Rolt company began 2013 with a 135000 balance in retained, Ask an Expert

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Rolt Company began 2013 with a $135,000 balance in retained earnings. During the year, the following events occurred:

1. The company earned net income of $75,000.

2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $9,800 after related income taxes of $4,200.

3. Cash dividends totaling $12,500 and stock dividends totaling $20,000 were declared.

4. One thousand shares of callable preferred stock that originally had been issued at $120 per share were recalled and retired at the beginning of 2013 for the call price of $130 per share.

5. Treasury stock (common) was acquired at a cost of $23,000. State law requires a restriction of retained earnings in an equal amount. The company reports its retained earnings restrictions in a note to the financial statements.

Prepare a statement of retained earnings for the year ended December 31, 2013.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91972753

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