At January 1, 2025, Swifty Company reported retained earnings of $2,226,000. In 2025, Swifty discovered that 2024 depreciation expense was understated by $445,200. In 2025, net income was $817,000 and dividends declared were $225,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Swifty Company. > V SWIFTY COMPANY Retained Earnings Statement < LA LA
At January 1, 2025, Swifty Company reported retained earnings of $2,226,000. In 2025, Swifty discovered that 2024 depreciation expense was understated by $445,200. In 2025, net income was $817,000 and dividends declared were $225,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Swifty Company. > V SWIFTY COMPANY Retained Earnings Statement < LA LA
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 18E
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