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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Bloom Company had beginning unadjusted retained earnings of $400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) of this change was $28,000. In addition, Bloom earned net income of $150,000 and paid dividends of $30,000 in the current year. Prepare Bloom’s retained earnings statement for the current year.

To determine

Prepare a statement of retained earnings of Company B for the current year.

Explanation

Statement of retained earnings: This statement reports the beginning retained earnings and all the changes which led to ending retained earnings. Net income from income statement is added to and dividends is deducted from beginning retained earnings to arrive at the end result, ending retained earnings.

Prepare a statement of retained earnings of Company B for the current year.

Company B
Statement of Retained ...

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