What amount should be reported as corrected retained earnings on January 1, 2021?
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Upright Company reported a
a. 4,200,000
b. 4,280,000
c. 4,400,000
d. 4,420,000
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Solved in 3 steps with 3 images
- Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?The following amortization schedule indicates the interest and principal to be repaid on an installment note established January 1, 2021, for a company with a March 31 fiscal year-end. Period 1/1-12/31, Year 1 Interest Expense on Notes Payable $ 560 424 #TITT 286 144 1,414 1/1-12/31, Year 2 1/1-12/31, Year 3 1/1-12/31, Year 4 Total Beginning Notes Payable $ 28,000 21, 207 14, 278 Repaid Principal Ending Notes 7,210 $ 6,793 6,929 7,068 7,210 28,000 Payable $ 21,207 14,278 7,210 Required: 1. Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; (d) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes adjustments at the end…Income Statement, Lower Portion At the beginning of 2019, Cameron Company's retained earnings was $239,400. For 2019, Cameron has calculated its pretax income from continuing operations to be $158,400. During 2019, the following events also occurred: 1. During July, Cameron sold Division M (a component of the company). It has determined that the pretax income from the operations of Division M during 2019 totals $46,800 and that a pretax loss of $47,600 was incurred on the sale of Division M. 2. Cameron had 28,000 shares of common stock outstanding during all of 2019. It declared and paid a $2 per share cash dividend on this stock. Required: Assuming that all the pretax items are subject to a 30% income tax rate: 1. Complete the lower portion of Cameron's 2019 income statement, beginning with "Pretax Income from Continuing Operations." Round earnings per share computations to two decimal places. CAMERON COMPANY Partial Income Statement For Year Ended December 31, 2019 Pretax income from…
- Prepare a retained earnings statement for the year ended December 31, 2021 in proper format: Ladila corporation has retained earnings of P725,825 at January 1, 2021. Net income during the year was P1,800,900, and cash dividends declared and paid during 2021 totaled P98,000.A. D. 30 31 b) At the end of the month, Guthrie had $500 of office remaining 32 33 c) Depreciation on the building is $1,200 34 d) Guthrie pays its employees weekly on Friday. It employees earn $1800 for a five day work week. December 31 falls on a 35 Friday 36 e) On November 20, Guthrie contracted to perform services for a client receiving $3,600 in advance. Guthrie recorded this 37 receipt of cash as Unearned Revenue. As of December 31, Guthrie has $1,600 still unearned. 38 39 Requirement 40 1) Journalize the adjusting entries on December 31 41 2) Using the unadjusted trial balance, open the T Account/ ledger for all the accounts with unadjusted balances. Post the 42 adjusting entries to the ledger accounts. Balance off each account. 44 3) Prepare the adjusted trail balance 46 4) Prepare the income statement 48 5) Prepare the statement of equity 50. 6) Prenare the balance sheetRetained Profits of Green Ltd at 1 July 2019 were $8,000. The accounting records for the year ended 30 June 2020 showed the following information: Credit sales 25,000 Cash collected from customers17,500 Interest earned 500 Expenses incurred 14,600 Cash paid to suppliers 10,300 Dividends declared and paid 6,500 what is Green Ltd’s Retained Profit as at 30 June 2020?
- BT21 Company reported the following account balances on December 31, 2021:· Accounts payable- P1,900,000· Bonds payable - P3,400,000· Premium on bonds payable- P200,000· Deferred tax liability- P400,000· Dividend payable- P500,000· Income tax payable- P900,000· Note payable due January 31, 2022- P600,000On December 31, 2021, what total amount should be reported as current liabilities?Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 ncome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense Current $ Deferred 189000 ncome from Continuing Operations Gain on Discontinued Operations 195000 Less v: -39000 i 156000 let Income / (Loss) $ %24 %24 > >Included in Witt Company’s liability account balance at December 31, 2021 were the following: 14% note payable issued October 1, 2020 maturing September 30, 2022 500,000 16% note payable issued April 1, 2019 maturing April 1, 2022 800,000 Witt’s December 31, 2021 financial statements were issued on March 31, 2022. On January 15, 2022, the entire P800,000 balance of 16% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2022, Witt consummated a noncancelable agreement with the lender to refinance the 14%, P500,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement’s provision. On the December 31, 2021 balance sheet, the amount of the notes payable that Witt should classify as current liability is
- Included in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts Payable $243,100, Pension Liability $378,400, Discount on Bonds Payable $34,200, Unearned Rent Revenue $50,800, Bonds Payable $406,100, Salaries and Wages Payable $28,700, Interest Payable $13,060, and Income Taxes Payable $37,400.Prepare the long-term liabilities section of the balance sheet.Brite Company provided the following information on December 31, 2021: Accounts payable Note payable. 8% unsecured, due July 1, 2023 Accrued expenses Contingent liability Deferred tax liability Bonds payable. 7%, due December 31, 2022 Premium on bonds payable 550.000 4,000,000 350,000 450,000 250.000 5,000.000 500,000 The contingent liability is an accrual for possible loss on a P1,000,000 lawsuit filed against the entity. The legal counsel expects the suit to be settled in 2022 and has estimated that the entity will be liable for damages in the range of P450,000 to P750,000. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2022. What total amount should be reported as current liabilities on December 31.2021? a. 4,900,000 b. 5.350.000 c. 6.400,000 d. 6.850,0005. Soriano's Corporation's liability account balances at June 30, 2020, included a 10% notes payable in the amount of P3,600,000. The note is dated October 1, 2019, and is payable in three equal annual payments of P1,200,000 plus interest. The first interest and principal payment was made on October 1, 2020. In its June 30, 2021 financial statement, what amount should be recorded as accrue interest for this note?
