Roxanne's Delightful Candies, Inc. began the year with a retained earnings balance of $715,377. The company had a great year and earned a net income of $357,077. However, the company's controller determined that it had made an error when calculating depreciation in the preceding year, resulting in an understated depreciation expense amount of $34,497. What is the ending retained earnings balance?

Roxanne's Delightful Candies, Inc. began the year with a retained earnings balance of $715,377. The company had a great year and earned a net income of $357,077. However, the company's controller determined that it had made an error when calculating depreciation in the preceding year, resulting in an understated depreciation expense amount of $34,497. What is the ending retained earnings balance?

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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