iLife, Inc., was set to report the following statement of retained earnings for the year ended December
Question:
Before issuing its 2012 financial statements, iLife learned that net income of 2011 was overstated by $18,000. Prepare iLifes 2012 statement of retained earnings to show the correction of the errorthat is, the prior-periodadjustment.
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iLife, Inc. Statement of Retained Earnings Year Ended December 31, 2012 Retained earnings, December 31, 2011 Net income for 2012 Dividends for 2012 Retained earnings, December 31, 2012 s 70,000 85,000 (29,000) $126,000
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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