Reference no: EM132826069
Question - Retained Earnings Statement: Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zamrano reported net income and declared dividends as follows:
Net Income for 2017 is $40,000 and Dividends Declared is $0
Net Income for 2018 is $125,000 and Dividends Declared is $50,000
Net Income for 2019 is $160,000 and Dividends Declared is $50,000
The Following information relates to 2020.
Income before income tax $240,000
Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $25,000
Cumulative decrease in income from change in inventory methods (before taxes) $35,000
Dividends declared (of this amount, $25,000 will be paid Jan 15, 2021) $100,000
Effective Tax rate is 20%
Instructions -
a. Prepare a 2020 retained earnings statement?
b. Assume the corporation restricted retained earnings in the amount of $70,000 on December 31, 2020. After this action, what would Zambrano report as total retained earnings in its December 31, 2020 balance sheet?
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