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3 years ago

The following information is available for Amos Company for the year ended December 31, 2017.

Business

1 answer:

zhannawk [14.2K]3 years ago

5 0

Answer:

A statement of retained earnings shows us movement in the element of earnings due to shareholders from the Business Operations in a financial year.

The Balance position is then added to the Shareholders equity to arrive at total Shareholders Fund in the Balance Sheet.

Explanation:

Amos Company

Retained Earnings statement

For the Year ended December 31 2017

Opening Balance of Retained earning $869,000

Less Cash dividend Paid in 2017 -$16,000

Less depreciation expense omitted in 2015 -$43,600

Add tax benefit in 2015 from omitted depreciation expense $6,000

Add Net income for 2017 $214,000

Closing Retained Earnings = $1,029,400

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