Question Details

Wando Company reported retained earnings 



Ex. 1
The following information is available for Grey Goose Inc.:
Beginning retained earnings	$600,000
Cash dividends declared	60,000
Net income for 2014	120,000
Stock dividend declared	15,000
Understatement of last year's depreciation expense	30,000

Instructions
Based on the preceding information, prepare a retained earnings statement for 2014.

Ex. 2
Wando Company reported retained earnings at December 31, 2013, of $410,000. Wando had 160,000 shares of common stock outstanding throughout 2014.
	The following transactions occurred during 2014.
1.	An error was discovered in the 2012 accounting records, depreciation expense was recorded at $60,000, but the correct amount was $50,000.
2.	A cash dividend of $0.50 per share was declared and paid.
3.	A 5% stock dividend was declared and distributed when the market price per share was $15 per share.
4.	Net income was $225,000.

Instructions
Prepare a retained earnings statement for 2014.



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