The following information is available for Amos Company for the
year ended December 31, 2017.
A)...
The following information is available for Amos Company for the
year ended December 31, 2017.
A) Balance of retained earnings, December 31, 2016, prior to
discovery of error, $851,000.
B) Cash dividends declared and paid during 2017, $20,000.
C) It neglected to record 2015 depreciation expense of $46,600,
which is net of $6,600 in tax benefits.
D) The company earned $221,000 in 2017 net income.
Prepare a 2017 statement of retained earnings for Amos Company.
(Amounts to be deducted should...
Information from the financial records is presented in the
following table:
Retained earnings, December 31, 2014...
Information from the financial records is presented in the
following table:
Retained earnings, December 31, 2014
$400,000
Retained earnings, December 31, 2013
250,000
Dividends payable, December 31, 2014
20,000
Dividends payable, December 31, 2013
30,000
Net income for 2014
200,000
There were no retained earnings transactions other than those
dealing with dividends and net income. What were total dividends
declared during 2014?
How much cash was paid for dividends during 2014?
Retained Earnings Statement Rolt Company began 2016 with a
$145,000 balance in retained earnings. During the...
Retained Earnings Statement Rolt Company began 2016 with a
$145,000 balance in retained earnings. During the year, the
following events occurred: The company earned net income of
$90,000. A material error in net income from a previous period was
corrected. This error correction increased retained earnings by
$10,150 after related income taxes of $4,350. Cash dividends
totaling $12,500 and stock dividends totaling $19,500 were
declared. One thousand shares of callable preferred stock that
originally had been issued at $105 per...
Anderson Corporation had a credit balance of $43,000 in its
Retained Earnings account on December 31,...
Anderson Corporation had a credit balance of $43,000 in its
Retained Earnings account on December 31, 2018. Net income of
$6,000 was reported on its income statement for the year ended
December 31, 2019. Dividends in the amount of $5,625 were declared
on December 31, 2018; the dividends are payable to the company's
stockholders on February 1, 2019. The balance in its Retained
Earnings account on December 31, 2019 equals _____.
On December 31, 2016, Ditka Inc. had Retained Earnings of
$270,800 before its closing entries were...
On December 31, 2016, Ditka Inc. had Retained Earnings of
$270,800 before its closing entries were prepared and posted.
During 2016, the company had service revenue of $171,100 and
interest revenue of $82,800. The company used supplies in the
amount of $89,400, advertising expenses were $16,700, salaries and
wages totaled $18,750, and income tax expense was calculated as
$14,300. During the year, the company declared and paid dividends
of $6,300.
a.
Prepare the closing entries dated December 31, 2016. (If...
On December 31, 2016, Ditka Inc. had Retained Earnings of
$272,800 before its closing entries were...
On December 31, 2016, Ditka Inc. had Retained Earnings of
$272,800 before its closing entries were prepared and posted.
During 2016, the company had service revenue of $173,100 and
interest revenue of $83,800. The company used supplies in the
amount of $90,400, advertising expenses were $16,900, salaries and
wages totaled $19,050, and income tax expense was calculated as
$14,700. During the year, the company declared and paid dividends
of $6,500.
Required:
a.
Prepare the closing entries dated December 31, 2016....
Waterway Corporation
Balance Sheet
December 31, 2016 and December 31, 2017
2016
Dr.
Cr.
2017
Assets...
Waterway Corporation
Balance Sheet
December 31, 2016 and December 31, 2017
2016
Dr.
Cr.
2017
Assets
Cash
$120,900
$274,350
Accounts Receivable
286,750
279,000
Inventory
185,000
185,000
Investments
114,700
80,600
Equipment
372,000
461,900
Accummulated Depreciation
(137,950)
(164,300)
Total
$941,400
$1,116,550
Liabilities and Stockholders' Equity
Accounts Payable
$234,050
$207,700
Bonds Payable
185,000
130,000
Common Stock
248,000
303,000
Retained Earnings
274,350
475,850
Total
$941,400
-
-
$1,116,550
Additional Information:
1. Net income for 2017
$248,000
2. Investments were sold at a loss of...
January 1, 2017, Assembly System Corporation's Retained Earnings
account had a balance of $675,000. During 2017,...
January 1, 2017, Assembly System Corporation's Retained Earnings
account had a balance of $675,000. During 2017, cash dividends of
$25,000 and stock dividends with a market value of $55,000 were
declared and distributed. Assembly System Corporation had a net
loss of $5,000 in 2017. What is the balance in Retained Earnings
that would appear on Assembly System Corporation's statement of
shareholders' equity on December 31, 2017
WINDSOR INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2017 AND 2016
December 31
Debit...
WINDSOR INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2017 AND 2016
December 31
Debit Accounts
2017
2016
Cash
$42,200
$33,900
Accounts Receivable
71,100
60,200
Inventory
30,100
24,100
Equity investments
22,500
38,700
Machinery
29,900
18,900
Buildings
67,800
56,400
Land
7,600
7,600
$271,200
$239,800
Credit Accounts
Allowance for Doubtful Accounts
$2,200
$1,500
Accumulated Depreciation—Machinery
5,700
2,300
Accumulated Depreciation—Buildings
13,600
9,000
Accounts Payable
34,700
24,500
Accrued Payables
3,500
2,600
Long-Term Notes Payable
21,100
30,700
Common Stock, no-par
150,000
125,000
Retained Earnings...
Rolt Company began 2016 with a $130,000 balance in retained
earnings. During the year, the following...
Rolt Company began 2016 with a $130,000 balance in retained
earnings. During the year, the following events occurred: The
company earned net income of $76,000. A material error in net
income from a previous period was corrected. This error correction
increased retained earnings by $10,360 after related income taxes
of $4,440. Cash dividends totaling $11,000 and stock dividends
totaling $18,500 were declared. One thousand shares of callable
preferred stock that originally had been issued at $105 per share
were recalled...