Prepare a statement of retained earnings

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Question - The Holiday Corporation, a private company, began operations on January 1, 2011. During its first three years of operations, Holiday reported net income and declared dividends as follows:


Net Income

Dividends declared

2011

$58,000

$0

2012

135,000

29,000

2013

165,000

44,000

The following information is for 2014:

Income before income tax

$320,000

Prior period adjustment: understatement of 2011 depreciation expense (before tax)

60,000

Cumulative increase in prior years' income from change in inventory method (before tax)

40,000

Dividends declared (of this amount, $22,000 will be paid on January 15, 2015)

88,000

Effective tax rate

25%

Prepare a 2014 statement of retained earnings for Holiday Corporation. The company follows ASPE.

Reference no: EM132085434

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