Tigress Manufacturing had beginning retained earnings of $650,000. During the year, Tigress paid cash dividends of $70,000 to preferred stockholders and $55,000 to common stockholders. Net income for the year was $340,000. Required: 1. Reproduce the Retained Earnings T-account for the year starting with the beginning balance. Retained Earnings Beginning balance fill in the blank e10d4df99074f8a_1 Preferred dividends fill in the blank e10d4df99074f8a_2 Common dividends fill in the blank e10d4df99074f8a_3 Net income fill in the blank e10d4df99074f8a_4 Ending balance fill in the blank e10d4df99074f8a_5 2. Determine what Tigress's ending retained earnings is assuming that during the year it discovers that net income was overstated by $13,000 in prior years due to an error. The error was corrected and the current year's net income is correct. Ending Retained Earnings $fill
Tigress Manufacturing had beginning retained earnings of $650,000. During the year, Tigress paid cash dividends of $70,000 to preferred stockholders and $55,000 to common stockholders. Net income for the year was $340,000. Required: 1. Reproduce the Retained Earnings T-account for the year starting with the beginning balance. Retained Earnings Beginning balance fill in the blank e10d4df99074f8a_1 Preferred dividends fill in the blank e10d4df99074f8a_2 Common dividends fill in the blank e10d4df99074f8a_3 Net income fill in the blank e10d4df99074f8a_4 Ending balance fill in the blank e10d4df99074f8a_5 2. Determine what Tigress's ending retained earnings is assuming that during the year it discovers that net income was overstated by $13,000 in prior years due to an error. The error was corrected and the current year's net income is correct. Ending Retained Earnings $fill
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9E
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Tigress Manufacturing had beginning retained earnings of $650,000. During the year, Tigress paid cash dividends of $70,000 to preferred stockholders and $55,000 to common stockholders. Net income for the year was $340,000.
Required:
1. Reproduce the Retained Earnings T-account for the year starting with the beginning balance.
Retained Earnings | |||
---|---|---|---|
Beginning balance | fill in the blank e10d4df99074f8a_1 | ||
Preferred dividends | fill in the blank e10d4df99074f8a_2 | ||
Common dividends | fill in the blank e10d4df99074f8a_3 | ||
Net income | fill in the blank e10d4df99074f8a_4 | ||
Ending balance | fill in the blank e10d4df99074f8a_5 |
2. Determine what Tigress's ending retained earnings is assuming that during the year it discovers that net income was overstated by $13,000 in prior years due to an error. The error was corrected and the current year's net income is correct.
Ending Retained Earnings $fill
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