Question
XY Corporation reports the following information: Cumulative decrease in income from changing inventory method, net of tax 400,000 Dividends declared, 2019 320,000 Net income for
XY Corporation reports the following information:
Cumulative decrease in income from changing inventory method, net of tax 400,000
Dividends declared, 2019 320,000
Net income for 2019 1,000,000
Retained earnings, 1/1/19, as reported 2,500,000
1- XY should report retained earnings, 1/1/ 2019, as adjusted =
2- XY should report retained earnings, December 31, 2019=
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Accounting For Managers Interpreting Accounting Information For Decision Making
Authors: Paul M. Collier
5th Edition
111900294X, 978-1119002949
