Dayton Corporation began the current year with a retained earnings balance of $16,873. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $2,491 on a piece of equipment. Also, during the current year, the company earned net income of $12,824 and declared cash dividends of $4,659. Compute the year-end retained earnings balance. Oa. $36,847 Ob. $22,547 Oc. $16,873 Od. $25,038

Dayton Corporation began the current year with a retained earnings balance of $16,873. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $2,491 on a piece of equipment. Also, during the current year, the company earned net income of $12,824 and declared cash dividends of $4,659. Compute the year-end retained earnings balance. Oa. $36,847 Ob. $22,547 Oc. $16,873 Od. $25,038

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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