Question

Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of...

Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2016 to $125,320 and to $145,480 during 2017. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.

Prepare a statement of retained earnings for the year ended December 31, 2017.

Landon Corporation
Statement of Retained Earnings
For the Year Ended December 31, 2017
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Landon Corporation

Statement of Retained Earnings for the Year ended December, 2015 :-

Opening Balance (Jan 2,2015 ) $ 0
Add : Net Income $ 85200
Less : Dividend Paid ( 2 * $ 20000) ($ 40000)
Closing Balance ( Dec 31, 2015 ) $ 45200

Statement of Retained Earnings for the Year ended December, 2016 :-

Opening Balance ( Jan 1 , 2016 ) $ 45200
Add : Net Income $ 125320
Less : Dividend Paid ( 2 * $ 20000) ($ 40000)
Closing Balance ( Dec 31, 2016) $ 130520

Statement of Retained Earnings for the Year ended December, 2017 :-

Opening Balance ( Jan 1 ,2017 ) $ 130520
Add : Net Income $ 145480
Less : Dividend Paid ( 2 * $ 20000) ($ 40000)
Closing Balance ( Dec 31,2017 ) $ 236000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of...
Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $97,820. Net income increased during 2016 to $141,840 and to $165,950 during 2017. Landon paid $23,000 in dividends to each of the two stockholders in each of the three years. Required: Prepare a statement of retained earnings for the year ended December 31, 2017.
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...
Problem 18-4 Statement of retained earnings [LO18-5, 18-7] Comparative statements of retained earnings for Renn-Dever Corporation...
Problem 18-4 Statement of retained earnings [LO18-5, 18-7] Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as follows. Problem 18-4 Statement of retained earnings [LO18-5, 18-7] Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31, 2018 2017 2016 Balance at beginning of year $ 7,060,452 $ 5,733,552 $ 5,904,552 Net income (loss) 3,488,700...
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 _____.
Clint’s Stonework Corporation was organized on January 1, 2015. For its first two years of operations,...
Clint’s Stonework Corporation was organized on January 1, 2015. For its first two years of operations, it reported the following: Net income for 2015 $ 31,800 Net income for 2016 42,800 Dividends for 2015 13,300 Dividends for 2016 18,400 Total assets at the end of 2015 131,000 Total assets at the end of 2016 263,000 Common stock at the end of 2015 90,000 Common stock at the end of 2016 90,000 Required: On the basis of the data given, prepare...
Pullman Corporation had retained earnings of $2,100,000 at January 1, 2015. During the year the company...
Pullman Corporation had retained earnings of $2,100,000 at January 1, 2015. During the year the company experienced a net loss of $900,000 and declared cash dividends of $240,000. Determine the retained earnings balance at December 31, 2015. $1,200,000 $2,760,000 $3,000,000 $960,000
Statement of Stockholders’ equity In its December 31, 2016, annual report, Mattel, Inc. reports the following...
Statement of Stockholders’ equity In its December 31, 2016, annual report, Mattel, Inc. reports the following items: ($ thousands) 2016 Retained earnings, December 31, 2015 $3,745,815 Treasury stock, December 31, 2015 (2,494,901) Contributed Capital, December 31, 2015 2,231,239   Net income for 2016 318,022 Treasury Stock, December 31, 2016 (2,426,749) Dividends during 2016 518,478 Stock issued during 2016 962    Prepare the statement of stockholders’ equity for Mattel, Inc. for the year ended December 31, 2016.
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding $ 900,000      Paid-in capital in excess of par value, common stock 70,000      Retained earnings 370,000      Total stockholders’ equity $ 1,340,000   In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2016, 2017, and 2018. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2018 2017 2016 Balance at beginning of year $ 6,851,992 $ 5,497,752 $ 5,654,552 Net income (loss) 3,311,700 2,270,900 (156,800 ) Deductions: Stock dividend (34,000 shares) 245,000 Common shares retired, September 30 (130,000 shares) 215,660 Common stock cash dividends 892,950 701,000 0 Balance at end...
On December 31, 2016, the balance in retained earnings is $20,000. On December 31, 2017, the...
On December 31, 2016, the balance in retained earnings is $20,000. On December 31, 2017, the balance in retained earnings is $19,100. During 2017, dividends of $4,000 were declared and paid. What is the amount of net income for 2017? a) 900 b) 4900 c) 3100 d) (900) C? 19,100 + 4000 - 20,000 = 3100 ?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT