The following information is from Amos Company for the current year ended December 31. a. Retained earnings at December 31 of the prior year (before discovery of an error) was $861,000. b. Amos discovered this year that it forgot to record depreciation expense of $51,600 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $25,000. d. Reported $223,000 of net income in the current year. Prepare a statement of retained earnings for Amos Company for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Prior period adjustment AMOS COMPANY Statement of Retained Earnings For Current Year Ended December 31

The following information is from Amos Company for the current year ended December 31. a. Retained earnings at December 31 of the prior year (before discovery of an error) was $861,000. b. Amos discovered this year that it forgot to record depreciation expense of $51,600 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $25,000. d. Reported $223,000 of net income in the current year. Prepare a statement of retained earnings for Amos Company for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Prior period adjustment AMOS COMPANY Statement of Retained Earnings For Current Year Ended December 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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