Question

Bramble Corporation began operations on January 1, 2014. During its first 3 years of operations, Bramble reported net income and declared dividends as follows: Net income $47,600 132,500 165,000 Dividends declared 2014 2015 2016 57,700 52,900 The following information relates to 2017: Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $34,700 will be paid on January 15, 2018) Effective tax rate $233,800 $34,700 $40,100 $110,600 40 % Prepare a 2017 retained earnings statement for Bramble Corporation. (List items that increase adjusted retained earnings first.)

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Bramble Corporation began operations on January 1, 2014. During its first 3 years of operations, Bramble...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Waterway Corporation began operations on January 1, 2017. During its first 3 years of operations, Waterway...

    Waterway Corporation began operations on January 1, 2017. During its first 3 years of operations, Waterway reported net income and declared dividends as follows: Net income Dividends declared 2017 $47,600 $ –0– 2018 132,500 57,700 2019 165,000 52,900 The following information relates to 2020. Income before income tax $233,800 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $34,700 Cumulative decrease in income from change in inventory methods (before taxes) $40,100 Dividends declared (of this amount, $34,700 will be...

  • Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations,...

    Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net Income Dividends Declared 2014 2015 2016 $ 40,000 $ 125,000 160,000 50,000 50,000 The following information relates to 2017. Income before income tax $ 240,000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, 25,000 (before taxes) Dividends declared (of this amount, $25,000 will...

  • Coronado Corporation began operations on January 1, 2017. During its first 3 years of operations, Coronado...

    Coronado Corporation began operations on January 1, 2017. During its first 3 years of operations, Coronado reported net income and declared dividends as follows: Net income Dividends declared 2017 $45,600 $ –0–   2018 134,600 55,900   2019 165,000 51,200   The following information relates to 2020. Income before income tax $221,600 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $33,700 Cumulative decrease in income from change in inventory methods (before taxes) $36,200 Dividends declared (of this amount, $33,700 will be...

  • Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations,...

    Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Dividends Declared 2017 2018 2019 Net Income $ 40,000 $ 125,000 $ 160,000 $ $ $ 50,000 50,000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, (before taxes) Dividends declared (of this amount, $25,000...

  • Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations,...

    Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows: Net income Dividends declared 2017 $40,000 $ –0–   2018 125,000 50,000   2019 160,000 50,000   The following information relates to 2020. Income before income tax $240,000 Understatement of 2018 depreciation expense (before taxes) $25,000 Cumulative decrease in income from change in inventory methods (before taxes) $35,000 Dividends declared $100,000 Effective tax rate 20 % 1. Instructions:...

  • amarisk Corporation began operations on January 1, 2017. During its first 3 years of operations, Tamarisk...

    amarisk Corporation began operations on January 1, 2017. During its first 3 years of operations, Tamarisk reported net income and declared dividends as follows: Net income Dividends declared 2017 $43,200 $ –0–   2018 131,900 56,400   2019 168,500 55,200   The following information relates to 2020. Income before income tax $232,700 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $29,300 Cumulative decrease in income from change in inventory methods (before taxes) $39,000 Dividends declared (of this amount, $29,300 will be...

  • Wildhorse Corporation began operations on January 1, 2017. During its first 3 years of operations, Wildhorse...

    Wildhorse Corporation began operations on January 1, 2017. During its first 3 years of operations, Wildhorse reported net income and declared dividends as follows: Net income Dividends declared 2017 $43,300 $ –0–   2018 126,900 58,000   2019 161,500 55,800   The following information relates to 2020. Income before income tax $230,700 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $26,700 Cumulative decrease in income from change in inventory methods (before taxes) $45,000 Dividends declared (of this amount, $26,700 will be...

  • Wildhorse Corporation began operations on January 1, 2017. During its first 3 years of operations, Wildhorse...

    Wildhorse Corporation began operations on January 1, 2017. During its first 3 years of operations, Wildhorse reported net income and declared dividends as follows: Net income Dividends declared 2017 $43,300 $ –0–   2018 126,900 58,000   2019 161,500 55,800   The following information relates to 2020. Income before income tax $230,700 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $26,700 Cumulative decrease in income from change in inventory methods (before taxes) $45,000 Dividends declared (of this amount, $26,700 will be...

  • Blue Corporation began operations on January 1, 2017. During its first 3 years of operations, Blue...

    Blue Corporation began operations on January 1, 2017. During its first 3 years of operations, Blue reported net income and declared dividends as follows: 2017 2018 2019 Net Income $43,800 134,500 162,400 Dividends declared $-0- 51,300 52,500 The following information relates to 2020. Income before income tax Prior period adjustments understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount. $25,400 will be paid on Jan 15,...

  • Oriole Corporation began operations on January 1, 2017. During its first 3 years of operations, Oriole...

    Oriole Corporation began operations on January 1, 2017. During its first 3 years of operations, Oriole reported net income and declared dividends as follows: Net income Dividends declared 2017 $46,500 $ –0–   2018 135,000 53,900   2019 162,300 53,400   The following information relates to 2020. Income before income tax $234,700 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $26,000 Cumulative decrease in income from change in inventory methods (before taxes) $35,500 Dividends declared (of this amount, $26,000 will be...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT