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lorasvet [3.4K]
3 years ago
7

Splish Corporation has retained earnings of $721,100 at January 1, 2020. Net income during 2020 was $1,562,700, and cash dividen

ds declared and paid during 2020 totaled $79,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $86,370 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
Business
1 answer:
Vitek1552 [10]3 years ago
4 0

Answer and Explanation:

The preparation of the retained earnings statement is presented below:

Opening retained earning balance $721,100

Add: prior period adjustment $86,370

Add: net income $1,562,700

Less: dividend paid $79,000

Ending retained earnings $2,291,170

The above items would be added and deducted that increase and decrease the retained earnings balance

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