FIN + MANAG ACCT (LL) W/CONNECT (YEAR)
9th Edition
ISBN: 9781265202149
Author: Wild
Publisher: MCG
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Chapter 11, Problem 16E
To determine
Introduction: The amount of net income that remains for the company after dividend payments to shareholders is known as
The balance of retained earnings as of December 31
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uscan Incorporated had a retained earnings balance of $72,000 at December 31 of the prior year. In the current year, Tuscan reported the following results.
Reported net income of $112,000.
Cash dividends of $45,000 declared and paid.
Tuscan discovered this year that it made a math error three years ago; to correct for this, $24,000 (net of tax) must be added to the current year’s beginning retained earnings balance.
Revised an estimate of a machine’s salvage value. Depreciation increased by $2,200 per year.
Calculate the retained earnings balance at December 31 of the current year. (Amounts to be deducted should be indicated with a minus sign.)
TUSCAN INCORPORATED
Statement of Retained Earnings
For Current Year Ended December 31
Prior Period Adjustment
0
On January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected
transactions.
1.
2.
3.
4.
Declared and paid cash dividends $126,000.
Corrected overstatement of 2021 net income because of inventory error $43,000.
Earned net income $348,000.
Declared and paid stock dividends $63,000.
Determine the retained earnings balance at the end of the year.
Retained earnings $
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
$
$
Chapter 11 Solutions
FIN + MANAG ACCT (LL) W/CONNECT (YEAR)
Ch. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QS
Ch. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 16QSCh. 11 - Prob. 17QSCh. 11 - Prob. 18QSCh. 11 - Prob. 19QSCh. 11 - Prob. 20QSCh. 11 - Prob. 21QSCh. 11 - Prob. 22QSCh. 11 - QS 11-15 Basic earnings per share A1
Epic company...Ch. 11 - Prob. 24QSCh. 11 - Prob. 25QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Prob. 20ECh. 11 - Prob. 21ECh. 11 - Prob. 22ECh. 11 - Prob. 23ECh. 11 - Prob. 24ECh. 11 - Prob. 1PSACh. 11 - Prob. 2PSACh. 11 - Prob. 3PSACh. 11 - Prob. 4PSACh. 11 - Prob. 1PSBCh. 11 - Prob. 2PSBCh. 11 - Prob. 3PSBCh. 11 - Prob. 4PSBCh. 11 - Prob. 5PSBCh. 11 - Prob. 11SPCh. 11 - Prob. 1.1AACh. 11 - Prob. 1.2AACh. 11 - Prob. 1.3AACh. 11 - Prob. 1.4AACh. 11 - Prob. 1.5AACh. 11 - Prob. 2.1AACh. 11 - Prob. 2.2AACh. 11 - Prob. 2.3AACh. 11 - Prob. 2.4AACh. 11 - Prob. 3.1AACh. 11 - Prob. 3.2AACh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - List the general rights of common stockholders.Ch. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 1BTNCh. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 5BTN
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