Homework Answers
Retained earnings statement
| Balance, January 1 as reported | 228000 |
| Correction for Depreciation error (31500*80%) | -25200 |
| Cumulative Decrease in income from change in inventory methods (38500*80%) | -30800 |
| Balance, January 1, as adjusted | 172000 |
| Add: Net income (loss) | 179040 |
| 351040 | |
| Less: Dividends declared | 110300 |
| Balance December 31 | 240740 |
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Skysong Corporation began operations on January 1, 2017. During its first 3 years of operations, Skysong...
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...
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...
I need help!!!ASAP!!! Bonita Corporation began operations on January 1, 2017. During its first 3 years...
I
need help!!!ASAP!!!
Bonita Corporation began operations on January 1, 2017. During its first 3 years of operations, Bonita reported net income and declared dividends as follows: 2017 2018 2019 Net income $40,500 130,100 164,000 Dividends declared $-0- 53,600 54,000 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, $31,800 will be paid...
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,...
Windsor Corporation began operations on January 1, 2017. During its first 3 years of operations, Windsor...
Windsor Corporation began operations on January 1, 2017. During its first 3 years of operations, Windsor reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,500 128,600 161,000 Dividends declared $-0- 59,600 58,800 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, $32,000 will be paid on Jan. 15,...
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:...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 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, $32,000 will be paid on Jan. 15,...
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, 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...
I
need help!!!ASAP!!!
Bonita Corporation began operations on January 1, 2017. During its first 3 years of operations, Bonita reported net income and declared dividends as follows: 2017 2018 2019 Net income $40,500 130,100 164,000 Dividends declared $-0- 53,600 54,000 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, $31,800 will be paid...
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,...
Windsor Corporation began operations on January 1, 2017. During its first 3 years of operations, Windsor reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,500 128,600 161,000 Dividends declared $-0- 59,600 58,800 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, $32,000 will be paid on Jan. 15,...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 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, $32,000 will be paid on Jan. 15,...
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...
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