The Dayton Corporation began the current year with a retained earnings balance of $19,365. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $3,053 on equipment. Also, during the current year, the company earned net income of $13,766 and declared cash dividends of $5,732. Compute the year-end retained earnings balance

The Dayton Corporation began the current year with a retained earnings balance of $19,365. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $3,053 on equipment. Also, during the current year, the company earned net income of $13,766 and declared cash dividends of $5,732. Compute the year-end retained earnings balance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20EB: Trumpet and Trombone Manufacturing, Inc. began the year with a retained earnings balance of...

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