The records of Flint Corp. for calendar 2023 reflected the following correct pre-tax amounts: gain from...
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The records of Flint Corp. for calendar 2023 reflected the following correct pre-tax amounts: gain from discontinued operations, $43,000; cash dividends declared and paid, $38,700; retained earnings, January 1, 2023, $236,500, correction of accounting error, $30,100 debit; income before income taxes and before discontinued operations, $141,900. The average income tax rate of 40% applies to all items except the dividends. Calculate the December 31, 2023 ending balance of retained earnings. The records of Flint Corp. for calendar 2023 reflected the following correct pre-tax amounts: gain from discontinued operations, $43,000; cash dividends declared and paid, $38,700; retained earnings, January 1, 2023, $236,500, correction of accounting error, $30,100 debit; income before income taxes and before discontinued operations, $141,900. The average income tax rate of 40% applies to all items except the dividends. Calculate the December 31, 2023 ending balance of retained earnings.
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Related Book For
Intermediate Accounting Volume 1
ISBN: 9781119740469
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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