Problemportman corporation has retained earnings of 693600, Ask an Expert

Accounting

Problem:

Portman Corporation has retained earnings of $693,600 at January 1, 2014. Net income during 2014 was $1,491,000, and cash dividends declared and paid during 2014 totaled $83,700. Prepare a retained earnings statement for the year ended December 31, 2014.

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Question: Assume an error was discovered: land costing $87,490 (net of tax) was charged to maintenance and repairs expense in 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163983

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