Adjustment of report retained earnings, Accounting Basics

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Adjustment of report retained earnings

Moorman Corporation reports the following information:

Correction of understatement of depreciation expense in prior years, net of tax $ 645,000
Dividends declared 480,000
Net income 1,500,000
Retained earnings, 1/1/12, as reported 3,000,000

Moorman should report retained earnings, 12/31/12, as adjusted at

A) $3,375,000.

B) $4,665,000.

C) $2,355,000.

D) $4,020,000.

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Accounting Basics: Adjustment of report retained earnings

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Accounting Basics: Adjustment of report retained earnings

Reference No:- TGS048691

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Issuing bonds payable discount

Q : Technical accounting terms

Q : Dividends and long-term capital gains

Q : Receiving a one time cash flow

Q : Adjustment of report retained earnings

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Q : Compute the overhead rate using the traditional approach

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Adjustment of report retained earnings

Reference No:- TGS048691

Recent Questions Asked Accounting Basics

Q : Issuing bonds payable discount

Q : Technical accounting terms

Q : Dividends and long-term capital gains

Q : Receiving a one time cash flow

Q : Adjustment of report retained earnings

Q : The amount of cash paid to bondholders

Q : Compute the overhead rate using the traditional approach

Q : Electing the tax year

Q : Basics of preparing a cost of production report

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