ZuoTi.Pro
Question

QUESTION 22 For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $300,000 Dividends dec
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ending Balance of Retained Earnings = Beginning Retained Earnings Balance + Net Income - Dividends Declared

= $400,000 + $300,000 - $60,000

= $640,000 (Ans.)

0 0
Add a comment
Know the answer?
Add Answer to:
QUESTION 22 For the year ended December 31, 2020, Transformers Inc. reported the following: Net income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • For the year ended December 31, 2020, Buffalo Inc. reported the following: Net income $300,000 Preferred...

    For the year ended December 31, 2020, Buffalo Inc. reported the following: Net income $300,000 Preferred dividends declared 50,000 Common dividend declared 10,000 Unrealized holding loss, net of tax 5,000 Retained earnings, beginning balance 400,000 Common stock 200,000 Accumulated Other Comprehensive Income, Beginning Balance 25,000 What would Buffalo report as the ending balance of Retained Earnings? O $695,000 $665,000 $635,000 $640,000

  • 89.       For the year ended December 31, 2017, Transformers Inc. reported the following: Net income                    

    89.       For the year ended December 31, 2017, Transformers Inc. reported the following: Net income                                                                             $300,000 Preferred dividends declared                                                     50,000 Common dividend declared                                                       10,000 Unrealized holding loss, net of tax                                               5,000 Retained earnings, beginning balance                                    400,000 Common stock                                                                         200,000 Accumulated Other Comprehensive Income,     Beginning Balance                                                                 25,000 What would Transformers report as total stockholders' equity? a.         $860,000 b.         $840,000 c.         $640,000 d.         $600,000

  • For the year ended December 31, 2017, Transformers Inc. reported the following: Net income $300,000 Preferred...

    For the year ended December 31, 2017, Transformers Inc. reported the following: Net income $300,000 Preferred dividends declared 50,000 Common dividend declared 10,000 Unrealized holding loss, net of tax 5,000 Retained earnings 400,000 Common stock 200,000 Accumulated Other Comprehensive Income, Beginning Balance 25,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income? a. $30,000 b. $25,000 c. $20,000 d. $5,000

  • Question text For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $200,000 Pref...

    Question text For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $200,000 Preferred dividends declared 40,000 Unrealized holding loss, net of tax 2,000 Gain on foreign currency exchange, net of tax 5,000 Retained earnings 400,000 Accumulated Other Comprehensive Income, Beginning Balance 20,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income? Select one: a. $23,000 b. $18,000 c. $220,000 d. $20,000 please explain how to solve problem. thank you

  • plz help QUESTION 1 Blue Baker Company reported the following information for 2020: Net income Preferred...

    plz help QUESTION 1 Blue Baker Company reported the following information for 2020: Net income Preferred dividends declared Common dividend declared Unrealized holding loss, net of tax Retained earnings Common stock Accumulated Other Comprehensive Income, Beginning Balance $300,000 50,000 10,000 5,000 400,000 200,000 25,000 For 2020, Blue Baker would report its ending balance of Accumulated Other Comprehensive Income of O A. $30,000 OB. $25,000 O C. $20,000 O D. $5,000

  • For the year ended December 31, 2017, ABC Inc. reported the following: Net income                             

    For the year ended December 31, 2017, ABC Inc. reported the following: Net income                                                                             $400,000 Common share dividend declared                                              20,000 Unrealized holding loss, net of tax                                             10,000 Retained earnings, beginning balance (unadjusted)                 900,000 Common stock                                                                          200,000 Prior period adjustment (net of tax), Jan. 1, 2020                    225,000 Accumulated Other Comprehensive Income,                       Beginning Balance                                                                 30,000 1) Prepare the statement of retained earnings for year ended december 31, 2017 2) Determine ABC Inc comprehensive income for the year ended december 31, 2017

  • For the year ended December 31, 2017, Game Inc. reported the following. A) What would Game...

    For the year ended December 31, 2017, Game Inc. reported the following. A) What would Game report as the ending balance of retained earnings? B) Show how the Stockholders' Equity section of the balance sheet should look like. Net income $30,000 Preferred dividends declared $5,000 Common dividend declared $1,000 Unrealized holding loss, net of tax $500 Retained earnings, beginning balance $40,000 Common stock $20,000 Accumulated other comprehensive income, beginning balance $3,000

  • Multiple Choice Question 89 For the year ended December 31, 2017, Cullumber Company reported the following:...

    Multiple Choice Question 89 For the year ended December 31, 2017, Cullumber Company reported the following: Net Income $286200 Preferred dividends declared 48000 Common dividend declared 10400 Unrealized holding loss, net of tax 4500 Retained earnings, beginning balance 401000 Common stock 199200 Accumulated Other Comprehensive Income, Beginning Balance 24300 What would Cullumber report as total stockholders' equity? $628800 $600200 $847800 $828000 Click if you would like to show Work for this question: Open Show Work

  • The following data is from the records of Roland Carlson Inc. for the year ended December...

    The following data is from the records of Roland Carlson Inc. for the year ended December 31, 2020. Gain on sale of equipment $ 95,000 Loss on discontinued operations 75,000 Cost of goods sold 850,000 Gain on sale of available-for-sale securities 40,000 Sales revenue 1,900,000 Selling expenses 300,000 Income tax expense 187,000 Dividends declared (common) 90,000 Common stock, January 1 210,000 Dividends declared (preferred) 40,000 Retained earnings January 1, 2020 600,000 General and administrative expenses 240,000 Unrealized gain on available-for-sale...

  • estion 16 the year ended December 31, 2017, Wildhorse Co. reported the following: $291000 50300 9900...

    estion 16 the year ended December 31, 2017, Wildhorse Co. reported the following: $291000 50300 9900 t income eferred dividends declared mmon dividend declared realized holding loss, net of tax etained earnings, beginning balance common stock ccumulated Other Comprehensive Income, eginning Balance 4500 389000 201100 25000 What would Wildhorse report as the ending balance of Retained Earnings? O $675500 $644100 O $619800 $615300 Click if you would like to Show Work for this question: Open Show Work

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT