Question
On January 1, 2020, Crane Corporation had retained earnings of $553,000. During the year, Crane had the following selected transactions. 1. Declared cash dividends $133,000.
On January 1, 2020, Crane Corporation had retained earnings of $553,000. During the year, Crane had the following selected transactions.
| 1. | Declared cash dividends $133,000. | |
| 2. | Corrected overstatement of 2019 net income because of inventory error $46,500. | |
| 3. | Earned net income $351,500. | |
| 4. | Declared stock dividends $66,500. |
Determine the retained earnings balance at the end of the year.
| Retained earnings | $ | ||
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Using Financial Accounting Information The Alternative To Debits And Credits
Authors: Porter And Norton
1st Edition
1285128257, 978-1285128252
