The following is information for Martinez Corp. for the year ended December 31, 2017: Net sales...
The following is information for Martinez Corp. for the year
ended December 31, 2017:
| Net sales revenue | $1,380,000 | Loss on inventory due to decline in net realizable value (NRV) | $84,000 | |||
| Unrealized gain on FV-OCI investments | 40,000 | Loss on sale of equipment | 40,000 | |||
| Interest income | 8,000 | Depreciation expense related to buildings omitted by mistake in 2016 | 53,000 | |||
| Cost of goods sold | 828,000 | Retained earnings at December 31, 2016 | 900,000 | |||
| Selling expenses | 69,000 | Loss—other (due to expropriation of land) | 63,000 | |||
| Administrative expenses | 46,000 | Dividends declared | 43,000 | |||
| Dividend revenue | 19,000 |
The effective tax rate is 25% on all items. Martinez prepares
financial statements in accordance with IFRS. The FV-OCI
investments trade on the stock exchange. Gains/losses on FV-OCI
investments are recycled through net income.
Question: Prepare the retained earnings section of the statement of changes in equity for 2017
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The following is information for Martinez Corp. for the year
ended December 31, 2017:
Net sales...
The following is information for Martinez Corp. for the year ended December 31, 2017: Net sales...
The following is information for Martinez Corp. for the year ended December 31, 2017: Net sales revenue $1,380,000 Loss on inventory due to decline in net realizable value (NRV) $84,000 Unrealized gain on FV-OCI investments 40,000 Loss on sale of equipment 40,000 Interest income 8,000 Depreciation expense related to buildings omitted by mistake in 2016 53,000 Cost of goods sold 828,000 Retained earnings at December 31, 2016 900,000 Selling expenses 69,000 Loss—other (due to expropriation of land) 63,000 Administrative expenses...
The following is information for Sarasota Corp. for the year ended December 31, 2020: $1,410,000 Loss...
The following is information for Sarasota Corp. for the year ended December 31, 2020: $1,410,000 Loss on inventory due to decline in net realizable value $84,000 Sales revenue Unrealized gain on FV-OCl equity investments 38,000 Loss on disposal of equipment 25,000 Interest income 5,000 53,000 Cost of goods sold Selling expenses Administrative expenses Dividend revenue 846,000 70,500 44,000 17,000 Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land...
Exercise 4-10 a-c The following is information for Blue Spruce Corp. for the year ended December...
Exercise 4-10 a-c The following is information for Blue Spruce Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,220,000 45,000 9,000 732,000 61,000 51,000 15,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of...
The following is information for Marigold Corp. for the year ended December 31, 2020: $1,130,000 Loss...
The following is information for Marigold Corp. for the year ended December 31, 2020: $1,130,000 Loss on inventory due to decline in net realizable value $87,000 Sales revenue Unrealized gain on FV-OCl equity investments 43,000 Loss on disposal of equipment 45,000 Interest income 9.000 53,000 678,000 Cost of goods sold Selling expenses Administrative expenses Dividend revenue Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land Dividends declared 56,500...
Joe Fraser, controller for BB Company Inc., recently prepared the company’s income statement and statement of...
Joe Fraser, controller for BB Company Inc., recently prepared
the company’s income statement and statement of changes in equity
for 2017. Fraser believes that the statements are a fair
presentation of the company’s financial progress during the current
period, but he also admits that he has not examined any recent
professional pronouncements on accounting.
Assume that BB Company follows IFRS, and has a tax rate of 30%.
Assume that investments are accounted for as FV-OCI investments
with gains/losses recycled through...
Presented below is information related to Bridgeport Corp. for the year 2017. Net sales $1,324,900 Write-off...
Presented below is information related to Bridgeport Corp. for
the year 2017.
Net sales
$1,324,900
Write-off of inventory due to obsolescence
$80,970
Cost of goods sold
788,800
Depreciation expense omitted by accident in 2016
46,300
Selling expenses
67,600
Casualty loss
51,500
Administrative expenses
54,300
Cash dividends declared
46,010
Dividend revenue
27,900
Retained earnings at December 31, 2016
1,020,840
Interest revenue
8,170
Effective tax rate of 34% on all items
Exercise 4-9 (Part Level Submission) Presented below is information related to...
Exercise 4-9 Presented below is information related to Pearl Corp. for the year 2017. Net sales...
Exercise 4-9 Presented below is information related to Pearl Corp. for the year 2017. Net sales $1,392,100 Write-off of inventory due to obsolescence $81,030 Cost of goods sold 780,300 Depreciation expense omitted by accident in 2016 45,000 Selling expenses 74,600 Casualty loss 51,800 Administrative expenses 52,500 Cash dividends declared 41,740 Dividend revenue 27,800 Retained earnings at December 31, 2016 889,370 Interest revenue 7,120 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that...
Need help with this prob please! Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc.,...
Need help with this prob please!
Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting BLUE SPRUCE COMPANY INC Income Statement For the Year Ended December 31, 2017 Sales revenue:s Less: Sales...
The following information is available for Teal Mountain Inc. for the year ended December 31, 2017:...
The following information is available for Teal Mountain Inc. for the year ended December 31, 2017: Loss on discontinued operations $81,000 Retained earnings January 1, 2017 $1,280,000 Rent revenue 95,000 Selling expenses 877,000 Income tax applicable to continuing operations 299,000 Income tax applicable to loss on discontinued operations 27,000 Administrative expenses 502,000 Cost of goods sold 1,628,000 Loss on write-down of inventory 41,000 Sales revenue 3,755,000 Gain on sale of equipment 40,000 Cash dividends declared 216,000 Unrealized gain on available-for-sale...
Joe Schreiner, controller for Founder Company Inc., recently prepared the company's income statement and statement of...
Joe Schreiner, controller for Founder Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting. FLOUNDER COMPANY INC. Income Statement For the Year Ended December 31, 2017 Sales revenues Less: Sales returns and allowances Net sales revenue Cost of goods sold...
The following is information for Sarasota Corp. for the year ended December 31, 2020: $1,410,000 Loss on inventory due to decline in net realizable value $84,000 Sales revenue Unrealized gain on FV-OCl equity investments 38,000 Loss on disposal of equipment 25,000 Interest income 5,000 53,000 Cost of goods sold Selling expenses Administrative expenses Dividend revenue 846,000 70,500 44,000 17,000 Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land...
Exercise 4-10 a-c The following is information for Blue Spruce Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,220,000 45,000 9,000 732,000 61,000 51,000 15,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of...
The following is information for Marigold Corp. for the year ended December 31, 2020: $1,130,000 Loss on inventory due to decline in net realizable value $87,000 Sales revenue Unrealized gain on FV-OCl equity investments 43,000 Loss on disposal of equipment 45,000 Interest income 9.000 53,000 678,000 Cost of goods sold Selling expenses Administrative expenses Dividend revenue Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land Dividends declared 56,500...
Joe Fraser, controller for BB Company Inc., recently prepared
the company’s income statement and statement of changes in equity
for 2017. Fraser believes that the statements are a fair
presentation of the company’s financial progress during the current
period, but he also admits that he has not examined any recent
professional pronouncements on accounting.
Assume that BB Company follows IFRS, and has a tax rate of 30%.
Assume that investments are accounted for as FV-OCI investments
with gains/losses recycled through...
Presented below is information related to Bridgeport Corp. for
the year 2017.
Net sales
$1,324,900
Write-off of inventory due to obsolescence
$80,970
Cost of goods sold
788,800
Depreciation expense omitted by accident in 2016
46,300
Selling expenses
67,600
Casualty loss
51,500
Administrative expenses
54,300
Cash dividends declared
46,010
Dividend revenue
27,900
Retained earnings at December 31, 2016
1,020,840
Interest revenue
8,170
Effective tax rate of 34% on all items
Exercise 4-9 (Part Level Submission) Presented below is information related to...
Need help with this prob please!
Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting BLUE SPRUCE COMPANY INC Income Statement For the Year Ended December 31, 2017 Sales revenue:s Less: Sales...
Joe Schreiner, controller for Founder Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting. FLOUNDER COMPANY INC. Income Statement For the Year Ended December 31, 2017 Sales revenues Less: Sales returns and allowances Net sales revenue Cost of goods sold...
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