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On January 1, 2017, Eddy Corporation had retained earnings of $550,000. During the year, Eddy had the following selected transactions. 1. Declared cash dividends $130,000.
On January 1, 2017, Eddy Corporation had retained earnings of $550,000. During the year, Eddy had the following selected transactions.
| 1. | Declared cash dividends $130,000. | |
| 2. | Corrected overstatement of 2016 net income because of inventory error $45,000. | |
| 3. | Earned net income $350,000. | |
| 4. | Declared stock dividends $65,000. |
Prepare a retained earnings statement for the year
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Technical Guide On Internal Auditing Including Internal Audit Survey 2014
Authors: Taxmann
2015th Edition
9350716615, 978-9350716618
