accounting
ABC Company reported retained earnings at December 31, 2017, of $310,000.
.The following transactions occurred during 2018.
1. | An error was discovered. In 2016, depreciation expense was recorded at $70,000, but the correct amount was $50,000. | |
2. | Declared cash dividend of $100,000. | |
3. | Declared stock dividend of $150,000. | |
4. | Net income was $285,000. |
Prepare a retained earnings statement for 2018
Homework Answers
Retain earnings
ABC Company reported retained earnings at December 31, 2017, of $310,000..The following transactions occurred during 2018.1.An error was discovered. In 2016, depreciation expense was recorded at $70,000, but the correct amount was $50,000.2.Declared cash dividend of $100,000.3.Declared stock dividend of $150,000.4.Net income was $285,000.Prepare a retained earnings statement for 2018
Newland Company reported retained earnings at December 31, 2016, of $310,000. Newland had 200,000 shares of...
Newland Company reported retained earnings at December 31, 2016, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2017. The following transactions occurred during 2017. 1. An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000. 2. A cash dividend of $0.5 per share was declared and paid. 3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share....
The Bridgeport Corporation, a private company, began operations on January 1, 2017. During its first three...
The Bridgeport Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Bridgeport reported net income and declared dividends as follows: Dividends declared 2017 2018 2019 Net income $50,000 139,000 159,000 50,000 50,000 The following information is for 2020: Income before income tax Correction of prior period error: understatement of 2018 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount,...
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...
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:...
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...
need help with this retained earnings for kingbird corporation 1,134,200 Brief Exercise 4-10 Statement of retained...
need help with this retained earnings for kingbird corporation
1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
Martinez Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared...
Martinez Corp. began operations in 2014. During the years
2014-2016, it reported net income and declared dividends as
follows.
Net income
Dividends declared
2014
$27,000
$ –0–
2015
118,000
–0–
2016
234,000
48,000
During 2017, Martinez Corp.:
●
discovered that it had
failed, in 2015, to record $44,000 in depreciation on equipment in
one of its warehouses.
●
changed, on January 1 ,2017,
from the average cost to the FIFO method of accounting for its
inventory. If Martinez Corp. had...
Please, show the problem solving process. Concord Corp. began operations in 2014. During the years 2014-2016,...
Please, show the problem solving process.
Concord Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared dividends as follows. Dividends declared Net income $22.000 $-0- 2014 2015 2016 125,000 201,000 60.000 During 2017, Concord Corp.: • discovered that it had failed, in 2015, to record $48.000 in depreciation on equipment in one of its warehouses. • changed, on January 1,2017, from the average cost to the FIFO method of accounting for its inventory. If...
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...
The Bridgeport Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Bridgeport reported net income and declared dividends as follows: Dividends declared 2017 2018 2019 Net income $50,000 139,000 159,000 50,000 50,000 The following information is for 2020: Income before income tax Correction of prior period error: understatement of 2018 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount,...
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...
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...
need help with this retained earnings for kingbird corporation
1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
Martinez Corp. began operations in 2014. During the years
2014-2016, it reported net income and declared dividends as
follows.
Net income
Dividends declared
2014
$27,000
$ –0–
2015
118,000
–0–
2016
234,000
48,000
During 2017, Martinez Corp.:
●
discovered that it had
failed, in 2015, to record $44,000 in depreciation on equipment in
one of its warehouses.
●
changed, on January 1 ,2017,
from the average cost to the FIFO method of accounting for its
inventory. If Martinez Corp. had...
Please, show the problem solving process.
Concord Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared dividends as follows. Dividends declared Net income $22.000 $-0- 2014 2015 2016 125,000 201,000 60.000 During 2017, Concord Corp.: • discovered that it had failed, in 2015, to record $48.000 in depreciation on equipment in one of its warehouses. • changed, on January 1,2017, from the average cost to the FIFO method of accounting for its inventory. If...
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...
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