Oriole Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Oriole reported net income and declared dividends as follows: 2020 2021 2022 Net income $54,000 136,000 160,000 Dividends declared $0 50,000 50,000 The following information is for 2023: Income before income tax Correction of prior period error: understatement of 2021 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount, $25,000 will be paid on January 15, 2024) Effective tax rate $360,000 39,000 49,000 100,000 40% Prepare a 2023 statement of retained earnings for Oriole. The company follows ASPE. (List items that increase retained earnings first after adjusted balance. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).)

Oriole Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Oriole reported net income and declared dividends as follows: 2020 2021 2022 Net income $54,000 136,000 160,000 Dividends declared $0 50,000 50,000 The following information is for 2023: Income before income tax Correction of prior period error: understatement of 2021 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount, $25,000 will be paid on January 15, 2024) Effective tax rate $360,000 39,000 49,000 100,000 40% Prepare a 2023 statement of retained earnings for Oriole. The company follows ASPE. (List items that increase retained earnings first after adjusted balance. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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