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2. Complete the requirements below using the space provided The following information is available for Tables and Shares Corporation: Retained Earnings, December 31. 2017 Net Income for the year ended December 31, 2018 The company accountant, in preparing financial statements for the year ending December 31. 2018, has discovered the following information: S1,500.000 S 250.000 The company's previous bookkeeper, who has been fired, had recorded amortization expense on a machine in 2010 and 2017 using the double declining-balance method of amortization. The bookkeeper neglected to use the straight-line method of amortization which is the company's policy. The cumulative effect of the error on prior years was $9,000, net of income tax. Amortization was calculated by the straight-line method in 2018.

2. Complete the requirements below using the space provided The following information is available for Tables and Shares Corporation: Retained Earnings, December 31. 2017 Net Income for the year ended December 31, 2018 The company accountant, in preparing financial statements for the year ending December 31. 2018, has discovered the following information: S1,500.000 S 250.000 The company's previous bookkeeper, who has been fired, had recorded amortization expense on a machine in 2010 and 2017 using the double declining-balance method of amortization. The bookkeeper neglected to use the straight-line method of amortization which is the company's policy. The cumulative effect of the error on prior years was $9,000, net of income tax. Amortization was calculated by the straight-line method in 2018.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...
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can you please reproduce the retained earnings T account for the year

2. Complete the requirements below using the space provided The following information is available for Tables and Shares Corporation: Retained Earnings, December 31. 2017 Net Income for the year ended December 31, 2018 The company accountant. in preparing financial statements for the year ending December 31. 2018, has discovered the following information S1,500.000 S 250.000 The company's previous bookkeeper, who has been fired, had recorded amortization expense on a machine in 2010 and 2017 using the double declining-balance method of amortization. The bookkeeper neglected to use the straight-line method of amortization which is the company's policy. The cumulative effect of the error on prior years was $9,000, net of income tax. Amortization was calculated by the straight-line method in 2018.
Transcribed Image Text:2. Complete the requirements below using the space provided The following information is available for Tables and Shares Corporation: Retained Earnings, December 31. 2017 Net Income for the year ended December 31, 2018 The company accountant. in preparing financial statements for the year ending December 31. 2018, has discovered the following information S1,500.000 S 250.000 The company's previous bookkeeper, who has been fired, had recorded amortization expense on a machine in 2010 and 2017 using the double declining-balance method of amortization. The bookkeeper neglected to use the straight-line method of amortization which is the company's policy. The cumulative effect of the error on prior years was $9,000, net of income tax. Amortization was calculated by the straight-line method in 2018.
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