Presented below is X Corporation's selected data for 2020: Retained earnings January 1 .2020 Pretax Income $6,000,000 2,000,000 330,000 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 dividends declared During 2020, the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of. Таx rate 40.000 225.000 70,000 30%
Q: The changes in account balances of Smile Co. during 2020 are as follows: Assets: P133,500 increase…
A: Net income is the worth which is ascertained by deducting all the operating expenses from the gross…
Q: Presented below is information related to Sheridan Corp. for the year 2020. The information is…
A: Income Statement - It is a financial statement which shows the company's income and expenses over a…
Q: 4. The following items are from the adjusted trial balance of GabAlec. on December 31, 2020, the end…
A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…
Q: At January 1, 2020, Beidler Company reported retained earnings of $2,000,000. In 2020, Beidler…
A: The corrected net income is the difference of the net income and the amount of depreciation after…
Q: The following information pertains to Alpha Computing at the end of 2021: Assets Liabilities Net…
A: Introduction: A dividend is a profit distribution made by a corporation to its shareholders. When a…
Q: On January 1, 2020, Anderson Corporation had retained earnings of $400,000. During 2020, Anderson…
A: Ending retained earnings = Beginning retained earnings + Net income - Dividends
Q: The company is subject to 30% income tax. How much is the net income (net loss) during 2020?
A: 1. Assets: P133,500 increase Liabilities: P40,500 decrease Ordinary share capital: P90,000 increase…
Q: Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current…
A: Horizontal analysis is the analysis made out of the comparison of financial statements for multiple…
Q: Blue Corporation has retained earnings of $689,900 at January 1, 2020. Net income during 2020 was…
A: Retained earnings: Retained earnings are that portion of profits which are earned by a company but…
Q: Kingbird Corporation has retained earnings of $710,000 at January 1, 2020. Net income during 2020…
A: Retained Earnings are the amount of a business's profits left to the company after the distribution…
Q: Take me to the text Marry Inc. provided the following information from its accounting records for…
A: Introduction:- Shares are equity ownership units in a firm. Shares exist as a financial asset for…
Q: V Company provided the following information for the year ended December 31,2019: 2,000,000…
A: Retained Earnings: The accumulated net earnings or profits of a corporation after dividend payments…
Q: RED Corporation's account balances during 2021 showed the following changes, all increases: Assets…
A: Solution Concept Using accounting equation Change in assets =change in liabilities +…
Q: he Kelly Services, Inc., and subsidiaries partial statement s of earnings from its annual report are…
A: Comparative balance sheet used to compare the financial statement of two or more periods. It is…
Q: on january 1 2020 carla vista corporation had retained earnings of 549000 during the year carla…
A: Retained earnings refer to the accumulated portion of the profits of business that is not…
Q: Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for…
A: Earnings per share is the ratio between net income and the outstanding number of shares. EPS = Net…
Q: Nash Corporation had net sales of $2,401,300 and interest revenue of $36,200 during 2020. Expenses…
A: Under Multi-Step Income Statement, All the line items are required to be shown in the specific…
Q: 5. The following pretax amounts are taken from the adjusted trial balance of Boo Inc. on December…
A: Income statement: It is one of the financial statements prepared by an organization. This statement…
Q: Pong Corp has retained earnings of 693.600 at January 1, 2020. Net income during 2020 was 1,546,000,…
A: Retained earnings are the amount which was retained by the organisation after all of its expenses…
Q: Kingbird Corporation had net sales of $2,413,600 and interest revenue of $37,500 during 2020.…
A: An income statement is a part of a financial statement that is prepared to represent the performance…
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020…
A: "Since you have posted multiple questions, we will solve the first question for you. To get the…
Q: Empress Company provided the following data for the current year: Retained earnings, January 1…
A: Income Statement: It is a financial statement that provides businesse's income and expenditures…
Q: &J Corporation has a year-end retained earnings balance of 210000 for 2020. The corporation paid…
A: The beginning balance of retained earnings can be back calculated with the help of net income and…
Q: Jason Woo Corporation began operations on January 1, 2017. During its first 3 years of operations,…
A: Prepare retained earnings statement for Jason Woo Corporation for the year ended December 31, 2020.
Q: Presented below is information related to 2020 for Sheridan Company. Retained earnings, December 31,…
A:
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020…
A: Retained earnings:- Retained earnings are defined as the portion of the profits left with the firm…
Q: For the Year ended December 2019. Alaska company , reported net income of $ 4,200 on revenues of $…
A: Financial ratios show the relationship between two financial items on a balance sheet, income…
Q: The following information relates to Hardin Limited’s year-ended 31 December 2020: The statement…
A: In order to determine the Earning per share, the earning available to the equity shareholders is…
Q: Marigold Corporation had net sales of $2,400,900 and interest revenue of $37,400 during 2020.…
A: Income statement: It tells the net profit / ( loss ) of the company in a particular period All the…
Q: Sunland Co. reports the following information for 2020: sales revenue $753,100, cost of goods sold…
A: The statement of stockholders' equity represents the changes that occurred in the equity held by the…
Q: V Company provided the following information for the year ended December 31,2019: Total assets Share…
A: Retained earnings: These are the accumulated earnings of the company. These earnings were…
Q: Monty Corporation is preparing the comparative financial statements to be included in the annual…
A: After stock dividend shares as of June 1 2019 = 1092000 * 120% = 1310400 After stock dividend shares…
Q: how much is the net income (net loss) for 2020?
A: Assets: P133,500 increase Liabilities: P40,500 decrease Ordinary share capital: P90,000 increase…
Q: Monty Corporation is preparing the comparative financial statements to be included in the annual…
A: After stock dividend shares on June 1 , 2019 = 1092000 * 120% = 1310400 After stock dividend shares…
Q: The following information relates to Hardin Limited's year-ended 31 December 2020: • The statement…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: Matcha Company reported the following changes in all the account balances for 2021, except for…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: Presented below are the comparative income and retained eamings statements for Buffalo Inc. for the…
A: The amount of net profit remaining after dividends have been distributed out to the company's…
Q: Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020.…
A: Windsor Corporation’s condensed multiple-step income statement is prepared as follows:
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020…
A: Solution: Based on the data above, prior period adjustment (related to 2019 depreciation expense)…
Q: Presented below is X Corporation's selected data for 2020: Retained earnings January 1 ,2020…
A: On the adjustment of the prior period item, the retained earnings got increased or decreased. If the…
Q: on january 1 2020 carla vista corporation had retained earnings of 549000 during the year carla…
A: RE stands for Retained Earnings which is defined as the left over amount from the net income of the…
Q: Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for…
A: Earnings per share=Net income (loss)No. of common shares
Q: On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000.…
A: Retained earning means amount of profit remain after all the adjustment of expense and various…
Q: Presented below is X Corporation's selected data for 2020: Retained earnings January 1 ,2020…
A: Retained earnings account is shown on balance sheet under liabilities side. It is accumulated net…
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 Net…
A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…
Q: Bang Company reported a Retained Earnings balance of P150,000 on December 31, 2021. The following…
A: Depreciation expense net of tax = Depreciation expense x (1 - tax rate) = 25000 * (1-0.25) = P18,750
Q: Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020.…
A: Equation: Gross profit = Net sales - Cost of goods sold
Q: Nash Corporation had net sales of $2,416,400 and interest revenue of $33,800 during 2020. Expenses…
A: Single step Income Statement : In this format of income statement, the expenses are not…
Q: Presented below are the comparative income and retained earnings statements for Buffalo Inc. for the…
A: Retained Earnings Retained earning is the part of statement of shareholders equity changes which…
Q: Prepare the consolidated statement of profit or loss of Langsam Berhad for the financial year ended…
A: Consolidated financial statements is defined as the type of financial statement prepared by the…
Step by step
Solved in 2 steps
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Presented 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%Use the following to answer the four questions below: 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 year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax 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% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had
- 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 dividends declared During 2020, the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of Tax rate $6,000,000 2,000,000 330,000 40,000 225.000 70.000 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had O Decreased retained earnings by $40.000 Increased retained earnings by $40000 O Increased retained earnings by $28,000 O None of the abovePresented 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 $6,000,000 2,000,000 330,000 40.000 pretax increase in income by: Cash dividends de clared During 2020. the company discovered that the 2019 depreciation expense were overstated by a net of tax am ount of: Tax rate 225.000 70.000 30% CIEO toUse the following to answer the four questions below: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the from FIFO to LIFO which had resulted in a net of tax year, the company changed its inventory method 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had
- The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 10,000 depreciation expense were overstated by a pretax amount of Tax rate 30% Based on the data above, Retained Earnings at December 31, 2020 was: * $951,920 $952,220 $948,920
- What is the retained earnings balance on January 1,2019 before restatement? AL Company provided the following information for the year ended December 31, 2019 PROFIT 2,000,000 TOTAL ASSESTS 14,950,000 SHARE CAPITAL 5,600,000 SHARE PREMIUM 2,400,000 DIVIDENDS EARNED 1,200,000 PRIOR PERIOD ADJUSTMENT FOR 2018 OVER DEPRECIATION 500,000 The debt to equity ration is 30% at December 31,2019The Kelly Services, Inc., and subsidiaries partial statement s of earnings from its annual report are presented below. 2020 2019 Revenues from services 4314.8 5517.3 Cost of services 3613.1 4539.7 Gross Profit 701.7 977.6 Selling and administrative expense 794.7 967.4 Asset impairments 53.1 80.5 Net earnings (loss) (164.1) (70.3) Prepare a horizontal common size analysis, and comment on the trend.Z Plc reports its net profit for the current year and two previous years in its 2020 annual report. For the periods ended 2020, 2019, and 2018, profits were $8960, $8400, and $8000, respectively. Using this information determine the percentage change in profit from 2018 to 2019. 5% 6.67% 12% 6%