Homework Answers
Red Raider consulting
Answer Table as per following:
| Year | Net Income | Dividends | Retained Earnings |
| 1 | $750 | $410 | $340 |
| 2 | $1,250 | $410 | $1,180 |
| 3 | $1,200 | $550 | $1,830 |
| 4 | $2,300 | $550 | $3,580 |
| 5 | $3,500 | $550 | $6,530 |
*Formula used for calculations:
| Retained Earnings | = | Opening Retained Earning | + | Net Income | - | Dividend |
Calculations table as per following:
| Year | Opening Retained Earnings | Net Income | Dividends | Closing Retained Earning |
| 1 | $0 | $750 | $410 | $340 |
| 2 | $340 | $1,250 | $410 | $1,180 |
| 3 | $1,180 | $1,200 | $550 | $1,830 |
| 4 | $1,830 | $2,300 | $550 | $3,580 |
| 5 | $3,580 | $3,500 | $550 | $6,530 |
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During its first five years of operations, Red Raider Consulting reports net income and pays dividends...
During its first five years of operations, Red Raider Consulting reports net income and pays dividends...
During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Required: Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Net Income Dividends 1 $ 000 $ 440 Retained Earnings 1.500 700
question During its first five years of operations, Red Raider Consulting reports net income and pays...
question During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Required: Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Answer is not complete. Year Dividends Retained Earnings $ $ $ 2 820 Net Income 1,350 1,850 2.400 3,500 4,700 3 530 530 1,150 1,150 1.150 4 5
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as...
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,800 2 2,700 500 3 2 ,900 1,100 4 5,600 2,100 5 8 ,700 2,000 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Retained Earnings WN
prepare an income statement Feb Trial Balances Raider Consulting Corp began operations on January 1, 2020....
prepare an income statement
Feb Trial Balances
Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51...
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. 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...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net inco...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 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, $28800 will be paid on Jan. 15,...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 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, $32,000 will be paid on Jan. 15,...
Skysong Corporation began operations on January 1, 2017. During its first 3 years of operations, Skysong...
Skysong Corporation began operations on January 1, 2017. During its first 3 years of operations, Skysong reported net income and declared dividends as follows: 2017 2018 2019 Net income $45,100 132,100 161,100 Dividends declared $-0- 56,400 53,900 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, $31,500 will be paid on Jan. 15,...
Wildhorse Corporation began operations on January 1, 2017. During its first 3 years of operations, Wildhorse...
Wildhorse Corporation began operations on January 1, 2017. During its first 3 years of operations, Wildhorse reported net income and declared dividends as follows: Net income Dividends declared 2017 $43,300 $ –0– 2018 126,900 58,000 2019 161,500 55,800 The following information relates to 2020. Income before income tax $230,700 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $26,700 Cumulative decrease in income from change in inventory methods (before taxes) $45,000 Dividends declared (of this amount, $26,700 will be...
During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Required: Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Net Income Dividends 1 $ 000 $ 440 Retained Earnings 1.500 700
question During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Required: Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Answer is not complete. Year Dividends Retained Earnings $ $ $ 2 820 Net Income 1,350 1,850 2.400 3,500 4,700 3 530 530 1,150 1,150 1.150 4 5
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,800 2 2,700 500 3 2 ,900 1,100 4 5,600 2,100 5 8 ,700 2,000 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Retained Earnings WN
prepare an income statement
Feb Trial Balances
Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51...
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...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 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, $28800 will be paid on Jan. 15,...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 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, $32,000 will be paid on Jan. 15,...
Skysong Corporation began operations on January 1, 2017. During its first 3 years of operations, Skysong reported net income and declared dividends as follows: 2017 2018 2019 Net income $45,100 132,100 161,100 Dividends declared $-0- 56,400 53,900 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, $31,500 will be paid on Jan. 15,...
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