Question
On January 1, 2020,IvanhoeCorporation had retained earnings of $544,000. During the year,Ivanhoehad the following selected transactions. 1.Declared cash dividends $124,000. 2.Corrected overstatement of 2019 net
On January 1, 2020,IvanhoeCorporation had retained earnings of $544,000. During the year,Ivanhoehad the following selected transactions.
1.Declared cash dividends $124,000.
2.Corrected overstatement of 2019 net income because of inventory error $42,000.
3.Earned net income $347,000.
4.Declared stock dividends $62,000.
Determine the retained earnings balance at the end of the year.
Retained earnings=$
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
