Bright Inc.'s retained earnings increased by $40,000 during 2022. The company declared $60,000 in dividends during the same year. Determine Bright Inc.'s net income or net loss for 2022.
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Determine Bright inc. net income or net loss for 2022 on these financial accounting question
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- Coronado Incorporated had average total assets in 2025 of $6345000. It reported sales for of $8217000 that year. Average liabilities for the year were $5199000. Net income for the year was $958095. What is Coronado' return on assets for 2025? O 15.10 % O 18.43% O 6.52% O 11.66%At December 31, 2022, Cracker Company reported Retained Earnings of $20,000,000. In 2023, Cracker determined that 2021 amortization expense was understated by $1,500,000. In 2023, net income was $6,900,000 and dividends declared were $2,250,000. The company’s tax rate is 20%. Cracker issues comparative income statements and statements of stockholder’s equity for 2022, and 2023. Which of the following statements is true regarding the reporting for this error on Cracker Company’s comparative statements of stockholders’ equity? Answer a. The beginning balance of 2022 retained earnings will be increased for the correction of the error by $1,500,000. b. No adjustment to retained earnings for 2022 or 2023 is necessary because the error occurred in 2021. c. The beginning balance of 2022 retained earnings will be decreased for the correction of the error by $1,200,000. d. The beginning balance of 2023 retained earnings will be decreased for the correction of the…At January 1, 2020, Crane Company reported retained earnings of $1,938,000. In 2020, Crane discovered that 2019 depreciation expense was understated by $387,600. In 2020, net income was $822,000 and dividends declared were $205,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Crane Company. CRANE COMPANY Retained Earnings Statement
- For year 2022, a company reports net operating profit after taxes (NOPAT) of $32,910.4 million. The following additional information is gathered from its financial statements (in millions): End of 2022End of 2021Operating assets$337,052.7$388,934.1Nonoperating assets$18,916.9$20,649.9Operating liabilities$85,432.7$98,300.2Nonoperating liabilities$170,865.6$196,600.0 What was the company’s free cash flows to the firm (FCFF) for year 2022? [ Select ] ["$8,909.0", "$63,293.4", "$71,924.3", "$83,432.2", "$218,709.6"] This questions is multiple choice with the possible answers above.At January 1, 2025, Bramble Company reported retained earnings of $1,801,000. In 2025, Bramble' discovered that 2024 depreciation expense was understated by $360,200. In 2025, net income was $815.000 and dividends declared were $275,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Bramble Company. BRAMBLE COMPANY Retained Earnings Statement SLIf Sunland Company had net income of $354,960 in 2022 and it experienced a 16% increase in net income over 2021, what was its 2021 net income? Net income $
- At January 1, 2020, Beidler Company reported retained earnings of $2,000,000. In 2020, Beidler discovered that 2019 depreciation expense was understated by $400,000. In 2020, net income was $900,000 and dividends declared were $250,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Beidler Company.C Company reported a retained earnings balance of $360,000 at December 31, 2023. In September 2024, C determined that insurance premiums of $84,000 for the three-year period beginning January 1, 2023, had been paid and fully expensed in 2023. C has a 20% income tax rate. What amount should C report as adjusted beginning retained earnings in its 2024 statement of retained earnings?MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,195; cost of goods sold, $1,430; selling expense, $210; general and administrative expense, $200; interest expense, $35; and gain on sale of investments, $100. Income tax expense has not yet been recorded. The income tax rate is 25%.
- The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017 81,000 2018 (51,000 ) 2019 (35,000 ) 2020 111,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…Clix Photographic Supplies, Inc.'s accounting records include the following for 2024: (Click the icon to view the data.) Assume Clix's income tax rate is 21%. Prepare Clix's multi-step income statement for the year ending December 31, 2024. Omit earnings per share. (Use parentheses or a minus sign for amounts decreasing the income from continuing operations.) Net Income Clix Photographic Supplies, Inc. Income Statement Year Ended December 31, 2024 Data table C Loss on Discontinued Operations $ Cost of Goods Sold 30,000 240,000 Print Net Sales Operating Expenses Done $ - X 525,000 100,000Syed's gross profit is ? General accounting
