FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2022, Blossom Corporation had retained earnings of $552,000. During the year, Blossom had the following selected transactions.1. Declared and paid cash dividends $132,000. Corrected overstatement of 2021 net income because of inventory error $46,000. Earned net income $351,000 Declared and paid stock dividends $66,000. Determine the retained earnings balance at the end of the year.
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Transcribed Image Text:On January 1, 2022, Blossom Corporation had retained earnings of $552,000. During the year, Blossom had the following selected transactions.1. Declared and paid cash dividends $132,000. Corrected overstatement of 2021 net income because of inventory error $46,000. Earned net income $351,000 Declared and paid stock dividends $66,000. Determine the retained earnings balance at the end of the year.
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Step 1: Introduce Retained earnings
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