On January 1, 2017, Eddy Corporation had retained earnings of $545,000. During the year, Eddy had...
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.
Homework Answers
|
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 |
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Exercise 14-08
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1.
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2.
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Exercise 14-08
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1.
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2.
Corrected overstatement of 2019 net income because of inventory
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3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
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