Diamond Company changed from the completed-contract method of accounting for long-term contracts to the percentage-of-completion method,during 2014.Reported earnings in 2013 were $50,000,and the beginning 2013 retained earnings balance was $150,000.Net income for 2014 under the competed-contract method would have been $140,000.No dividends were declared during 2013 and 2014.
Required:
Prepare the 2013 and 2014 comparative retained earnings statements.
Definitions:
Ex Post Facto Study
A research design where investigators retrospectively examine the effect of a variable on a group, without the ability to manipulate the variable.
Risk Factor Approach
A strategy in health and disease prevention that identifies and targets risk factors to reduce the likelihood of adverse health outcomes.
Placebos
Inert substances or treatments used in controlled experiments to test the efficacy of another substance or treatment.
Randomized
A method or process in which individuals or elements are selected randomly for participation in a trial or study to ensure fairness and objectivity.
Q6: Milton Manufacturing manufactures and sells ornamental statues.Because
Q9: Long-lived assets include accounts receivable and inventory.
Q17: Myerson Company reported taxable income of $60,000
Q17: During its fiscal year,Deerborn Distributing had net
Q22: A company would most likely choose the
Q29: Selected information from the accounting records of
Q39: When computing earnings per share on common
Q56: Compatibility Services acquired an $80,000 machine on
Q68: Machiel Manufacturing acquired a $60,000 machine on
Q85: Slinger Company estimated at January 1,20X9,that its