In 2017 Niklan Plastic Products Ltd

question 37

Essay

In 2017 Niklan Plastic Products Ltd.(NPPL_discovered an error made in the year ended December 31,2016.An inventory error caused net income of the prior period to be understated by $35,000.Retained Earnings at January 1,2017,as previously reported,stood at 567,800.Net income for the year ended December 31,2017 was $253,000 and cash dividends were $50,000.Prepare the statement of retained earnings for NPPL for the year ended December 31,2017.

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Definitions:

Political Patronage

The appointment or hiring of individuals to governmental positions on the basis of political loyalty and support, rather than merit.

Andrew Jackson

The seventh President of the United States (1829–1837), known for his populist approach and the implementation of the Indian Removal Act.

Independent Regulatory Commissions

Federal agencies created by Congress to regulate important areas of the nation's economy, designed to be independent from executive control.

Political Pressure

Influence or persuasion exerted by interest groups, political parties, or the public to achieve a desired political or policy outcome.