On December 15, Caesar & Company's accountant found a mistake that was made in the previous year's depreciation expense computation. The mistake resulted in depreciation expense that was reported too high last year. Based on the following information (and ignoring taxes), what will the correct ending balance in Retained Earnings be this year?
Retained Earnings balance at the end of last year was $45,000.
Depreciation Expense last year overstated by $5,000.
Net income current year is $15,000.
Cash dividends declared and paid this year $4,000.

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The Answer of On December 15, Caesar & Company's accountant found a mistake that was made in the previous year's depreciation expense computation. The mistake resulted in depreciation expense that was reported too high last year. Based on the following information (and ignoring taxes), what will the correct ending balance in Retained Earnings be this year?
Retained Earnings balance at the end of last year was $45,000.
Depreciation Expense last year overstated by $5,000.
Net income current year is $15,000.
Cash dividends declared and paid this year $4,000.

On December 15, Caesar & Company's Accountant Found a Mistake