Presented below is information related to Sheridan Corp. for the year 2020. Net sales   $ 1,196,000   Write-off of inventory due to obsolescence   $ 73,600 Cost of goods sold   717,600   Depreciation expense omitted by accident in 2019   50,600 Selling expenses   59,800   Casualty loss   46,000 Administrative expenses   44,160   Cash dividends declared   41,400 Dividend revenue   18,400   Retained earnings at December 31, 2019   901,600 Interest revenue   6,440   Effective tax rate of  20% on all items     SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales   $11,96,000 Cost of Good Sold   $7,17,600 Gross Profit   $4,78,400 Operating Expenses     Selling Expenses $59,800   Administrative Expenses $44,160   Total Operating Expenses   $1,03,960 Income from Operations   $3,74,440 Other Revenues and Gains     Dividend Revenue $18,400   Interest $6,440 $24,840     $3,99,280 Other Expenses & Losses     Causality Loss $46,000   Write off inventory due to the obsolescence $73,600 $1,19,600 Income Before Tax   $2,79,680 Income Tax Expenses   $55,936 Net Income   $2,23,744 EPS ($223,744/69920)   $3.20   SHERIDAN CORP. Retained Earning Statement For the Year Ended December 31, 2020 Particulars Amount Retained Earnings at December 31, 2019 $9,01,600 Add: Net Income $2,23,744 Less: Cash Dividend Declared $41,400 Retained Earnings at December 31, 2020 $10,83,944 for the retained earnings statement can I get help with the amounts for: Correction for Overstatement of Net Income in Prior Period $ Retained Earnings, January 1, as adjusted $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%
Presented below is information related to Sheridan Corp. for the year 2020.

Net sales
  $ 1,196,000  
Write-off of inventory due to obsolescence
  $ 73,600
Cost of goods sold
  717,600  
Depreciation expense omitted by accident in 2019
  50,600
Selling expenses
  59,800  
Casualty loss
  46,000
Administrative expenses
  44,160  
Cash dividends declared
  41,400
Dividend revenue
  18,400  
Retained earnings at December 31, 2019
  901,600
Interest revenue
  6,440  
Effective tax rate of  20% on all items
 
 
SHERIDAN CORP.
Income Statement
For the Year Ended December 31, 2020
Particulars Amount Amount
Net Sales   $11,96,000
Cost of Good Sold   $7,17,600
Gross Profit   $4,78,400
Operating Expenses    
Selling Expenses $59,800  
Administrative Expenses $44,160  
Total Operating Expenses   $1,03,960
Income from Operations   $3,74,440
Other Revenues and Gains    
Dividend Revenue $18,400  
Interest $6,440 $24,840
    $3,99,280
Other Expenses & Losses    
Causality Loss $46,000  
Write off inventory due to the obsolescence $73,600 $1,19,600
Income Before Tax   $2,79,680
Income Tax Expenses   $55,936
Net Income   $2,23,744
EPS ($223,744/69920)   $3.20

 

SHERIDAN CORP.
Retained Earning Statement
For the Year Ended December 31, 2020
Particulars Amount
Retained Earnings at December 31, 2019 $9,01,600
Add: Net Income $2,23,744
Less: Cash Dividend Declared $41,400
Retained Earnings at December 31, 2020 $10,83,944

for the retained earnings statement can I get help with the amounts for:

Correction for Overstatement of Net Income in Prior Period $

Retained Earnings, January 1, as adjusted $

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education