The following information has been taken from the ledger accounts of Flint Corporation. Total income since incorporation $292,000 Total cash dividends paid 55,000 Total value of stock dividends distributed 31,000 Gains on treasury stock transactions 16,000 Unamortized discount on bonds payable 29,000 Determine the current balance of retained earnings.
The following information has been taken from the ledger accounts of Flint Corporation.
| Total income since incorporation | $292,000 | |
| Total cash dividends paid | 55,000 | |
| Total value of stock dividends distributed | 31,000 | |
| Gains on treasury stock transactions | 16,000 | |
| Unamortized discount on bonds payable | 29,000 |
Determine the current balance of retained earnings.
Expert Answer
Related Accounting Q&A
Q: In 2020, Bailey Corporation discovered that equipment purchased on January 1, 2018, for $50,000 was ...
A: Pass necessary rectification entries in the books of Bailey Corporation.
Q: Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2016....
A: Prepare amortization schedule for the lessee-Company EL.
Q: Identify and explain the major steps involved in preparing the statement of cash flows.
A: Click to see the answer
Q: Balanced scorecard, social performance. Comtex Company provides cable and Internet services in the g...
A: 1.No, the strategy to reduce costs and improve quality and profitability is not implemented successf...
Q: Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2016 decid...
A:
Q: Lenexa State Bank has followed the practice of capitalizingcertain marketing costs and amortizing th...
A: Accounting policy: Accounting policy is a set of rules, regulations, principles and procedures follo...
Q: What action is required when it is discovered that a five-year insurance premium payment of $50,000 ...
A: Click to see the answer
Q: With regard to the correction of accounting errors, what is the difference between U.S. GAAP and IFR...
A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring...
Q: Reporting earnings per share Return to the ABC data in Short Exercise S13-12. ABC had 8,000 shares o...
A: Income statement is a financial statement that shows the net income earned or net loss suffered by a...
