value: 6.25 points Exercise 13-11 Preparing a statement of retalned earnings LO

Question

value: 6.25 points Exercise 13-11 Preparing a statement of retalned earnings LO c3 The following information is available for Amos Company for the year ended December 31, 2015 a. Balance of retained earnings, December 31, 2014, prior to discovery of error, $852,000 b. Cash dividends declared and paid during 2015, $24,000 c. It neglected to record 2013 depreciation expense of $43,600, which is net of $6,500 in tax benefits d. The company earned $213,000 in 2015 net income. Prepare a 2015 statement of retained earnings for Amos Company. (Amounts to be deducted should be indicated with a minus sign.) AMOS COMPANY Statement of Retained Earnings For Year Ended December 31,2015 Prior period adjustment

Explanation / Answer

the following is the required statement of retained earnings.

Balance of retained earnings, december 31,2014 $852,000 Prior period adjustment Depreciation expense of 2013 (net off tax benefit) - $43,600 Adjusted retained earnings, December 31,2014 $808,400 Add: Net income $213,000 less: cash dividends - $24,000 Retained earnings, December 31,2015 $997,400

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