Question
Using the accounts/items shown below, prepare the year-end retained earnings statement for Jogging Gear Corp. on December 31, 20X4, according to GAAP format and terminology.
Using the accounts/items shown below, prepare the year-end retained earnings statement for Jogging Gear Corp. on December 31, 20X4, according to GAAP format and terminology. The reported retained earnings balance on January 1, 20X4, was $567,000. Assume a 25% income tax rate for both 20X3 and 20X4. Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed.
Notes payable of $66,300 | Dividends payablepreferred stock of $20,200 |
Dividendscommon stock of $46,900 | Cost of goods sold of $280,000 |
Loss on sale of investments of $7,000 | Treasury stock of $35,600 |
Net income of $105,500 | Overstated expenses in 20X3 of $27,500 |
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