Susan May Bakery, Inc. reported a prior-period adjustment in 2016. An accounting error caused net income of prior years to be overstated by $4,000. Retained Earnings at December 31, 2015, as previously reported, was $42,000. Net income for 2016 was $79,000, and dividends declared were $20,000. Prepare the company’s statement of retained earnings for the year ended December 31, 2016.
Answer to relevant QuestionsTemple Corp. earned net income of $128,500 and paid the minimum dividend to preferred stockholders for 2016. Assume that there are no changes in common shares outstanding. Temple’s books include the following ...Winterborn Manufacturing Co. completed the following transactions during 2016: Jan. 16 Declared a cash dividend on the 4%, $100 par noncumulative preferred stock (950 shares outstanding). Declared a $0.40 per share dividend ...1. Nov. 8 Treasury Stock $6,300 CR Summerborn Manufacturing Co. completed the following transactions during 2016: Jan. 16 Declared a cash dividend on the 6%, $97 par noncumulative preferred stock (1,150 shares outstanding). ...Greenview Water Sports has 16,000 shares of $1 par value common stock outstanding. Greenview distributes a 5% stock dividend when the market value of its stock is $25 per share. Requirements 1. Journalize Greenview’s ...Stenback Exercise Equipment, Inc. reported the following financial statements for 2016: Requirements 1. Compute the amount of Stenback Exercise’s acquisition of plant assets. Assume the acquisition was for cash. Stenback ...
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