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3 years ago

15

Wave Corporation began the current year with a retained earnings balance of $25,000. During the year, the company corrected an e

rror made in the prior year, which was a failure to record depreciation expense of $5,000 on equipment. Also, during the current year, the company earned net income of $15,000 and declared cash dividends of $5,000. Compute the year-end retained earnings balance.

1 answer:

Hitman42 [59]3 years ago

7 0

Answer:

$30,000.

Step-by-step explanation:

Wave Corporation began the current year with a retained earnings balance of $25,000.

Depreciation expense was of $5000

During the current year, the company earned net income of $15,000

Also gave cash dividends of $5,000.

So, year end retained earnings will be :

Year end retained balance = total net income minus net losses and dividends.

$25000-5000+15000-5000=30000$ dollars

The answer is $30,000.

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Step 1

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Step 2

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Step-by-step explanation:

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11111nata11111 [884]

Here is your answer

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