Question
Retained Earnings, January 1, 2020: $20,000 Cash Dividends Declared: $5,000 Net Income: $120,000 Overstatement of income in prior period (before taxes): $36,000 Unrealized holding gain
Retained Earnings, January 1, 2020: $20,000
Cash Dividends Declared: $5,000
Net Income: $120,000
Overstatement of income in prior period (before taxes): $36,000
Unrealized holding gain on available-for-sale securities (before taxes): 45,000
Tax Rate: 30%
What is Retained Earnings, December 31, 2020?
Multiple Choice
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$175,000
-
$151,500
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$109,800
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$135,000
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ISE Computer Accounting With Quickbooks Online
Authors: Donna Kay
2nd Edition
1260590933, 9781260590937
