Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: $ 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained earnings, 1/1/07, as reported 2,000,000. Simmons should report retained earnings, 1/1/07, as adjusted at O a $1,570,000. O b. $2,430,000. O. $3,110,000. O d. $2,000,000.

Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: $ 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained earnings, 1/1/07, as reported 2,000,000. Simmons should report retained earnings, 1/1/07, as adjusted at O a $1,570,000. O b. $2,430,000. O. $3,110,000. O d. $2,000,000.

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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