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Please help me check my accounting work. Will thumbs up if correct or correctly adjust it The following information is from Amos Company for the
Please help me check my accounting work. Will thumbs up if correct or correctly adjust it
The following information is from Amos Company for the current year ended December 31. a. Retained earnings at December 31 of the prior year(before discovery of an error) was $851,000 b. Amos discovered this year that it forgot to record depreciation expense of $44,600 (net of tax benefit) two years ago. c. Cash dividends declared and paid in the current year were $26,000 d. Reported $211,000 of net income in the current year. Prepare a statement of retained earnings for Amos Company for the current year. Note: Amounts to be deducted should be indicated with a minus sign. MPA Statement of Retained Earnings For Current Year Ended December 31 etained earnings, December 31, prior year, as previously reported Prior period adjustment Depreciation expense not recorded (net of tax) etained earnings, December 31, prior year, as adjusted lus net income ess cash dividends declared and paid etained earnings, December 31, current year s 851,000 (44,600) 806,400 211,000 991,400
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