Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31,20XX,from the following:
$$\begin{array} { l r }
\text { Retained Earnings, January } 1,20 \times\times & \$ 7,700 \
\text { Dividends declared during the year } & 1,400 \
\text { Net income for the year } & 10,000 \
\text { Correction of prior year error, Sales overstated } & 3,000
\end{array}$$

Question

Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31,20XX,from the following:
 $$\begin{array} { l r } 
\text { Retained Earnings, January } 1,20 \times\times  & \$ 7,700 \
\text { Dividends declared during the year } & 1,400 \
\text { Net income for the year } & 10,000 \
\text { Correction of prior year error, Sales overstated } & 3,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31,20XX,from the following:
 $$\begin{array} { l r } 
\text { Retained Earnings, January } 1,20 \times\times  & \$ 7,700 \
\text { Dividends declared during the year } & 1,400 \
\text { Net income for the year } & 10,000 \
\text { Correction of prior year error, Sales overstated } & 3,000
\end{array}$$

Prepare a Statement of Retained Earnings in Proper Form for Gray