The Following Data Are Available for 2001: Correction of Prior

question 72

Essay

The following data are available for 2001: Correction of prior years' error, (a debit, pre-tax and subject to income tax), $22,000; Net income (after tax), $50,000; Dividends, declared $11,000; and Income tax rate, 40 percent. Prepare a retained earnings statement for the year ended December 31, 2001. The balance January 1, 2001, as previously reported is $108,000

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Definitions:

Dynamic IP

Dynamic IP is a type of Internet Protocol address that can change each time a device connects to the internet, as opposed to a static IP, which remains constant.

Applet

A small application designed to run within another application or web page, often requiring minimal resources.

JavaScript

An Internet protocol (IP) addressing scheme that makes IP addresses longer, thereby providing more available addresses.

DOM

Document Object Model; a programming interface for web documents, representing the page so that programs can change the document structure, style, and content.