Which of the following would appear first in a statement of retained earnings? A) Net income. B) Prior period adjustment. C) Cash dividends. D) Share dividends. ^P67. A correction of an error in prior periods' income will be reported

Question

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Prior period adjustments are adjustments made to correct errors in the financial statements of previous periods. They are reported before the current period's net income and dividends in the statement of retained earnings to adjust the opening balance of retained earnings.

Which of the Following Would Appear First in a Statement