ (42,500.00) |
Adjusted retained earnings, January 1, 2017 |
$ 5,02,500.00 |
Add: Net income earned |
$ 3,47,500.00 |
Less: Cash dividends declared |
$ (1,25,000.00) |
Less: Stock Dividend declared |
$ (62,500.00) |
Retained earnings, December 31 2017 |
$ 6,62,500.00 |
On January 1, 2017, Eddy Corporation had retained earnings of $545,000. During the year, Eddy had...
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