Acc557 Financial Accounting: E11-17 On January 1, 2014, Richard Corporation
Acc557 Financial Accounting
Exercise 11-17 On January 1, 2014, Richard Corporation had retained earnings of $550,000. During the year, Richard had the following selected transactions. 1. Declared cash dividends $96,000. 2. Corrected overstatement of 2013 net income because of depreciation error $40,000. 3. Earned net income $350,000. 4. Declared stock dividends $80,000.
Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)