On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the...
On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the following information:
|
1. |
Income from continuing operations: $1,210,000. |
|
2. |
Wade increased its percentage of uncollectible accounts receivable from 5% in 2019 to 10% in 2020. The new percentage was used in calculating the current year’s bad debt expense. |
|
3. |
Wade discontinued operations of one of its subsidiaries at a loss of $190,000 before taxes. The disposal met the criteria for discontinued operations. |
|
4. |
An audit discovered that amortization of intangible assets was understated by $40,000 in 2019. |
|
5. |
Wade’s income tax rate is 20% for both years. |
|
6. |
Wade declared stock dividends of $48,000. |
Instructions: Prepare a statement of retained earnings.
Homework Answers
| Statement of Retained Earnings | |
| Particulars | Amount |
| Income from Continuing Operations | $ 1,210,000 |
| Less: | |
| Loss from Subsidiaries | $ 190,000 |
| Amortization of Intangibles Assets | $ 40,000 |
| Net Income | $ 980,000 |
| Income Tax @ 20% | $ 196,000 |
| Income After Tax | $ 784,000 |
| Less: Dividend Declared | $ 48,000 |
|
Income from Continuing Operations to
be added to Retained Earnings |
$ 736,000 |
| Add: Opening Ratined Earnings | $ 558,000 |
| Retained Earnings 31 Dec 2020 | $ 1,294,000 |
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On January 1, 2020, Wade Corp. had retained earnings of
$558,000. During 2020, Wade reported the...
On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the...
On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the following information: 1. Income from continuing operations: $1,210,000. 2. Wade increased its percentage of uncollectible accounts receivable from 5% in 2019 to 10% in 2020. The new percentage was used in calculating the current year’s bad debt expense. 3. Wade discontinued operations of one of its subsidiaries at a loss of $190,000 before taxes. The disposal met the criteria for discontinued operations. 4. An...
need help with this retained earnings with ppa 5 of 6 Chapter 04 Homework - Statement...
need help with this retained earnings with ppa
5 of 6 Chapter 04 Homework - Statement of Retained Earnings Problem 4-07 Statement of retained earnings with PPA On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the following information: 1. Income from continuing operations: $1,210,000. 2. Wade increased its percentage of uncollectible accounts receivable from 5% in 2019 to 10% in 2020. The new percentage was used in calculating the current year's bad debt...
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need help with this retained earnings with ppa
5 of 6 Chapter 04 Homework - Statement of Retained Earnings Problem 4-07 Statement of retained earnings with PPA On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the following information: 1. Income from continuing operations: $1,210,000. 2. Wade increased its percentage of uncollectible accounts receivable from 5% in 2019 to 10% in 2020. The new percentage was used in calculating the current year's bad debt...
P4.7 (LO 2, 3, 4) E CUDA (Income Statement, Irregular Items) Wade Corp. has 150,000 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows. 1. In 2020, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Novak Corp. has 149,380 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,215,800. Additional transactions not considered in
the $1,215,800 are as follows.
1.In 2020, Novak Corp. sold equipment for $38,600. The machine
had originally cost $80,700 and had accumulated depreciation of
$30,600. The gain or loss is considered non-recurring.
2.The company discontinued operations of one of its
subsidiaries during the current year at a loss of $196,800 before
taxes....
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1.240,000. Additional transactions not considered in the $1.240,000 are as follows. In 2020, Concord Corp. sold equipment for $35,000. The machine had originally cost $84,900 and had accumulated depreciation of $31,700. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,900...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. Assume that this transaction meets the criteria for discontinued operations. 3. An internal audit discovered that amortization of intangible assets was understated by $39,200 (net of tax) in a prior period....
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