Splish Corporation began operations on January 1, 2019. During its first 3 years of operations, Splish reported net income anddeclared dividends as follows:Net income Dividends declared$-0-63,00063,000201920202021$50,400157.500201,600The following information relates to 2022.Income before income taxPrior period adjustment: understatement of 2020 depreciation expense (before taxes)Cumulative decrease in income from change in inventory methods (before taxes)Dividends declared (of this amount, $31.500 will be paid on Jan. 15, 2023)Effective tax rate(a)Balance, January 1, as ReportedPrepare a 2022 retained earnings statement for Splish Corporation. (List items that increase adjusted retained earnings first.)Correction for Depreciation Error Net of TaxCumulative Decrease in Income from Change in Inventory Methods Net of TaxBalance, January 1, as AdjustedAdd: Net Income /(Loss)LessDividends Declared$277.200$31.500$56,700$126,000SPLISH CORPORATIONRetained Earnings StatementFor the Year Ended December 31, 2022Balance, December 3120$$

Name: Splish Corporation began operations on January 1, 2019. During its fi
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Description: Splish Corporation began operations on January 1, 2019. During its first 3 years of operations, Splish reported net income anddeclared dividends as follows:Net income Dividends declared$-0-63,00063,000201920202021$50,400157.500201,600The following i

Statement of retained earnings helps to show the changes in retained earnings over a period of time.…

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Business

Accounting

Prepare a 2022 retained earnings statement for Splish Corporation. (List items that increase adjusted retained earnings first.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...

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Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad debt expense for 2019. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. When the company applies intraperiod income tax allocation, the prior period adjustment will be shown on the: a. income statement at 12,000 b. income statement at 8,400 (net of 3,600 income taxes) c. retained earnings statement at 12,000 d. retained earnings statement at 8,400 (net of 3,600 income taxes)
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