Black Bulls Company reported a Retained Earnings balance of P150,000 on December 31, 2014. The following occurred during 2015: Net income was P85,000 Dividends declared and paid was P60,000 An error on the 2013 depreciation expense revealed understatement of P25,000. Tax rate is 25%. How much should be presented as the correct beginning balance of the Retained Earnings account for 2022? How much should be presented as the ending balance of the Retained Earnings account for 2022?

The comparative statement of financial position for Cullumber Corporation shows the following noncash current asset and liability accounts at March 31:     2018   2017   Accounts receivable   $61,000   $43,000   Inventory   70,000   64,000   Accounts payable   35,000   43,000   Dividends payable   1,400   2,300   Cullumber’s income statement reported the following selected information for the year ended March 31, 2018: net income was $280,000, depreciation expense was $60,000, and a loss on the disposal of land was $18,000. Cullumber uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER CORPORATIONStatement of Cash Flows (Partial)-Indirect Method                                                            Operating activities…

(Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2017. Check the following image for balance sheet The following information is presented.1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned rent revenue $5,000. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value.2. The investments section includes the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term $80,000 and long-term $270,000; and bond sinking fund $250,000. The cost and fair value of investments in common stock are the same.3. Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000.4. Intangible assets include a franchise…

Black Bulls Company reported a Retained Earnings balance of P150,000 on December 31, 2014. The following occurred during 2015: Net income was P85,000 Dividends declared and paid was P60,000 An error on the 2013 depreciation expense revealed understatement of P25,000. Tax rate is 25%. How much should be presented as the ending balance of the Retained Earnings account for 2022?

Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was $1,434,800, and cash dividends declared and paid during 2020 totaled $81,300. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,800 (net of tax) was charged to maintenance and repairs expense in 2019.

Allen Company's 2019 income statement reported total revenues, $860,000 and total expenses (including $41,000 depreciation) of $730,000. The company's accounting records showed the following: accounts receivable-beginning balance, $51,000 and ending balance, $40,900; accounts payable -beginning balance, $23,000 and ending balance, $28,900. Therefore, based only on this information, how much was the 2019 net cash provided by operating activities? Multiple Choice $125,800. $175,200. $187,000. $166,800.

Ocean Ltd recorded an accounting profit before tax of $50,000 for the year ended 30 June 2020. Included in the accounting profit were the following income and expenses: Rent revenue Interest revenue Bad debts expense An extract of the Statement of Financial Position for 30 June 2020 revealed the following: Accounts receivable Allowance for doubtful debts Interest receivable Rent Revenue in Advance $46,000 $28,000 $34,000 The company tax rate is 30%. 2020 $96,000 ($44,000) $40,000 $22,000 2019 $56,000 ($18,000) $24,000 $38,000 Required: Calculate taxable income (loss) and record the necessary journal entry for current income tax expense for the year ended 30 June 2020.

On January 1, 2024, Blossom Corporation had retained earnings of $600,000. During the year, Blossom had the following selected transactions: 1. 2. 3. 4. 5. Declared and paid cash dividends, $245,000. Earned profit before income tax, $750,000. Corrected a prior period error of $85,000, before income tax, which resulted in an understatement of profit in 2023. Reacquired 20,000 common shares for $50,000 more than the original issue price. This was the first time the company had ever reacquired its own shares. Completed a 3-for-1 stock split of the common shares. Blossom has a 25% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2024. (List items that increase adjusted retained earnings first.) BLOSSOM CORPORATION Statement of Retained Earnings $ $

Portions of the financial statements for Parnell Company are provided below.  PARNELL COMPANYIncome StatementFor the Year Ended December 31, 2018($ in 000s)   Revenues and gains:             Sales $ 840         Gain on sale of buildings   12   $ 852   Expenses and loss:             Cost of goods sold $ 320         Salaries   124         Insurance   44         Depreciation   127         Interest expense   54         Loss on sale of machinery   11     680   Income before tax         172   Income tax expense         86   Net income       $ 86       PARNELL COMPANYSelected Accounts from Comparative Balance SheetsDecember 31, 2018 and 2017($ in 000s)   Year         2018     2017   Change Cash $ 142   $ 96   $ 46   Accounts receivable   332     212     120   Inventory   317     433     (116 ) Prepaid insurance   62     96     (34 ) Accounts payable   218     113     105   Salaries payable   110     89     21   Deferred income tax…