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What would widgets supply unlimited report as the ending

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During 2018 Widgets Supply Unlimited discovered that the 2017 financial statements included an error. Specifically, Widgets Supply Unlimited made an error in calculating depreciation expense that resulted in income before income tax for 2017 being understated by $20,000.

What would Widgets Supply Unlimited report as the ending balance of retained earnings for 2018? Assume a 35% tax rate for all years. Assume the beginning balance of retained earnings for 2018 (as reported on 2017 financial statements) is $1,000,000. Assume Widgets Supply Unlimited's net income for 2018 is $300,000 and that Widgets Supply Unlimited paid $20 ,000 of dividends during 2018.

Reference no: EM132360461

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