4. An entity provided the following information on December 31, 2015: Total reported income since incorporation 1,700,000 Total cash dividends paid ( 800,000) Unrealized holding loss on trading investment ( 120,000) Total share dividends distributed ( 200,000) Prior period adjustment recorded January 1, 2015 - credit 75,000 What amount should be reported as retained earnings on December 31, 2015

4. An entity provided the following information on December 31, 2015: Total reported income since incorporation 1,700,000 Total cash dividends paid ( 800,000) Unrealized holding loss on trading investment ( 120,000) Total share dividends distributed ( 200,000) Prior period adjustment recorded January 1, 2015 - credit 75,000 What amount should be reported as retained earnings on December 31, 2015

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 17PB: Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings...

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Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000
Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).
An entity provided the following information on December 31, 2025: 200,000 Retained earnings unappropriated, January 1 Overdepreciation of 2014 due to prior period error Net income for 2015 100,000 1,300,000 300,000 Retained earnings appropriated for treasury shares (original balance is P500,000 but reduced by P200,000 by reason of reissuance of the treasury shares) Retained earnings appropriated for contingencies 800,000 (beginning balance P700,000 but increased by current appropriation of P100,000) Cash dividends paid to shareholders 500,000 Change in accounting policy from FIFO to average - credit 150,000 adjustment What is the balance of unappropriated retained earnings on December 31, 2025?
The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
5. An entity provided the following data for the year ended December 1, 2019: Retained earnings unappreciated, January 1 P2 000 000 Overdepreciation of 2018 due to prior period, net of tax 400 000 Net Income 3 000 000 Retained earnings appreciated for treasury shares (original balance is P500 000 but reduced by P200 000 by reason of reissuance of the treasury shares) Retained earnings appropriated for contingencies (beginning balance P700 000 but increased by current appreciation of P100 000) Cash dividends paid to shareholders Change in accounting policy from FIFO to a average-credit, net of tax • What is the balance of unappreciated retained earnings on December 31, 2019?
The following financial information was extracted from the accounting records of Eytan Ltd for the year end 30 June 2021: Issued share capital Authorised share capital Sales (Turnover) Gross margin on sales percentage Total asset turnover Return on total assets after interest and tax Net working capital Current ratio Acid test ratio Current liabilities (including Dividends payable) Debt to equity ratio (using interest bearing debt) Retained earnings at the beginning of the year Dividends proposed and paid Notes 500 Class A (Ordinary shares of R1 each) 500 000 Class A (Ordinary shares of R1 each) R100 000 15% 1.60 : 1 11.52 % R30 000 2.5:1 1.3:1 R20 000 0.55 : 1 (55%) R22 000 R4.40 per Class A share 1. Taxation is calculated at 28 % of Net Profit before Taxation. 2. Interest expense is 27.78 % of Net Profit after Taxation. REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as at 30 June 2021. You are required to provide only the details which…
Blossom Ltd. reported the following balances at January 1, 2023: Common shares Retained earnings Accumulated other comprehensive income $355,000 67,200 68,200 During the year Blossom earned net income of $297,000 and generated other comprehensive income of $61,300. Prepare a statement of changes in shareholders' equity for the year ended December 31, 2023.
The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 2017, 20Y6, and 2015: December 31 Total assets Notes payable (8% interest) Common stock Preferred 4% stock, $100 part (no change during year) 20Y7 $204,000 70,000 28,000 14,000 20Y6 $184,000 70,000 28,000 14,000 73,380 Retained earnings 51,840 42,000 The 2017 net income was $22,100, and the 20Y6 net income was $10,400. No dividends on common stock were declared between 20Y5 and 2017. Preferred dividends were declared and paid in full in 2016 and 20Y7. a. Determine the return on total assets, the rate earned on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. When required, round to one decimal place. 20Y7 20Y6 Return on total assets Return on stockholders' equity Return on common stockholders' equity b. The profitability ratios indicate that Vidahill Inc.'s profitability has % % 20Y5 $164,000 70,000 28,000 % 14,000 M % % Since the rate…
1. As of December 31, 2019, XYZ Company reported assets of $7,400,000, liabilities of $2,200,000, share capital of $1,980,000 and retained earnings of $3,220,000. What is Total equity reported on the statement of financial position as of that date?
An entity provided the following data for the year ended December 31, 2015: Retained earnings unappropriated, January 1----------200,000 Overdepreciation of 2014 due to prior period error----------100,000 Net income for 2015----------1,300,000 Retained earnings appropriated for treasury shares (original balance is P500,000 but reduced by P200,000 by reason of reissuance of the treasury shares) ----------300,000 Retained earnings appropriated for contingencies (beginning balance P700,000 but increased by current appropriation of P100,000)----------800,000 Cash dividends paid to shareholders----------500,000 Change in accounting policy from FIFO to average - credit adjustment----------150,000 What is the balance of unappropriated retained earnings on December 31, 2015? a. 1,150,000 b. 1,350,000 c. 1,950,000 d. 1,750,000
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.