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Cumulative Effects:
Merle Company has operated for several years and always shows two years of financial statements for users to make better conclusions about trends. In Year 20, the firm changed one of its accounting methods. The change was from a GAAP method to a GAAP method. This change in method is properly accounted for retrospectively.
Here are the financial statements for Years 18 and 19 that were correct using the old accounting method:
Year 18
Year 19
Assets
$8,000
$7,500
Liabilities
3,000
200
Cont. Capital
1,800
1,900
RE
5,200
5,400
Total Liab.
& OE
Revenues
$3,000
$2,600
Expenses
Net Income
1,100
800
Cumulative Effects (continued):
Here are the financial statements for Years 18-20 if the firm had always used the new accounting method:
Year 20
$9,400
$8,800
$9,200
2,800
?
2,000
4,800
?____
6,400
$3,400
$4,100
$5,100
2,200
2,600
3,800
$1,200
$1,500
$1,300
Prepare data as they would appear in the Statements of Retained Earnings for years 19 and 20.
Beginning
RE before
restatement
Cumulative
Effect
RE after
Add: Net
Income
Less:
Dividends
Ending RE
Alternatively, prepare data as they would appear in the Statements of Retained Earnings for year 20 on a stand-alone basis.
______
_______
Less: Dividends
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