iWorld, Inc., was set to report the following statement of retained earnings for the year ended December
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Before issuing its 2016 financial statements, iWorld learned that net income of 2015 was overstated by $10,000. Prepare iWorld's 2016 statement of retained earnings to show the correction of the error-that is, the prior-period adjustment.
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A1 iWorld, Inc. Statement of Retained Earnings Year Ended December 31, 2016 2 Retained earnings, December 31, 2015 3 Net income for 2016 4 Dividends declared for 2016 5 Retained earnings, December 31, 2016 $ 55,000 67,000 (26,000)
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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