Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 30

Statement of Retained Earnings
Salt Pepper, Inc., had retained earnings at the beginning of the current year of $460,000.uring the year the company earned net income of $250,000 and declared dividends as follows:
• $ 1 per share for the current-year dividend on the 10,000 shares of preferred stock outstanding.
• $1 per share for the dividend in arrears for one year on the 10,000 shares of preferred stock outstanding.
• $0.50 per share for the current-year dividend on the 200,000 shares of common stock outstanding.n addition, the company discovered an overstatement in the prior year's net income of $65,000 and corrected that error in the current year.repare a statement of retained earnings for the year.