Explore BrainMass

Explore BrainMass

    Castle Corporation Exercise

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    On January 1, 2008, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions:

    1) Declared cash dividends - $120,000
    2) Corrected overstatement of 2007 net income because of depreciation error - $30,000
    3) Earned net income - $350,000
    4) Declared stock dividends - $80,000

    Instructions:
    Complete the retained earnings statement for the year.

    © BrainMass Inc. brainmass.com June 4, 2020, 1:46 am ad1c9bdddf
    https://brainmass.com/business/accounting/castle-corporation-exercise-419355

    Solution Summary

    This solution provides assistance in the Castle Corporation exercise.

    $2.19

    ADVERTISEMENT