Wildhorse Corporation has retained earnings of $677,100 at January 1, 2020. Net income during 2020 was $1,511,100, and cash dividends declared and paid during 2020 totaled $81,600. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $87,330 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) WILDHORSE CORPORATION Retained Earnings Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an opening name Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $enter a dollar amount select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a subtotal of the two previous amounts select between addition and deduction AddLess: select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction AddLess: select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount select a closing name Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

Wildhorse Corporation has retained earnings of $677,100 at January 1, 2020. Net income during 2020 was $1,511,100, and cash dividends declared and paid during 2020 totaled $81,600. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $87,330 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) WILDHORSE CORPORATION Retained Earnings Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an opening name Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $enter a dollar amount select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a subtotal of the two previous amounts select between addition and deduction AddLess: select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction AddLess: select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount select a closing name Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

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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WILDHORSE CORPORATION Retained Earnings Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening name Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$enter a dollar amount
select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a subtotal of the two previous amounts
select between addition and deduction AddLess: select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
	enter a subtotal of the two previous amounts
select between addition and deduction AddLess: select an item Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select a closing name Correction for Overstatement of Expenses in Prior PeriodCash DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, as AdjustedRetained Earnings, January 1, as ReportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$enter a total amount

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