Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Required: Prepare a statement of retained earnings for the year ended December 31, 2016. Landon Corporation Statement of Retained Earnings For the Year Ended December 31, 2016 Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Required: Prepare a statement of retained earnings for the year ended December 31, 2016. Landon Corporation Statement of Retained Earnings For the Year Ended December 31, 2016
Expert Answer:
Answer rating: 100% (QA)
Particulars Amount Retained earning as on Jan 02 2014 0 A... View the full answer
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
Landon Corporation was organized on January 2, 2008, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased...
-
Landon Corporation was organized on January 2, 2010, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased...
-
The Fly Right Travel Agency was organized on January 1, 2010, by Joe Kirkpatrick. Joe is a good manager but a poor accountant. From the trial balance prepared by a parttime bookkeeper, Joe prepared...
-
You are the Accounts Clerk for B2B Enterprises.You have been asked to complete the banking questions and bank reconciliation tasks below.To Do all tasks, the B2B EnterprisesOrganisationalPolicies and...
-
Jamie is considering leaving her current job, which pays $ 75,000 per year, to start a new company that develops applications for smart phones. Based on market research, she can sell about 50,000...
-
Cloverdale Pecan Company is one of the countrys largest processors of pecans. Located in a medium-size southern town, it employs approximately 1,350 people. Although Cloverdale owns a few pecan...
-
The relation between a bond's coupon rate and yield rate is known to influence a bond's issuance price. Presented below are coupon rates and yield rates for a selection of corporate bonds. Identity...
-
Be Sands purchased the business Regional Supply Co. for $285,000 cash and assumed all liabilities at the date of purchase. Regional's books showed assets of $280,000, liabilities of $40,000, and...
-
What amount should you invest now if you want to receive payments of $ 2 , 4 5 0 at the beginning of each month for ten years with the receipt of the first payment two years from now? Assume that...
-
On July 1, 2016, Hargrove Corporation issued a 2-year note with a face value of $4,000,000 and a fixed interest rate of 9%, payable on a semiannual basis. On January 15, 2017, the company entered...
-
Suppose a company's profit (in dollars) is given by 0.3x - 5,800, P(x) = 250x where x is the number of units. Find P'(300). Interpret P'(300). The marginal profit is $ Find P"(300). Interpret...
-
Answer the following #1 Laura is suing Jeffrey for repayment of a $500 loan. Laura lent $500 to Jeffrey 3 months ago, as he was short on money for rent, and he agreed to pay her back within 60 days....
-
Case Two Date: Tuesday January 20, 2020. Plaintiff: Lucy McNeil Defendant: Good Heart Insurance Company The plaintiff, Lucy McNeil was a previous client of the defendant Good Heart Insurance Company...
-
A weightlifter holds a 1 , 1 0 0 N barbell 1 meter above the ground. One end of a 2 - meter - long chain hangs from the center of the barbell. The chain has a total weight of 8 0 0 N . How much work...
-
1. You are an employee who worked for your employer, Epic Healthcare, for many years and you are depending on the pension you will get from Epic for your retirement, explain at least 2 provisions of...
-
You are vice-president and general counsel for Associated Department Stores, Inc., which owns and operates "Schweitzer's," a large department store in your city. Schweitzer's has recently been in the...
-
Reviews the data you obtained in your study, and reports if it supported or refuted your hypothesis. What is this in the APA paper
-
Find the cross product a x b and verify that it is orthogonal to both a and b. a = (t, 1, 1/t), b = (t 2 , t 2 , 1)
-
The following accounts are listed in a companys general ledger. The accountant wants to place the items in order of liquidity on the balance sheet. Accounts Receivable Certificates of Deposit (six...
-
The following events take place at Dillons Delivery Service: 1. Supplies are ordered from vendors who will deliver the supplies within the week. 2. Vendors deliver supplies on account, payment due in...
-
The following information is available from the balance sheets at the ends of the two most recent years and the income statement for the most recent year of Impact Company: Other Information a....
-
Change the type and value of variables in the nutri data set according to Table 1.2 and save the data as a CSV file. The modified data should have eight categorical features, three floats, and two...
-
Visit the UCI Repository https://archive.ics.uci.edu/. Read the description of the data and download the Mushroom data set agaricuslepiota. data. Using pandas, read the data into a DataFrame called...
-
It frequently happens that a table with data needs to be restructured before the data can be analyzed using standard statistical software. As an example, consider the test scores in Table 1. 3 of 5...
Study smarter with the SolutionInn App