10 5 ints 3 02:30:30 eBook 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 $1,375,000. b. Amos discovered this year that it forgot to record depreciation expense of $55,500 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $43,000. d. Reported $126,000 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. Print References Prior period adjustment AMOS COMPANY Statement of Retained Earnings For Current Year Ended December 31

10 5 ints 3 02:30:30 eBook 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 $1,375,000. b. Amos discovered this year that it forgot to record depreciation expense of $55,500 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $43,000. d. Reported $126,000 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. Print References Prior period adjustment AMOS COMPANY Statement of Retained Earnings For Current Year Ended December 31

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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18 A company understated its income and accounts receivable last year by $5,000 Which entry should be made in the current year to correct this material error? O Debit Sales for $5,000; Credit Retained Earnings for $5,000 O Debit Accounts Receivable for $5,000; Credit Retained Earnings for $5,000 Debit Retained Earnings for $5,000; Credit Accounts Receivable for $5,000 Debit Retained Earnings for $5,000; Debit Sales for $5,000
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Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
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