The following extract is from the statement of profit or loss of Gearing Co for the year ended 30 April 20X8. $ 68,000 (32,000) 36,000 Profit before tax Тах Profit for the year In addition to the profit above: Gearing Co paid a dividend of $21,000 during the year. A gain on revaluation of land resulted in a surplus of $18,000. 1 2 What total amount will be added to retained earnings at the end of the financial year?

The following extract is from the statement of profit or loss of Gearing Co for the year ended 30 April 20X8. $ 68,000 (32,000) 36,000 Profit before tax Тах Profit for the year In addition to the profit above: Gearing Co paid a dividend of $21,000 during the year. A gain on revaluation of land resulted in a surplus of $18,000. 1 2 What total amount will be added to retained earnings at the end of the financial year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 5RE: Bloom Company had beginning unadjusted retained earnings of 400,000 in the current year. At the...

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
Bloom Company had beginning unadjusted retained earnings of 400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) of this change was 28,000. In addition, Bloom earned net income of 150,000 and paid dividends of 30,000 in the current year. Prepare Blooms retained earnings statement for the current year.