Eddie zambrano corporation began operations on january 1, 2011.
E4-12 (Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2011. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.
The following information relates to 2014:
Income before income taxes
Prior period adjustment: Understatement of 2012 depreciation expense.
Cumulative decrease in income from change in inventory methods (before taxes)
Of the dividends declared to date, the amount that will be paid on Jan 15, 2015 is:
Effective tax rate
(a) Prepare a 2014 retained earnings statement for Eddie Zambrano Corporation.
(b) AssumeEddie Zambrano Corp. restricted retained earnings in the amount of
on December 31, 2014. After this action, what would Zambrano report as total retained earnings in its December 31, 2014, balance sheet?
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