This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: 10,000 Notes receivable 10,000 2003 ENTRY TO RECORD PROPERLY* Notes receivable 5,000 Interest income 5,000 2004 ENTRY TO RECORD PROPERLY* Notes receivable 5,000 Interest income 5,000 * NOTE that as the "fix" occurs in the income statement before the income tax provision, these entries do not need to be tax effected- the tax provision will take this into account automatically. Idunnonada, Inc. Statements of Retained Earnings 1,275,000 (65,000) 1,210,000 Net income 2002 280,000 Retained eanrings at December 31, 2002 1,490,000 Net income 2003 200,000 Retained earnings at December 31, 2003 1,690,000 Net income 2004 275,000 Retained earnings at December 31, 2004 1,965,000 Retained earnings as of January 1, 2002, as previously reported Correction of an error, see note X, net of $35,000 tax effect Retained earnings as of January 1, 2002, as RESTATED...
View Full Document
This note was uploaded on 08/06/2008 for the course ECON 136C taught by Professor Anderson during the Summer '08 term at UCSB.
- Summer '08