Business, 21.02.2020 19:37 chancho3445

Presented below is information related to Nash Corp. for the year 2020. Net sales $1,066,000 Write-off of inventory due to obsolescence $65,600 Cost of goods sold 639,600 Depreciation expense omitted by accident in 2019 45,100 Selling expenses 53,300 Casualty loss 41,000 Administrative expenses 39,360 Cash dividends declared 36,900 Dividend revenue 16,400 Retained earnings at December 31, 2019 803,600 Interest revenue 5,740 Effective tax rate of 20% on all items Prepare a separate retained earnings statement for 2017. (List items that increase adjusted retained earnings first.) CHEYENNE CORP. Retained Earnings Statement For the Year Ended December 31, 2017 Retained Earnings, January 1, as reported Correction for Overstatement of Net Income in Prior Period Retained Earnings, January 1, as adjusted Add:Net Income/(Loss) Less . Dividends Declared Retained Earnings, December 31

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Answer from: krystalScott17

Retained earning at the end= 1140292

Explanation:

To calculate retained earning statement we net profit or loss for this statement.

Nash corp

Profit & loss statment

Sales =1066,000

less:Cost of goods sold (639600-65600) =(574000)

492,000

less: Selling and administrative expense (53300+39360) = (92660)

Gross profit 399,340

Add: Dividend revenue = 16400

Profit before tax (a.) 415740

Tax ([email protected]%) = 83148

less: deduction of casualty loss =(41000)

(b.) Tax liability 42148

Profit after tax a-b =373592

Nash corp

Statement of retained earning

Retanied eaning (opening) =803600

less: Dividend declared =(36900)

766700

Add:Profit =373592

Retained earning at end 1140,292

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Presented below is information related to Nash Corp. for the year 2020. Net sales $1,066,000 Write-o...

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