Newland Company reported retained earnings at December 31, 2016, of $310,000. Newland had 200,000 shares of...
Newland Company reported retained earnings at December 31, 2016,
of $310,000. Newland had 200,000 shares of common stock outstanding
at the beginning of 2017. The following transactions occurred
during 2017.
| 1. | An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000. | |
| 2. | A cash dividend of $0.5 per share was declared and paid. | |
| 3. | A 5% stock dividend was declared and distributed when the market price per share was $15 per share. | |
| 4. | Net income was $285,000. |
Prepare a retained earnings statement for 2017..
Homework Answers
| Opening Balance as on I st January Retained earning | 310000 | |
| ADD | Correction for understatement of 2015 net income
(70000-50000 |
20000 |
| Adjusted Balance as on I st January | 330000 | |
| ADD Net Income | 2,85,000.00 | |
| Dividend |
||
| Less | Cash dividend (200,000 * $0.50) | 100000 |
| Less | Stock dividends (200,000 * 0.05 * $15) |
150000 |
| Balance, December 31 |
3,65,000.00 |
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Newland Company reported retained earnings at December 31, 2016,
of $310,000. Newland had 200,000 shares of...
Retain earnings
ABC Company reported retained earnings at December 31, 2017, of $310,000..The following transactions occurred during 2018.1.An error was discovered. In 2016, depreciation expense was recorded at $70,000, but the correct amount was $50,000.2.Declared cash dividend of $100,000.3.Declared stock dividend of $150,000.4.Net income was $285,000.Prepare a retained earnings statement for 2018
accounting
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