On January 1, 2017, Richard Industries Ltd. had retained earnings of 550,000. During the year, Richard had

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On January 1, 2017, Richard Industries Ltd. 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 2016 net income because of depreciation error £31,000.

3. Earned net income £350,000.

4. Declared share dividends £62,000.

Instructions

Prepare a retained earnings statement for the year.

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Financial Accounting

ISBN: 978-1118978085

IFRS 3rd edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 07, 2017 11:24 AM

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On January 1, 2017, Richard Industries Ltd. had retained earnings of 550,000. During the year, Richard had

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Financial Accounting

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