Given the following information below, prepare a proper Statement of Changes in Equity (SCE) For Frank and Ernest Inc. for the year 2020. Capital stock (1,000,000 authorized, 100,000 outstanding) $1,400,000 Dividends paid $140,000. The change in dividends payable account is zero. Beginning Retained Earnings -$540,000 Prior period error that reduced earnings by 600,000 before tax is still not corrected for Ending Retained Earnings $835,000 Accumulated Other comprehensive income ending $400,000 Accumulated Other comprehensive income belonging to minority interest is $40,000 Of the Shareholders equity $100,000 belongs to the minority.
Given the following information below, prepare a proper Statement of Changes in Equity (SCE) For Frank and Ernest Inc. for the year 2020. Capital stock (1,000,000 authorized, 100,000 outstanding) $1,400,000 Dividends paid $140,000. The change in dividends payable account is zero. Beginning Retained Earnings -$540,000 Prior period error that reduced earnings by 600,000 before tax is still not corrected for Ending Retained Earnings $835,000 Accumulated Other comprehensive income ending $400,000 Accumulated Other comprehensive income belonging to minority interest is $40,000 Of the Shareholders equity $100,000 belongs to the minority.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Given the following information below, prepare a proper Statement of Changes in Equity (SCE) For Frank and Ernest Inc. for the year 2020.
- Capital stock (1,000,000 authorized, 100,000 outstanding) $1,400,000
- Dividends paid $140,000. The change in dividends payable account is zero.
- Beginning
Retained Earnings -$540,000 - Prior period error that reduced earnings by 600,000 before tax is still not corrected for
- Ending Retained Earnings $835,000
- Accumulated Other comprehensive income ending $400,000
- Accumulated Other comprehensive income belonging to minority interest is $40,000
- Of the Shareholders equity $100,000 belongs to the minority.
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