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Retained Earnings Statement

See attached
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. (Enter all amounts as positive and subtract where necessary. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
CASTLE CORPORATION
Retained Earnings Statement
For the Year Ended December 31, 2008

$

Add:

Less:
$

Balance, December 31 $

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Dear student,

answer

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. ...

Solution Summary

Retaining earning statements are examined for Castle Corporation. The declared stock dividends are determined.

$2.19