Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at january 1,2017, marin company reported retained

At January 1,2017, Marin Company reported retained earnings of $ 1,943,000. In 2017, Marin discovered...

90.2K

Verified Solution

Question

Accounting

image
At January 1,2017, Marin Company reported retained earnings of $ 1,943,000. In 2017, Marin discovered that 2016 depreciation expense was understated by $ 4 14,000. In 2017, net income was $ 943,000 and dividends declared were $ 265,000. The tax rate is 40%. Prepare a 2017 retained earnings statement for Marin Company. MARIN COMPANY Retained Earnings Statement For the Year Ended December 31,2017 Retained Earnings, January 1 Less Correction of Depreciation Error Retained Earnings, January 1, as adjusted Add | | | Net Income Less Dividends Retained Earnings, December 31 1,943,000 943,000 265,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students