Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the from FIFO to LIFO which had resulted in a net of tax year, the company changed its inventory method 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30%

Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the from FIFO to LIFO which had resulted in a net of tax year, the company changed its inventory method 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?
Swifty Co. reports the following information for 2020: sales revenue $768,300, cost of goods sold $516,000, operating expenses $85,000, and an unrealized holding loss on available-for-sale debt securities for 2020 of $60,700. It declared and paid a cash dividend of $12,070 in 2020.Swifty Co. has January 1, 2020, balances in common stock $358,200; accumulated other comprehensive income $88,500; and retained earnings $91,950. It issued no stock during 2020. (Ignore income taxes.)Prepare a statement of stockholders’ equity.
The following information relating to the year ending 30 June 2023 for Penrith Ltd has been obtained from the company's records. Profit for year before further adjustments and tax Retained earnings (1 July 2022) General reserve Revaluation surplus Interim dividend paid Development costs Share Capital $33 000 5 500 3 000 increase the general reserve by $1000 2 500 5 000 4. provide for an estimated tax expense and current tax liability of $7500 on 2022-23 profita 3 500 100 000 On 30 June 2023, the directors decided to: 1. recommend a final cash dividend of $7000, to be ratified by shareholders at the Annual General Meeting to be paid on 15 August 2023. 2. write off development costs 3.
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 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $ 25,000 Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000 Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021) $100,000 Effective tax rate 20% Instructions a. Prepare a 2020 retained earnings statement for Eddie Zambrano Corporation. b. Assume Eddie Zambrano Corporation restricted retained earnings in the amount of $70,000 on December 31, 2020. After this action, what would Zambrano report as total retained earnings in its December 31, 2020, balance sheet?
The following are partial income statement account balances taken from the December 31, 2024, year - end trial balance of White and Sons, Incorporated: restructuring costs, $ 450,000; interest revenue, $55,000; before - tax loss on discontinued operations, $550,000; and loss on sale of investments, $65,000. Income tax expense has not yet been recorded. The income tax rate is 25 % . Prepare the lower portion of the 2024 income statement beginning with $875, 000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 150,000 shares of common stock outstanding throughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.
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On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020? Select the correct answer. a. $152,443 b. $152,328 c. $152,500 d. $152,385 e. $152,270
On January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected transactions. 1. 2. 3. 4. Declared and paid cash dividends $126,000. Corrected overstatement of 2021 net income because of inventory error $43,000. Earned net income $348,000. Declared and paid stock dividends $63,000. Determine the retained earnings balance at the end of the year. Retained earnings $
The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; before-tax loss on discontinued operations, $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with $800,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year.
The following is information for Concord Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,450,000 40,000 Concord Corp. Statement of Financial Performance 5,000 870,000 72,500 46,000 25,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land Dividends declared The effective tax rate is 35% on all items. Concord prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. $76,000 25,000 53,000 980,000 58,000 43,000 Prepare a multiple-step statement of financial performance for 2020, showing expenses by function. Ignore calculation of EPS.
Presented below is X Corporation's selected data for 2020: Retained earnings January 1,2020 Pretax Income Stock dividends declared During the year. the company changed its inventory method from FIFO to LIFO which had resulted in a pretax increase in income by Cash divideds declared During 2020. the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of. $6.000,000 2,000,000 330.000 40.000 225.000 70,000 Tax rate 30%