for Amos for the year ended 31, 2016. of retained earnings, December 31, 2015, p

Question

for Amos for the year ended 31, 2016. of retained earnings, December 31, 2015, prior to discovery of error, $864,000. b. Cash dividends declared and paid during 2016, $17,000 c. It neglected to record 2014 depreciation expense of $44,600, which is net of $6,600 in tax benefits. d. company earned $206,000 in 2016 net income. Prepare a 2016 statement of retained earnings for Amos Company.(Amounts to be deducted should be indicated with a minus sign.) Statement of Retained Earnings For Year Ended December 31, 2016

Explanation / Answer

Statement of Retained Earnings For Year Ended December 31, 2016 Retained earnings, December 31, 2015 864000 Prior period adjustment: Depreciation expense error in 2015 (net of tax) -44600 Adjusted retained earnings, December 31, 2015 819400 Add: Net income 206000 Less: Dividends -17000 Retained earnings, December 31, 2016 1008400

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