Acc280 Financial Accounting: E14-8 On January 1, 2010, Felter Corporation
Acc280 Financial Accounting E14-8 On January 1, 2010, Felter Corporation had retained earnings of $550,000. During the year, Felter had the following selected transactions. 1. Declared cash dividends $120,000. 2. Corrected overstatement of 2009 net income because of depreciation error $40,000. 3. Earned net income $350,000. 4. Declared stock dividends $60,000.
Instructions Complete the retained earnings statement for the year. (Enter all amounts as positive and subtract where necessary. List amounts from largest to smallest eg 10, 5, 3, 2.)