Question 2: (B1& A3&D3) (8 points) Ahmed Company prepared the statement of retained earnings at the end of the each year. On 31/12/2018 the accountant maid a calculation error which overstated the ending balance of 2018 by $12,000. At the end of 2019 while preparing the retained earnings he discovered his error. Instruction: Prepare Retained Earnings Statement at the

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Question 2: (B1& A3&D3) (8 points) Ahmed Company prepared the statement of retained earnings at the end of the each year. On 31/12/2018 the accountant maid a calculation error which overstated the ending balance of 2018 by $12,000. At the end of 2019 while preparing the retained earnings he discovered his error. Instruction: Prepare Retained Earnings Statement at the end of the current year if the net income was $20,000; dividends $5,000 and the beginning balance of retained earnings was $20,000. Answer of Question 2:

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Ahmed company Retained Earnings Statement 31 December 2019 B… View the full answer