Given the following information about a corporation\'s current year activities, compute the retained earnings for the current year Retained earnings, December 31 prior year) $250,000 Cost of goods sold $90,000 Other operating expenses $54,000 Cash dividends $30,800 Correction of understatement of net income in prior period (inventory error) $23.000 Stock dividends $20,000 Net income $36,000 Paragraph B I Path: p
Solution
Given the following information about a corporation\'s current year activities, answer the question below:
Retained earnings, December 31 (prior year) $250,000
Cost of goods sold $90,000 Other operating expenses $54,000
Cash dividends $30,800
Correction of understatement of net income in prior period (inventory error) $23,000
Stock dividends $20,000
Net income $36,000
(1) Compute the retained earnings for the current year:
ANSWER =$258200
.
Given the following information about a corporation-'s current year ac.docx
1. Given the following information about a corporation's current year activities, compute the
retained earnings for the current year Retained earnings, December 31 prior year) $250,000 Cost
of goods sold $90,000 Other operating expenses $54,000 Cash dividends $30,800 Correction of
understatement of net income in prior period (inventory error) $23.000 Stock dividends $20,000
Net income $36,000 Paragraph B I Path: p
Solution
Given the following information about a corporation's current year activities, answer the
question below:
Retained earnings, December 31 (prior year) $250,000
Cost of goods sold $90,000 Other operating expenses $54,000
Cash dividends $30,800
Correction of understatement of net income in prior period (inventory error) $23,000
Stock dividends $20,000
Net income $36,000
(1) Compute the retained earnings for the current year:
ANSWER =$258200
