i have completed this in excel but would like to compare my answers 6. In 2019, the first year of operations for KickJoe Co., the company reported net incomeof $18,000 and declared and paid dividends of $5,600. No other items affectedretained earnings in 2019. On December 31, 2019, the company had the followingbalances in stockholders' equity accounts (other than retained earnings): commonstock, $40,000 credit balance; accumulated other comprehensive income, $2,000debit balance.During 2020, the company reported net income of $35,200, declared and paiddividends of $8,000, and reported a foreign currency translation gain of $3,400 (aftertax). Also in 2020, the company discovered that its 2019 depreciation expense wasunderstated by $4,000 before taxes and the amount is material to the-company. Assume a tax rate of 25%.Yool75)Requireda. Prepare a statement of stockholders' equity for KickJoe Co. for the year endedDecember 31, 2020.b. Prepare a separate statement of retained earnings for the year ended December31, 2020.

a. Net income was over stated in 2019. So we correct it in 2020 by reducing it by the understated…

Answered: a. Prepare a statement of stockholders'…

a. Prepare a statement of stockholders' equity for KickJoe Co. for the year ended December 31, 2020. b. Prepare a separate statement of retained earnings for the year ended December 31, 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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