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
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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
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....
need help with this retained earnings for kingbird corporation 1,134,200 Brief Exercise 4-10 Statement of retained...
need help with this retained earnings for kingbird corporation
1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
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,...
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: Net income Dividends declared 2017 $40,000 $ –0– 2018 125,000 50,000 2019 160,000 50,000 The following information relates to 2020. Income before income tax $240,000 Understatement of 2018 depreciation expense (before taxes) $25,000 Cumulative decrease in income from change in inventory methods (before taxes) $35,000 Dividends declared $100,000 Effective tax rate 20 % 1. Instructions:...
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject...
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of $67,000, and the following events occurred: 1. Cash dividends of $3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of $10 par common stock. On the date of declaration, the market...
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...
Martinez Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared...
Martinez Corp. began operations in 2014. During the years
2014-2016, it reported net income and declared dividends as
follows.
Net income
Dividends declared
2014
$27,000
$ –0–
2015
118,000
–0–
2016
234,000
48,000
During 2017, Martinez Corp.:
●
discovered that it had
failed, in 2015, to record $44,000 in depreciation on equipment in
one of its warehouses.
●
changed, on January 1 ,2017,
from the average cost to the FIFO method of accounting for its
inventory. If Martinez Corp. had...
At January 1, 2017, Headland Company reported retained earnings of $1,941,000. In 2017, Headland discovered that...
At January 1, 2017, Headland Company reported retained earnings
of $1,941,000. In 2017, Headland discovered that 2016 depreciation
expense was understated by $365,000. In 2017, net income was
$967,000 and dividends declared were $225,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Headland
Company.
HEADLAND COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
need help with this retained earnings for kingbird corporation
1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
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,...
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...
Martinez Corp. began operations in 2014. During the years
2014-2016, it reported net income and declared dividends as
follows.
Net income
Dividends declared
2014
$27,000
$ –0–
2015
118,000
–0–
2016
234,000
48,000
During 2017, Martinez Corp.:
●
discovered that it had
failed, in 2015, to record $44,000 in depreciation on equipment in
one of its warehouses.
●
changed, on January 1 ,2017,
from the average cost to the FIFO method of accounting for its
inventory. If Martinez Corp. had...
At January 1, 2017, Headland Company reported retained earnings
of $1,941,000. In 2017, Headland discovered that 2016 depreciation
expense was understated by $365,000. In 2017, net income was
$967,000 and dividends declared were $225,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Headland
Company.
HEADLAND COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
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