Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31,20XX,from the following:
$\begin{array}{llcc}
\text { Retained Earnings, January 1, 20xx } &\$5,700 \
\text {Dividends declared during the year } &400\
\text {Net income for the year } &12,000\
\text {Correction of prior year error, Sales overstated } &3,200\
\end{array}$

Question

Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31,20XX,from the following:
 $\begin{array}{llcc}
  \text { Retained Earnings, January 1, 20xx } &\$5,700  \
 \text {Dividends declared during the year  } &400\
 \text {Net income for the year  } &12,000\
 \text {Correction of prior year error, Sales overstated  } &3,200\
\end{array}$

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:
 $\begin{array}{llcc}
  \text { Retained Earnings, January 1, 20xx } &\$5,700  \
 \text {Dividends declared during the year  } &400\
 \text {Net income for the year  } &12,000\
 \text {Correction of prior year error, Sales overstated  } &3,200\
\end{array}$

Prepare a Statement of Retained Earnings in Proper Form for Gray