Homework Answers
Correct answer---------$50,000
Working
| Calculation of net income | |
| Ending Balance of retained earnings | $ 1,00,000.00 |
| Add: Dividends | $ 20,000.00 |
| $ 1,20,000.00 | |
| Less: Beginning balance of retailed earnings | $ 70,000.00 |
| Net profit during the year | $ 50,000.00 |
Net profit is the amount generated through operation
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Information related to Lamar Co. for the years ending December 31, 2017 and 2016 follows: Common...
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2017. Cash $50,000...
Presented below are selected ledger accounts of Tucker
Corporation as of December 31, 2017.
Cash
$50,000
Administrative expenses
100,000
Selling expenses
80,000
Net sales
540,000
Cost of goods sold
210,000
Cash dividends declared (2017)
20,000
Cash dividends paid (2017)
15,000
Discontinued operations (loss before income taxes)
40,000
Depreciation expense, not recorded in 2016
30,000
Retained earnings, December 31, 2016
90,000
Effective tax rate 30%
Exercise 4-8 Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2017...
Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Asset...
Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Assets Cash and Cash Equivalents 45,000 13,000 Accounts Receivable 91,000 88,000 Equipment 139,000 22,000 Accum. Deprec. – Equipment (17,000) (11,000) Total 258,000 112,000 Liabilities & Stockholders’ Equity Accounts Payable 20,000 15,000 Bonds Payable 100,000 0 Common Stock 100,000 80,000 Retained Earnings 38,000 17,000 Total 258,000 112,000 Additional Information (A) – Net income for 2017 was $44,000. (B) – New equipment was purchased in 2017 but not was sold...
A company's retained earnings on December 31, 2015 to 2019 is as follows: 2015 2016 2017...
A company's retained earnings on December 31, 2015 to 2019 is as follows: 2015 2016 2017 2018 2019 Retained Earnings $62,000 $58,000 $65,000 $69,000 $75,000 On the pro-forma income statement for 2020, the net income is projected to be $15,000. On the pro-forma income statement for 2021, the net income is projected to be $30,000. The company expects to pay dividends of $5,000 in 2021. What is the projected retained earnings for December 31, 2021? A. $90,000 B. $100,000 C....
BRECKER INC COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 $ 6,000 62.000...
BRECKER INC COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 $ 6,000 62.000 35,000 40.000 5000 154.000 135.000 46.000 12/31/16 S 7.000 51.000 18.000 60,000 4.000 130.000 (25.000) 50.000 $313.000 $295.000 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, 510 par Contributed capital, common stock Retained earnings Total liabilities and stockholders' equity...
On January 1, 2017, Parent Co., acquired 100 percent of the common stock of Sub Co...
On January 1, 2017, Parent Co., acquired 100 percent of the common stock of Sub Co for $1,000,000 in cash. At that time, the building which had a remaining life of 20 years and was undervalued by 200,000 and they had a patent not recorded on their books of 100,000 with a remaining life of 10 years. Below is the relevant information for Parent Co. and Sub Co. Parent Co 12/31/18 Sub Co 12/31/16 Sub Co 13/31/17 Sub Co 13/31/18...
Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Assets Cash and Cash...
Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Assets Cash and Cash Equivalents 45,000 13,000 Accounts Receivable 91,000 88,000 Equipment 139,000 22,000 Accum. Deprec. – Equipment (17,000) (11,000) Total 258,000 112,000 Liabilities & Stockholders’ Equity Accounts Payable 20,000 15,000 Bonds Payable 100,000 0 Common Stock 100,000 80,000 Retained Earnings 38,000 17,000 Total 258,000 112,000 Additional Information (A) – Net income for 2017 was $44,000. (B) – New equipment was purchased in 2017 but not was sold...
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...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...
Kohler Corporation
reports the following components of stockholders’ equity on
December 31, 2016:
Common stock—$20
par value, 100,000 shares authorized,
60,000 shares issued and outstanding
$
1,200,000
Paid-in capital
in excess of par value, common stock
80,000
Retained
earnings
430,000
Total
stockholders' equity
$
1,710,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 5,500
shares of its own stock at $15 cash per share.
Jan.
5
Directors declared
a $6 per share cash dividend...
The following information is taken from Roswell Corporation's financial statements: December 31 2018 2017 Cash $92,000...
The following information is taken from Roswell Corporation's financial statements: December 31 2018 2017 Cash $92,000 $27,000 Account receivable 95,000 80,000 Allowance for doubtful accounts (4,500) (3,100) Inventory 145,000 175,000 Prepaid expense 7,500 6,800 Land 93,000 60,000 Buildings 287,000 244,000 Accumulated amortization (35,000) (13,000) Patents 20,000 35,000 $700,000 $611,700 Account payable $ 90,000 $ 84,000 Accrued Liabilities 54,000 63,000 Bonds payable 125,000 60,000 Common shares 100,000 100,000 Retained earnings-appropriated 80,000 10,000 Retained earnings-unappropriated 266,000 302,700 Treasury stock,...
On December 31, 2016, the accounts of Leuz Architect Services showed credit balances in its Common...
On December 31, 2016, the accounts of Leuz Architect Services showed credit balances in its Common Stock and Retained Earnings accounts of $60,000 and $30,000, respectively. The company’s stock issuances for 2017 totaled $12,000, and it paid $10,000 cash dividends in 2017. During 2017, the company had net income of $33,000. What is the total stockholders’ equity for Leuz Architect Services at December 31, 2017? Question 9 options: $72,000 $53,000 $125,000 $135,000
Presented below are selected ledger accounts of Tucker
Corporation as of December 31, 2017.
Cash
$50,000
Administrative expenses
100,000
Selling expenses
80,000
Net sales
540,000
Cost of goods sold
210,000
Cash dividends declared (2017)
20,000
Cash dividends paid (2017)
15,000
Discontinued operations (loss before income taxes)
40,000
Depreciation expense, not recorded in 2016
30,000
Retained earnings, December 31, 2016
90,000
Effective tax rate 30%
Exercise 4-8 Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2017...
BRECKER INC COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 $ 6,000 62.000 35,000 40.000 5000 154.000 135.000 46.000 12/31/16 S 7.000 51.000 18.000 60,000 4.000 130.000 (25.000) 50.000 $313.000 $295.000 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, 510 par Contributed capital, common stock Retained earnings Total liabilities and stockholders' equity...
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...
Kohler Corporation
reports the following components of stockholders’ equity on
December 31, 2016:
Common stock—$20
par value, 100,000 shares authorized,
60,000 shares issued and outstanding
$
1,200,000
Paid-in capital
in excess of par value, common stock
80,000
Retained
earnings
430,000
Total
stockholders' equity
$
1,710,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 5,500
shares of its own stock at $15 cash per share.
Jan.
5
Directors declared
a $6 per share cash dividend...
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