The balance in retained earnings on January 1, 2017, for Sandra Ltd Was 800,000 During the year, the corporation paid cash dividends of 50,000 and distributed a share dividend of 8,000 In addition, the company determined that it had understated its depreciation expense in prior years by 35,000 Net ...

SANDRA LTD Retained Earnings Statement For the Year Ended December 31 2017 ...

The balance in retained earnings on January 1, 2017, for Sandra Ltd. Was 800,000. During the year,

Question:

The balance in retained earnings on January 1, 2017, for Sandra Ltd. Was £800,000. During the year, the paid cash dividends of £50,000 and distributed a share of £8,000. In addition, the company determined that it had understated its depreciation expense in prior years by £35,000. Net income for 2017 was £120,000. Prepare the retained earnings statement for 2017.
Corporation
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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...