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:
Empathizers
Individuals who possess the ability to understand and share the feelings of others.
Systemizers
Individuals who have a strong inclination to analyze, understand, and build systems.
Simon Baron-Cohen
A British clinical psychologist and professor of developmental psychopathology at the University of Cambridge, known for his work on autism spectrum conditions.
Autism Spectrum Disorder
An ailment marked by trouble with engaging socially and effectively communicating, coupled with repetitive behaviors and restricted thought processes.
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