Question

The following information is available for Amos Company for the year ended December 31, 2017. A)...

The following information is available for Amos Company for the year ended December 31, 2017.

A) Balance of retained earnings, December 31, 2016, prior to discovery of error, $851,000.

B) Cash dividends declared and paid during 2017, $20,000.

C) It neglected to record 2015 depreciation expense of $46,600, which is net of $6,600 in tax benefits.

D) The company earned $221,000 in 2017 net income.

Prepare a 2017 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, 2017
Prior period adjustment
Business   Accounting   
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Answer #1
AMOS COMPANY
Statement of retained earnings
For the year ended December 31, 2017
Beginning retained earnings $     851,000
Less: Understated depreciation expense for perevious year (net of $6,600 income tax credit) $     (46,600)
Adjusted beginning retained earnings $     804,400
Add: Net income $     221,000
Less: Cash dividend declared $     (20,000)
Ending retained earnings $ 1,005,400

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