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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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