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Unformatted text preview: Net Income $1,050 Vase Company Retained Earnings Statement December 31,2010 Retained earning January 1,2010 $62,850 Correction of error in 2009 income $(3,500.00) Corrected retained earnings $59,350 Net income $1,050 $60,400 Less: Dividends $(7,500.00) Retained Earnings December 31,2010 $52,900 Loss from expropriation doesn't belong in the retained earnings statement, it should be in the income statement. Correction of error in last years income belongs in the reatained earnings statement because it normally isn't reported in the income if the books from the previous year are closed....
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This note was uploaded on 11/13/2010 for the course ACCT 610 taught by Professor Mc during the Fall '09 term at University of Maryland Baltimore.
- Fall '09