Acc280 Financial Accounting: E12-17 On January 1, 2008, Castle Corporation

Acc280 Financial Accounting
E12-17
On January 1, 2008, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions.
1. Declared cash dividends $120,000.
2. Corrected overstatement of 2007 net income because of depreciation error $30,000.
3. Earned net income $350,000.
4. Declared stock dividends $80,000.

Instructions
Complete the retained earnings statement for the year. (Enter all amounts as positive and subtract where necessary. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
Powered by