Question
In: Accounting
The following information is from Amos Company for the year ended December 31, 2019.
The following information is from Amos Company for the year ended December 31, 2019.
- Retained earnings at December 31, 2018 (before discovery of error), $865,000.
- Cash dividends declared and paid during the year, $22,000.
- Two years ago, it forgot to record depreciation expense of $36,600 (net of tax benefit).
- The company earned $221,000 in net income this year.
Prepare a statement of retained earnings for Amos Company.
Solutions
Expert Solution
| AMOS COMPANY | |
| Statement of Retained Earnings | |
| For Year Ended December 31, 2019 | |
| Retained earnings, Dec. 31, 2018, as previously reported | 865,000 |
| Prior period adjustment | |
| Depreciation expense not recorded (net of tax) | (36,600) |
| Retained earnings, Dec. 31, 2018, as adjusteds | 828,400 |
| Add: Net income | 221,000 |
| Less: Dividends | (22,000) |
| Retained earnings, Dec. 31, 2019 | $1,027,400 |
Depreciation expense not recorded (net of tax benefit) = $(36,600)
Robert Otieno answered 3 years agoRelated Solutions
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