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, 2016 a. Balance of retained earnings, December 31, 2015, prior to discovery of error, $859,000 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 $6,300 in tax benefits. d. company earned $222,000 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 AMOS COMPANY Statement of Retained Earnings For Year Ended December 31, 2016 Prior period adjustment

Explanation / Answer

Statement of retained earnings Balance as reproted on 31 dec 2015 859000 Prior period adjustement - error correction -50900 (44600+6300) Balance 31 dec 2015 , as restated 808100 Net income 222000 Dividends -17000 Balance 31 dec 2016 1013100

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