The following information is available for Amos Company for the year ended Decem

Question

The following information is available for Amos Company for the year ended December 31, 2015. Balance of retained earnings, December 31,2014, prior to discovery of error. $868,000. Cash dividends declared and paid during 2015, $15,000. It neglected to record 2013 depreciation expense of $44,600, which is net of $5,600 in tax benefits. The company earned $209,000 in 2015 net income. Prepare a 2015 statement of retained earnings for Amos Company. (Amounts to be deducted should be indicated with a minus sign.)

Explanation / Answer

Statement of retained earnings: Opening balance of 2015 $     868,000 Less: Cash dividends declared and paid $        15,000 Depreciation expense (Ommited in 2013) $        44,600 Add: Net income for 2015 $     209,000 Closing balance of retained earnings $ 1,017,400

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