Question: On January 1 2017 Eddy Corporation had retained earnings of

On January 1, 2017, Eddy Corporation had retained earnings of $650,000. During the year, Eddy had the following selected transactions.
1. Declared cash dividends................... $120,000.
2. Corrected overstatement of 2016 net income because of inventory error. $40,000.
3. Earned net income..................... $350,000.
4. Declared stock dividends................... $90,000.

Instructions
Prepare a retained earnings statement for the year.




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  • CreatedMarch 02, 2015
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