Homework Answers
| Katie May Bakery, Inc | |
| Statement of retained earnings | |
| Year ended December 31, 2018 | |
| Beginning retained earnings | $ 39,000 |
| Less: Prior period adjustment correction of of previous year income | $ (10,000) |
| Adjusted beginning retained earnings | $ 29,000 |
| Add: Net income | $ 78,000 |
| $ 107,000 | |
| Less: Cash dividend declared | $ (22,000) |
| Ending retained earnings | $ 85,000 |
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