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zhuklara [117]
3 years ago
5

May Bakery, Inc. reported a prior-period adjustment in 2016.An accounting error caused net income of prior years to be overstate

d by $6,000.Retained Earnings at December 31, 2015, as previously reported, was $39,000.Net income for 2016 was $72,000, and dividends declared were $23,000.Prepare the company's statement of retained earnings for the year ended December 31, 2016.
Business
1 answer:
hoa [83]3 years ago
6 0

Answer:

Particulars                                                  Amount

Retained earnings January 1,2016            $39,000

as originally posted

Prior period adjustment                             <u>$6,000</u>

Retained earnings as adjusted                  $33,000

Net Income for the year                             <u>$72,000</u>

                                                                    $105,000

Dividends declared                                    <u>$23,000</u>

Retained earnings December 31, 2016  <u>$82,000</u>

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