An error considered material of $50,000 (net of tax) to Casey Mar Corp. was discovered in 2020 that originated in 2019. The error represents an overstatement of the company's previously reported revenues. Assuming an unadjusted beginning balance in retained earnings of $800,000, a 2020 net loss of $20,000, and that no dividends were declared or paid in 2020, prepare its statement of retained earnings for 2020.
An error considered material of $50,000 (net of tax) to Casey Mar Corp. was discovered in 2020 that originated in 2019. The error represents an overstatement of the company's previously reported revenues. Assuming an unadjusted beginning balance in retained earnings of $800,000, a 2020 net loss of $20,000, and that no dividends were declared or paid in 2020, prepare its statement of retained earnings for 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i have completed this in excel but would like to compare my answers
Transcribed Image Text:J3. An error considered material of $50,000 (net of tax) to Casey Mar Corp. was
discovered in 2020 that originated in 2019. The error represents an overstatement
of the company's previously reported revenues.
Assuming an unadjusted beginning balance in retained earnings of $800,000, a 2020
net loss of $20,000, and that no dividends were declared or paid in 2020, prepare its
statement of retained earnings for 2020.
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