Carla Vista Corporation earned revenues of $223400, incurred expenses of $236700, and paid dividends of $3950 during the current year. After all closing entries have been posted, the balance in the Retained Earnings account will have O increased by $9350. O increased by $17250. O decreased by $13300. O decreased by $17250.

Carla Vista Corporation earned revenues of $223400, incurred expenses of $236700, and paid dividends of $3950 during the current year. After all closing entries have been posted, the balance in the Retained Earnings account will have O increased by $9350. O increased by $17250. O decreased by $13300. O decreased by $17250.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Pharoah Corporation earned revenues of $224808, incurred expenses of $233000, and paid dividends of $4350 during the current year. When Income Summary is closed to Retained Earnings, the debit or credit to Retained Earnings is a credit of $12550. debit of $8200. O debit of $3850. O credit of $8200.
ABC Corporation reported retained earnings of $1,250 on its year-end balance sheet. During the next year, the company reported $620 in net income, and in that next year it paid out a dividend of $200. What will retained earnings be at the end of the next year? O $ 1,370 O $ 1,050 O $ 1,570 O $1,470 O $1,670
Axis corporation has a balance of 300K on its retained earnings. During the year the company generated 5.5M revenue and incurred expenses amounting to 3.8M, dividends were also declared during the year amounting to 600K, while cash balance was increased by 300K. The corporation's profit and year end balance of retained earnings would be O profit -1.2M;RE-2M O profit-1.8M;RE-2M O profit-1.2M RE-1.4M O profit-1.5M:RE-2.3M
The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000. During the year, Dragon earned revenue of P4,500,000 and incurred expenses of P3,800,000 dividends of P500,000 were declared and paid, and the balance of the cash account increased by P220,000. How much is the company's year- end balance of the retained earnings?
The statements of earnings for Pruitt Company summarized for a four-year perlod show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (38%) Net earnings Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense Net earnings Not affected O Affected 2020 2019 2821 $ 2,125 1,555 $ S 570 500 2020 $ 2,550 1,677 An audit revealed that in determining these amounts, the ending Inventory for 2019 was understated by $24. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round Intermediate calculations. Round the final answers to the nearest dollar amount.) Income tax expense 873 523 S 2,125 $ 1,555 570 500✔ 70- 21✔ 49 $ 912 552 70 350 420 360 21 105 126 108 49 $ 245 $ 294 $ 252 PRUITT COMPANY Corrected Statement of Earnings 2021 2020 2019 $ 2,800 1,832 968 548 Answer is not complete. 2018 $ 3,075 2,163 2,550 1,701✔ 873 x 523✔…
Wildhorse Co. started the year with $64800 in its Common Stock account and a credit balance in Retained Earnings of $47500. During the year, the company earned net income of $51800, and declared and paid $21600 of dividends. In addition, the company sold additional common stočk amounting to $30200. As a result, the balance in retained earnings at the end of the year would be O $77700. O $142500. O $107900. O $172700.
Sunland has year-end account balances of sales revenue $795,635, interest revenue $14,740, cost of goods sold $567,566, administrative expenses $205,540, income tax expense $35,298, and dividend $20,554. Prepare the year-end closing entries.
On January 1, 2024, Blossom Corporation had retained earnings of $600,000. During the year, Blossom had the following selected transactions: 1. 2. 3. 4. 5. Declared and paid cash dividends, $245,000. Earned profit before income tax, $750,000. Corrected a prior period error of $85,000, before income tax, which resulted in an understatement of profit in 2023. Reacquired 20,000 common shares for $50,000 more than the original issue price. This was the first time the company had ever reacquired its own shares. Completed a 3-for-1 stock split of the common shares. Blossom has a 25% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2024. (List items that increase adjusted retained earnings first.) BLOSSOM CORPORATION Statement of Retained Earnings $ $
Pickled Peanuts Company had a beginning balance in its retained earnings account of $385,600. During the year, the company declared and paid a $4,700 dividend, and at the end of the year, it reported retained earnings of $399,86O. The company's net income for the year was: Multiple Choice $14,260. $18,960. $9,560. $23,660.
A company reports the following income statement and balance sheet information for the current year: Net income $638,800 Interest expense 112,730 Average total assets 5,330,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %