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. | |
| 4. | Net income was $285,000. |
Prepare a retained earnings statement for 2017..
Homework Answers
| Opening Balance as on I st January Retained earning | 310000 | |
| ADD | Correction for understatement of 2015 net income
(70000-50000 |
20000 |
| Adjusted Balance as on I st January | 330000 | |
| ADD Net Income | 2,85,000.00 | |
| Dividend |
||
| Less | Cash dividend (200,000 * $0.50) | 100000 |
| Less | Stock dividends (200,000 * 0.05 * $15) |
150000 |
| Balance, December 31 |
3,65,000.00 |
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Newland Company reported retained earnings at December 31, 2016,
of $310,000. Newland had 200,000 shares of...
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
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
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Exercise 14-09 Sunland Company reported retained earnings at December 31, 2019, of $312,500. Sunland had 210,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.50 per share was declared and paid. 2. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 3. Net income was $282,000. Compute the ending balance in retained earnings at the end of 2020....
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2. H ow Didend pestor S18. The only entry na 08:00). To shares have not been...
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Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce had 194,500 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020 1. A cash dividend of $0.50 per share was declared and paid. 2. A 10% stock dividend was declared and distributed when the market price per share was $19 per share. 3. Net income was $281,000. Compute the ending balance in retained earings at the end...
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Exercise 14-09 Oriole Company reported retained earnings at December 31, 2019, of $318,500. Oriole had 194,000 common Mock outstanding at the beginning of 2020. The following transactions occurred during 2020- 1. 2. 3. A cash dividend of 50.65 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price Net Income was $285,000. Compute the ending balance in retained earnings at the end of 2020. Retained earnings Click if you would like to...
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