Calle May Bakery, Inc. reported a prior-period adjustment in 2024. An accounting error caused net income of prior years to be overstated by $9,000. Retained Earnings at December 31, 2023, as previously reported, was $42,000. Net income for 2024 was $72,000, and dividends declared were $24,000. Prepare the company's statement of retained earnings for the year ended December 31, 2024 Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal Callie May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024

Calle May Bakery, Inc. reported a prior-period adjustment in 2024. An accounting error caused net income of prior years to be overstated by $9,000. Retained Earnings at December 31, 2023, as previously reported, was $42,000. Net income for 2024 was $72,000, and dividends declared were $24,000. Prepare the company's statement of retained earnings for the year ended December 31, 2024 Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal Callie May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 10MCQ: Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income...

See similar textbooks

Similar questions

Bang Company reported a Retained Earnings balance of P150,000 on December 31, 2021. The following occurred during 2022: Net income was P85,000 Dividends declared and paid was P60,000 An error on the 2020 depreciation expense revealed understatement of P25,000. Tax rate is 25%. How much should be presented as the correct beginning balance of the Retained Earnings account for 2022? How much should be presented as the ending balance of the Retained Earnings account for 2022?
Clock Company showed the following errors in their account during December 31, 2021: Dividends of P 100,000 had been declared but was not recorded on December 10, 2021. Buildings and equipment maintenance for P 480,000 had been debited to expense at the end of April 2020. It had an estimated life of 8 years. The company failed to record sales commissions payable amounting to P 10,500 and P 19,000 at the end of 2020 and 2021, respectively. Supplies on hand amounting to P 6,000 and P 15,000 were not recognized at the end of 2020 and 2021, respectively. What is the net effect of the error in the 2021 net income? a.P 59,500 over b.P 72,200 under c.P 75,000 over d.P 70,000 over
Please do not give image format
Delta Company sells to wholesalers on terms 2/15, net 30. Delta has no cash sales but 50% of Delta's customers take advantage of the discount. Delta uses the gross method of recording sales and trade receivables. An analysis of Delta's trade accounts receivable at December 31, 2011 revealed the following: Age Amount Collectible 0- 15 days 16 - 30 days 31 - 60 days Over 60 days 100% 2,000,000 1,200,000 100,000 50,000 95% 90% 50% 3,350,000 In its December 31, 2011 statement of financial position, what amount should Delta report as allowance for sales discount?
Elliott Corp. failed to record accrued salaries for 2016,$2,000; 2017, $2,100; and 2018, $3,900. What is the amountof the overstatement or understatement of Retained Earningsat December 31, 2019?
Elliott Corp. failed to record accrued salaries for 2019, $2,000; 2020, $2,100; and 2021, $3,900. What is the amount of the overstatement or understatement of Retained Earnings at December 31, 2022?
SM Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?
Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?
Upright Company reported a retained earnings balance of P4,000,000 on January 1,2021. In August 2021, the entity determined that insurance premiums of P600,000 for the three- year period beginning January 1, 2020, had been paid and fully expensed in 2020. The income tax rate is 30%. What amount should be reported as corrected retained earnings on January 1, 2021?
The following is a partial listing of accounts for XYZ, Inc., for the year ended December 31, 2020. Required: Prepare multiple step income statement for the year of 2020. Finished Goods Current Maturities of Long-Term Debt Accumulated Depreciation Accounts Receivable $ 38,872 2,515 19,960 Sales Revenue 6,273 127,260 Treasury Stock 251 Prepaid Expenses 2,199 Deferred Taxes (long-term liability) 8,506 Interest Expense 2,410 Allowance for Doubtful Accounts 915 Retained Earnings 18,951 Raw Materials 9,576 Accounts Payable 19,021 Cash and Cash Equivalents 8,527 Sales Salaries Expense 872 Cost of Goods Sold 82,471 Investment in Unconsolidated 3,559 Subsidiaries Income Taxes Payable 8,356 Work In Process 1,984 Additional Paid-In Capital 9,614 Equipment 41,905 Long-Term Debt 15,258 Rent Income 2,468 Common Stock 3,895 Notes Payable (short-term) 6,156 Income Tax Expense 2,461
Omantel company showed an increase in earnings per Share (EPS) from OMR. 0.350 to OMR. 0.650 in 2019. However, the company forgot to disclose this information in its annual report. what suitable qualitative characteristics of useful financial information for in this case?
How much is the adjusted net income in 2020 and 2021? How much is the net effect of the errors on the company’s working capital at December 31, 2021?