On March 1, 2008, Peluso Hotels had retained earnings of $690,000. During the year, Peluso had the

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On March 1, 2008, Peluso Hotels had retained earnings of $690,000. During the year, Peluso had the following selected transactions:

1. Declared cash dividends $155,000.

2. Corrected understatement of 2007 net income because of inventory valuation error of $35,000.

3. Earned net income $411,500.

4. Declared stock dividends $50,000.

Prepare a retained earnings statement for the year.

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Hospitality Financial Accounting

ISBN: 978-0470083604

2nd Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.

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Question Posted: Feb 06, 2013 06:56 AM

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On March 1, 2008, Peluso Hotels had retained earnings of $690,000. During the year, Peluso had the

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Hospitality Financial Accounting

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