Reference no: EM132478424
Question - Retained Earnings Statement
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.
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Net Income
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Dividends Declared
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2014
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$40,000
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$-
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2015
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125,000
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50,000
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2016
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160,000
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50,000
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The following information relates to 2017.
Income before income tax $240,000
Prior period adjustment: understatement of 2015 depreciation expense (before taxes) 25,000
Cumulative decrease in income from change in inventory methods, (before taxes) 35,000
Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2018) 100,000
Effective tax rate 40%
Instructions - Prepare a 2017 retained earnings statement for Eddie Zambrano Corporation.
Calculation of net income for 2017.
Calculation of beginning retained earnings.
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