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Prepare retained earning statement for jason woo corporation

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Question - Retained Earnings Statement

Jason Woo Corporation began operations on January 1, 2009. During its first 3 years of operations, Woo reported net income and declared dividends as follows.

Net income: 2009 $160,000, 2010 500,000, 2011 640,000.

Dividends declared: 2009 $ 0, 2010 200,000, 2011 200,000.

The following information relates to 2012.

Income before income tax $960,000.

Prior period adjustment: understatement of 2010 depreciation expense (before taxes) $100,000.

Cumulative decrease in income from change in inventory methods (before taxes) $140,000.

Dividends declared (of this amount, $100,000 will be paid on Jan. 15, 2013) $400,000.

Effective tax rate 40%.

Instructions:

(a) Prepare a 2012 retained earnings statement for Jason Woo Corporation.

(b) Assume Jason Woo Corp. restricted retained earnings in the amount of $280,000 on December 31, 2012. After this action, what would Woo report as total retained earnings in its December 31, 2012, balance sheet?

Reference no: EM131803037

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