On January 1, 2014, Richard Corporation had retained earnings of $550,000. During the year, Richard had the following selected transactions. 1. Declared cash dividends $96,000. 2. Corrected overstatement of 2013 net income because of depreciation error $40,000. 3. Earned net income $350,000. 4. Declared stock dividends $80,000. Instructions Prepare a retained earnings statement for the year.
Chapter 11, Exercises #17
On January 1, 2014, Richard Corporation had retained earnings of $550,000. During the year, Richard had the following selected transactions.
1. Declared cash dividends $96,000.
2. Corrected overstatement of 2013 net income because of depreciation error $40,000.
3. Earned net income $350,000.
4. Declared stock dividends $80,000.
Instructions
Prepare a retained earnings statement for the year.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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RICHARD CORPORATION Retained Earnings Statement For the Year Ended December 31, 20…View the full answer
Related Book For 
Financial and managerial accounting
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-1118016114