The following information is from Amos Company for the current year ended December 31. a. Retained earnings at December 31 of the prior year (before discovery of an error) was $861,000. b. Amos discovered this year that it forgot to record depreciation expense of $51,600 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $25,000. d. Reported $223,000 of net income in the current year. Prepare a statement of retained earnings for Amos Company for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Prior period adjustment AMOS COMPANY Statement of Retained Earnings For Current Year Ended December 31

The following information is from Amos Company for the current year ended December 31. a. Retained earnings at December 31 of the prior year (before discovery of an error) was $861,000. b. Amos discovered this year that it forgot to record depreciation expense of $51,600 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $25,000. d. Reported $223,000 of net income in the current year. Prepare a statement of retained earnings for Amos Company for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Prior period adjustment AMOS COMPANY Statement of Retained Earnings For Current Year Ended December 31

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter14: Intercorporate Investments In Common Stock

Section: Chapter Questions

Problem 26E

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Subject: acounting
Oriole Company reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 1299000 Dividends declared 963000 Net income 2920000 Retained earnings, 1/1/20, as reported 5930000 Oriole should report retained earnings, 1/1/20, as adjusted at $ 7229000. $ 9186000. $ 4631000. $ 5930000.
Answer question no.11
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53 ABC Company reported net income and retained earnings for a two – year period as follows: Net Income Retained Earnings, Ending 2020 6,000,000 6,000,000 2021 8,000,000 14,000,000 In checking the statement for the year ended December 31, 2020, the following errors are discovered: The company paid one – year insurance premium of P 240,000 effective April 1, 2020. The entire amount was debited to asset account and no adjustment was made at the end of 2020. The company leased a portion of its building for P 480,000. The term of the lease is one year ending April 30, 2021. Collection of rent was credited to unearned rent revenue account. At the end of 2020, no entry was made to take up the earned portion of the amount collected. Depreciation expense in 2020 was understated by P 12,000. Depreciation expense in 2021 was overstated by P 14,000. Bad debts expense of P 11,000 was not recorded in 2020. How much is…
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