Ask Question
13 November, 00:14

The following information is from Amos Company for the year ended December 31, 2019.

a. Retained earnings at December 31, 2018 (before discovery of error), $858,000.

b. Cash dividends declared and paid during the year, $11,000.

c. Two years ago, it forgot to record depreciation expense of $45,600 (net of tax benefit).

d. The company earned $209,000 in net income this year.

Required:

Prepare a statement of retained earnings for Amos Company.

+5
Answers (1)
  1. 13 November, 00:59
    0
    The preparation of the statement of retained earnings for Amos Company is shown below:

    Retained earnings at December 31, 2018 (before discovery of error) $858,000

    Less: Depreciation expense two years ago - $45,600

    Add: net income $209,000

    Less: Cash dividends declared and paid during the year - $11,000

    Retained earnings at December 31, 2019 $1,010,400
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The following information is from Amos Company for the year ended December 31, 2019. a. Retained earnings at December 31, 2018 (before ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers