- 9 Max Company Reported Retained Earnings Of 480 000 On December 31 2017 In 2018 The Company Reported Net Income Of 1 (25.32 KiB) Viewed 26 times
9. Max Company reported retained earnings of $480,000 on December 31, 2017. In 2018, the company reported net income of
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9. Max Company reported retained earnings of $480,000 on December 31, 2017. In 2018, the company reported net income of
9. Max Company reported retained earnings of $480,000 on December 31, 2017. In 2018, the company reported net income of $73,500 and declared and paid cash dividend in the amount of $61,000. During the year 2018, the accountant discovered a material error that took place in prior years. The amount of $22,000 worth of equipment was incorrectly expensed. The retained earnings on December 31,2018, after the prior year adjustment would be: A. $458,000. B. $502,000. C. $514,500. D. 575,500.