Accounting : Pearl Corporation has retained earnings of $714,200

Subject: Business / Accounting
Question
Brief Exercise 4-10
Pearl Corporation has retained earnings of $714,200 at January 1, 2017. Net income during 2017 was $1,527,900, and cash dividends declared and paid during 2017 totaled $82,600. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $88,780 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)

PEARL CORPORATION

Retained Earnings Statement

December 31, 2017

For the Year Ended December 31, 2017

For the Quarter Ended December 31, 2017

Correction for Overstatement of Expenses in Prior Period

Cash Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1, as Adjusted

Retained Earnings, January 1, as Reported

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

$

Correction for Overstatement of Expenses in Prior Period

Cash Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1, as Adjusted

Retained Earnings, January 1, as Reported

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

Correction for Overstatement of Expenses in Prior Period

Cash Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1, as Adjusted

Retained Earnings, January 1, as Reported

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

Add

Less

:

Correction for Overstatement of Expenses in Prior Period

Cash Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1, as Adjusted

Retained Earnings, January 1, as Reported

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

Add

Less

:

Correction for Overstatement of Expenses in Prior Period

Cash Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1, as Adjusted

Retained Earnings, January 1, as Reported

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

Correction for Overstatement of Expenses in Prior Period

Cash Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1, as Adjusted

Retained Earnings, January 1, as Reported

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

$

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