Cindy May Bakery, Inc. reported a prior-period adjustment in 2018. An accounting error caused net income of prior years to be overstated by $ 8 comma 000. Retained Earnings at December 31, 2017, as previously reported, was $ 44 comma 000. Net income for 2018 was $ 78 comma 000, and dividends declared were $ 25 comma 000. Prepare the company's statement of retained earnings for the year ended December 31, 2018.

Retained Earnings at December 31, 2018 is $89,000

Explanation:

Adjusted Retained Earnings at December 31, 2017 = Retained Earnings at 31 December 2017 - Overstated amount = $44,000 - $8,000 = 36,000

Retained Earnings for 2018 = Net income - dividend = $78,000 - $25,000 = $53,000

Cindy May Bakery, Inc.'s statement of retained earnings for the year ended December 31, 2018

Details                                                                                    $

Adjusted Retained Earnings at December 31, 2017       36,000

Retained Earnings for 2018                                             53,000

Retained Earnings at December 31, 2018                      89,000  

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