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Dooman Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net...
Cullumber Company reports the following information: Correction of understatement of depreciation expense in prior years, net...
Cullumber Company reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 1280000 Dividends declared 969000 Net income 2889000 Retained earnings, 1/1/17, as reported 6070000 Cullumber should report retained earnings, 12/31/17, at A)$4790000. B)$6710000. C)$7990000. D)$9270000.
1-Sandhill Co. reports the following information: Correction of understatement of depreciation expense in prior years, net...
1-Sandhill Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1288000
Dividends declared
963000
Net income
2970000
Retained earnings, 1/1/20, as
reported
6170000
Sandhill should report retained earnings, 1/1/20, as adjusted
at
$7458000.
$6170000.
$9465000.
$4882000.
2-Ivanhoe Company had a 40 percent tax rate. Given the following
pre-tax amounts, what would be the income tax expense reported on
the face of the income statement?
Sales revenue
$ 1070000
Cost of goods...
Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of...
Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of tax $ 645,000 Dividends declared in 2019 480,000 Net income for 2019 1,500,000 Retained earnings, 1/1/2019, unadjusted 3,000,000 Blue Lake should report ending retained earnings as of 12/31/2019, at $3,375,000 $4,665,000 $2,355,000. $4,020,000
Testbank Multiple Choice Question 80 Wildhorse Co. reports the following information: Correction of understatement of depreciation...
Testbank Multiple Choice Question 80
Wildhorse Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1299000
Dividends declared
951000
Net income
3150000
Retained earnings, 1/1/20, as
reported
5960000
Wildhorse should report retained earnings, 1/1/20, as adjusted
at
a.
$7259000.
b.
$4661000.
c.
$5960000.
d.
$9458000.
D. Long-term Liabilities QUESTION 40 Adele Inc. reports the following information: Correction of understatement of depreciation...
D. Long-term Liabilities QUESTION 40 Adele Inc. reports the following information: Correction of understatement of depreciation expense in prior years before taxes $ 1.075,000 Dividends declared 480,000 Income before income tax 2,500,000 Retained earnings, 1/1/20, as reported 6,000,000 Effective income tax rate 40% Determine 1. Adele should report the beginning balance of retained eamings after prior period adjustment, 1/1/20, at 2. Assuming that you computed the beginning balance of retained earnings after adjustment to be $5,330,000. Adele should report retained...
16. Benedict Corporation reports the following information: $750,000 $210,000 $ 90,000 250,000 Net income Dividends on...
16. Benedict Corporation reports the following information: $750,000 $210,000 $ 90,000 250,000 Net income Dividends on common stock Dividends on preferred stock Weighted average common shares outstanding Benedict should report earnings per share of a. $1.80. b. $2.16 c. $2.64. d. $3.00. 17. Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared $ 645,000 480,000 Net income 1,500,000 6,000,000 Retained earnings, 1/1/19, as reported Leonard should report retained earnings,...
$ 245,000 480,000 1,500,000 150,000 6,000,000 Leonard Corporation reports the following information: Correction of overstatement of...
$ 245,000 480,000 1,500,000 150,000 6,000,000 Leonard Corporation reports the following information: Correction of overstatement of cost of goods sold in prior years, net of tax Dividends declared Comprehensive income Unrealized loss on available for sale securities, net of tax Retained earnings, 1/1/18, as reported Leonard should report retained earnings, 12/31/18, at a. $7,415,000. b. $7,265,000. c. $7,115,000. d. $6,925,000. e. $6,775,000. f. $6,625,000. tuear
1-Cullumber Company reported the following information for 2020: Sales revenue $2055000 Cost of goods sold 1407000...
1-Cullumber Company reported the following information for
2020:
Sales revenue
$2055000
Cost of goods sold
1407000
Operating expenses
230000
Unrealized holding gain on
available-for-sale securities
121600
Cash dividends received on the
securities
8400
For 2020, Cullumber would report other comprehensive income
of
$418000.
$130000.
$121600.
$426400.
2-Wildhorse Co. reports the following information:
Correction of overstatement of
depreciation expense
in prior years,
net of tax
$ 643000
Dividends declared
482000
Net income
1504000
Retained earnings, 1/1/20, as
reported
5830000
Wildhorse should...
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...
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,...
1-Sandhill Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1288000
Dividends declared
963000
Net income
2970000
Retained earnings, 1/1/20, as
reported
6170000
Sandhill should report retained earnings, 1/1/20, as adjusted
at
$7458000.
$6170000.
$9465000.
$4882000.
2-Ivanhoe Company had a 40 percent tax rate. Given the following
pre-tax amounts, what would be the income tax expense reported on
the face of the income statement?
Sales revenue
$ 1070000
Cost of goods...
Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of tax $ 645,000 Dividends declared in 2019 480,000 Net income for 2019 1,500,000 Retained earnings, 1/1/2019, unadjusted 3,000,000 Blue Lake should report ending retained earnings as of 12/31/2019, at $3,375,000 $4,665,000 $2,355,000. $4,020,000
Testbank Multiple Choice Question 80
Wildhorse Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1299000
Dividends declared
951000
Net income
3150000
Retained earnings, 1/1/20, as
reported
5960000
Wildhorse should report retained earnings, 1/1/20, as adjusted
at
a.
$7259000.
b.
$4661000.
c.
$5960000.
d.
$9458000.
D. Long-term Liabilities QUESTION 40 Adele Inc. reports the following information: Correction of understatement of depreciation expense in prior years before taxes $ 1.075,000 Dividends declared 480,000 Income before income tax 2,500,000 Retained earnings, 1/1/20, as reported 6,000,000 Effective income tax rate 40% Determine 1. Adele should report the beginning balance of retained eamings after prior period adjustment, 1/1/20, at 2. Assuming that you computed the beginning balance of retained earnings after adjustment to be $5,330,000. Adele should report retained...
16. Benedict Corporation reports the following information: $750,000 $210,000 $ 90,000 250,000 Net income Dividends on common stock Dividends on preferred stock Weighted average common shares outstanding Benedict should report earnings per share of a. $1.80. b. $2.16 c. $2.64. d. $3.00. 17. Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared $ 645,000 480,000 Net income 1,500,000 6,000,000 Retained earnings, 1/1/19, as reported Leonard should report retained earnings,...
$ 245,000 480,000 1,500,000 150,000 6,000,000 Leonard Corporation reports the following information: Correction of overstatement of cost of goods sold in prior years, net of tax Dividends declared Comprehensive income Unrealized loss on available for sale securities, net of tax Retained earnings, 1/1/18, as reported Leonard should report retained earnings, 12/31/18, at a. $7,415,000. b. $7,265,000. c. $7,115,000. d. $6,925,000. e. $6,775,000. f. $6,625,000. tuear
1-Cullumber Company reported the following information for
2020:
Sales revenue
$2055000
Cost of goods sold
1407000
Operating expenses
230000
Unrealized holding gain on
available-for-sale securities
121600
Cash dividends received on the
securities
8400
For 2020, Cullumber would report other comprehensive income
of
$418000.
$130000.
$121600.
$426400.
2-Wildhorse Co. reports the following information:
Correction of overstatement of
depreciation expense
in prior years,
net of tax
$ 643000
Dividends declared
482000
Net income
1504000
Retained earnings, 1/1/20, as
reported
5830000
Wildhorse should...
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...
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,...
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