The following is the retained earnings account for the year 2019 for Acadian Corp. Instructions a. Prepare
Question:
Instructions
a. Prepare a corrected retained earnings statement. (Ignore income tax effects.) FIFO inventory was used in 2019 to compute net income.
b. State where the items that do not appear in the corrected retained earnings statement should be shown.
Transcribed Image Text:
$257,600 Retained earnings, January 1, 2019 Add: $41,200 Gain on sale of investments 84,500 Net income Refund on litigation with government 21,600 Recognition of income earned in 2018, but omitted from income statement in that year 25,400 172,700 430,300 Deduct: Loss on discontinued operations 35,000 Write-off of goodwill 60,000 Cumulative effect on income of prior years in changing from average-cost to FIFO inventory valuation in 2019 23,200 Cash dividends declared 32,000 150,200 $280,100 Retained earnings, December 31, 2019
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (9 reviews)
a ACADIAN CORP Retained Earnings Statement For the Year Ended December 31 2019 Retained earnings ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Managerial Accounting questions
-
Below is the Retained Earnings account for the year 2012 for Acadian Corp. Instructions(a) Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type...
-
During the year ended 30 June 2016, the directors of Cooma Ltd paid a final dividend out of retained earnings of $60 000, which had been recommended at the end of the previous financial year. They...
-
The post-closing trial balance of Dold Corporation at December 31, 2010, contains the following stockholders equity accounts. Preferred Stock (15,000 shares issued) ......... $ 750,000 Common Stock...
-
Lombard Ltd has been offered a contract for which there is available production capacity. The contract is for 20,000 identical items, manufactured by an intricate assembly operation, to be produced...
-
Using the parallel-axis theorem, determine the product of inertia of the area shown with respect to the centroidal x and y axes. 120 mm 120 inm
-
The April 30, 2020, bank statement for Comet Company showed a cash balance of $7,582. The Cash account in the companys general ledger (G/L), according to the companys records on April 30, had a...
-
How often should performance appraisals be conducted?
-
You have recently been hired by Swan Motors, Inc. (SMI), in its relatively new treasury management department. SMI was founded 8 years ago by Joe Swan. Joe found a method to manufacture a cheaper...
-
Last year, Dixon Company produced 11,000 units and sold 9,000 units. The company had no beginning inventory Dixon incurred the following costs: Direct materials per unit Direct labor per unit...
-
Stacy Ennis eats lunch at a local restaurant two or three times a week. In selecting a restaurant on a typical workday, Stacy uses three criteria. First is to minimize the amount of travel time,...
-
Presented below is a combined income and retained earnings statement for Sapporo Ltd. for 2019 (amounts in thousands). Additional facts are as follows. 1. "Selling, general, and administrative...
-
Wade NV has 150,000 ordinary shares of outstanding. In 2019, the company reports income before income tax of 1,210,000. Additional transactions not considered in the 1,210,000 are as follows. 1. In...
-
Write an if-else statement that assigns 0 to x when y is equal to 10. Otherwise, it should assign 1 to x.
-
:Why is the following program fragment? explain breifly O(N) for: for(i = 0; i
-
Let P(x) denote "x + 225", find the truth values for the following compound propositions: a) b) c) P (1) V P(-2) P (4) AP (3) P (X) VP (2)
-
You are a bookkeeper at a medium-sized manufacturing company called XYZ Manufacturing Pty Ltd. The company has been growing steadily over the past few years, and as a result, the number of fixed...
-
Suppose a program consists of 40% floating point multiply instructions, 30% floating point divide instructions, and the remaining 30% are other instructions. In the latest processor manufactured by...
-
The density of Si is 2.3 g/cm. Assume you are making square mc-Si wafers, 15 x 15 cm, 180 m thick, leading to solar cells of 16% efficiency (assume wafers have 16% efficiency also). Assume 150 m kerf...
-
What responsibilities do supervisors have to each of these groups?
-
A circular concrete shaft liner with Youngs modulus of 3.4 million psi, Poissons ratio of 0.25, unconfined compressive strength 3,500 psi and tensile strength 350 psi is loaded to the verge of...
-
Explain the iGAAP reporting guidelines for items recognized in comprehensive income but that do not affect net income.
-
Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material. (a) Blair Co. has reported a positive trend in earnings...
-
Brett Favre Repair Shop (a sole proprietorship) had the following transactions during the first month of business. Journalize the transactions. (Omit explanations.) Aug. 2 Invested $12,000 cash and...
-
Martinez Company buys merchandise on account from Marigold Company for $592. Martinez sells the goods to Ellis for $900 cash. Use a tabular summary to record the transactions for Martinez Company...
-
The section has tension and compression steel reinforcement. When the neutral axis depth is at infinity, c = , the section is in uniform compression, all points on the section have 0.003 compressive...
-
The Big Choo Choo Company (BCCC) owns a rail line from the town of Isolated to the coastal port of Notso. It cost them $20 million to build the rail line in 2016. It is now 2023. The Small Gold...
Study smarter with the SolutionInn App