Homework Answers
Retained Earnings = Beginning Balance in the Retained earnings - Overstatement of 2019 Net Income(Error) + Net Income Earned - Cash Dividends - Stock Dividends
= 540000 - 40000 + 345000 - 120000 - 60000
= 665000
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On January 1, 2020, Wildhorse Corporation had retained earnings of $540,000. During the year, Wildhorse had the followi...
On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had...
On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions 1. 2. 3. 4. Declared cash dividends $130,000 Corrected overstatement of 2019 net income because of inventory error $45,000. Earned net income $350,000. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show. Work
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $541,000. During the year,...
Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year,...
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year, Blossom had the following selected transactions. 1. 2. 3. 4. Declared cash dividends $110,000. Corrected overstatement of 2019 net income because of inventory error $35,000. Earned net income $340,000. Rectangular Ship Declared stock dividends $55,000. Determine the retained earnings balance at the end of the year. Retained earnings
Question 17 On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year,...
Question 17 On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions. Declared cash dividends $130,000. Corrected overstatement of 2019 net income because of inventory error $45,000. 1. 2. 3. Earned net income $350,000. 4. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work
Question 17 On January 1, 2020, Cullumber Corporation had retained earnings of $554,000. During the year,...
Question 17 On January 1, 2020, Cullumber Corporation had retained earnings of $554,000. During the year, Cullumber had the following selected transactions. 1. Declared cash dividends $134,000. 2. Corrected overstatement of 2019 net income because of inventory error $47,000. 3. Earned net income $352,000 4. Declared stock dividends $67,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work
Exercise 14-08 On January 1, 2020, Carla Vista Corporation had retained earnings of $549,000. During the...
Exercise 14-08 On January 1, 2020, Carla Vista Corporation had retained earnings of $549,000. During the year, Carla Vista had the following selected transactions. 1. Declared cash dividends $129,000. Corrected overstatement of 2019 net income because of inventory error $44,500. 2. Earned net income $349,500. 3. Declared stock dividends $64,500. 4. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work LINK TO...
On January 1, 2017, Eddy Corporation had retained earnings of $545,000. During the year, Eddy had...
On January 1, 2017, Eddy Corporation had retained earnings of $545,000. During the year, Eddy had the following selected transactions. 1. Declared cash dividends $125,000. 2. Corrected overstatement of 2016 net income because of depreciation error $42,500. 3. Earned net income $347,500. 4. Declared stock dividends $62,500. Prepare a retained earnings statement for the year.
CALCULATOR PINTER Exercise 14-08 On January 1, 2020, Oriole Corporation had retained earnings of $534,000. During t...
CALCULATOR PINTER Exercise 14-08 On January 1, 2020, Oriole Corporation had retained earnings of $534,000. During the year, Oriole had the following selected transactions 1. Declared cash dividends $114,000. 2. Corrected overstatement of 2019 net income because of inventory error $37,000. 3. Earned net income $342,000. 4. Declared stock dividends $57,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Works LINK TO...
CALCULATOR FULL SCREEN Exercise 14-08 On January 1, 2020, Crane Corporation had retained earnings of $531,000....
CALCULATOR FULL SCREEN Exercise 14-08 On January 1, 2020, Crane Corporation had retained earnings of $531,000. During the year, Crane had the following selected transactions 1. Declared cash dividends $111,000 2. Corrected overstatement of 2019 net income because of inventory error $35,500. 3. Eamed net income $340,500 4. Declared stock dividends $55,500 Determine the retained earnings balance at the end of the year. Retained earnings Click If you would like to show Work for this questions on Show Work LINK...
Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was...
Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was $1,692,900, and cash dividends declared and paid during 2020 totaled $81,700. Prepare a retained earnings statement for the year ended December 31 2020. Assume an error was discovered: land costing $88,590 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) BRAMBLE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings,...
On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions 1. 2. 3. 4. Declared cash dividends $130,000 Corrected overstatement of 2019 net income because of inventory error $45,000. Earned net income $350,000. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show. Work
Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year, Blossom had the following selected transactions. 1. 2. 3. 4. Declared cash dividends $110,000. Corrected overstatement of 2019 net income because of inventory error $35,000. Earned net income $340,000. Rectangular Ship Declared stock dividends $55,000. Determine the retained earnings balance at the end of the year. Retained earnings
Question 17 On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions. Declared cash dividends $130,000. Corrected overstatement of 2019 net income because of inventory error $45,000. 1. 2. 3. Earned net income $350,000. 4. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work
Question 17 On January 1, 2020, Cullumber Corporation had retained earnings of $554,000. During the year, Cullumber had the following selected transactions. 1. Declared cash dividends $134,000. 2. Corrected overstatement of 2019 net income because of inventory error $47,000. 3. Earned net income $352,000 4. Declared stock dividends $67,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work
Exercise 14-08 On January 1, 2020, Carla Vista Corporation had retained earnings of $549,000. During the year, Carla Vista had the following selected transactions. 1. Declared cash dividends $129,000. Corrected overstatement of 2019 net income because of inventory error $44,500. 2. Earned net income $349,500. 3. Declared stock dividends $64,500. 4. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work LINK TO...
CALCULATOR PINTER Exercise 14-08 On January 1, 2020, Oriole Corporation had retained earnings of $534,000. During the year, Oriole had the following selected transactions 1. Declared cash dividends $114,000. 2. Corrected overstatement of 2019 net income because of inventory error $37,000. 3. Earned net income $342,000. 4. Declared stock dividends $57,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Works LINK TO...
CALCULATOR FULL SCREEN Exercise 14-08 On January 1, 2020, Crane Corporation had retained earnings of $531,000. During the year, Crane had the following selected transactions 1. Declared cash dividends $111,000 2. Corrected overstatement of 2019 net income because of inventory error $35,500. 3. Eamed net income $340,500 4. Declared stock dividends $55,500 Determine the retained earnings balance at the end of the year. Retained earnings Click If you would like to show Work for this questions on Show Work LINK...
Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was $1,692,900, and cash dividends declared and paid during 2020 totaled $81,700. Prepare a retained earnings statement for the year ended December 31 2020. Assume an error was discovered: land costing $88,590 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) BRAMBLE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings,...
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