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jasmincorrea45
15.07.2020 •
Business
Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared 320,000 Net income 1,000,000 Retained earnings, 1/1/17, as reported 2,000,000 Simmons should report retained earnings, 1/1/17, as adjusted at
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Ответ:
$2,250,000
Explanation:
The computation of retained earnings is shown below:-
Retained earnings 31/1/17 = Retained earning 1/1/17 + Net income of current year - Understatement of depreciation expenses - Dividends declared
= $2,000,000 + 1,000,000 - $430,000 - $320,000
= $2,250,000
Therefore for computing the retained earnings 31/1/17 we simply applied the above formula.
As we assume that the question is asked for the 31/1/17 instead of 1/1/17 as it is already mentioned in the question
Ответ:
688.9 rounded
Step-by-step explanation:
62/9=6.88888 going on forever
6.888888 going on forever*100=688.88888 going on forever