For the year ended December 31, 202X, Cloud Corporation reported the following: ⚫ Net income: $85,000 ⚫ Preferred dividends declared: $15,000 • ⚫ Common dividends declared: $5,000 ⚫ Unrealized holding gain, net of tax (Available-For-Sale Securities): $4,000 ⚫ Retained earnings: $95,000 . Common stock: $50,000 • Accumulated Other Comprehensive Income, Beginning Balance: $8,000 What would Cloud Corporation report as its ending balance of accumulated other comprehensive income?

For the year ended December 31, 202X, Cloud Corporation reported the following: ⚫ Net income: $85,000 ⚫ Preferred dividends declared: $15,000 • ⚫ Common dividends declared: $5,000 ⚫ Unrealized holding gain, net of tax (Available-For-Sale Securities): $4,000 ⚫ Retained earnings: $95,000 . Common stock: $50,000 • Accumulated Other Comprehensive Income, Beginning Balance: $8,000 What would Cloud Corporation report as its ending balance of accumulated other comprehensive income?

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...

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On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
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Accumulated other comprehensive income??
On January 1, 2020, Wildhorse Inc. had the following balance sheet. WILDHORSE INC. BALANCE SHEET AS OF JANUARY 1, 2020 Assets Cash Debt investments (available-for-sale) Total $54,300 256,700 $311,000 Dividend revenue Gain on sale of investments Net income WILDHORSE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $5,500 29,700 $35,200 Equity Common stock Accumulated other comprehensive income Total The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Wildhorse Inc's available-for-sale debt securities at December 31, 2020, was $181,900; its cost was $128,800. No securities were purchased during the year. Wildhorse Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) $277,200 33,800 $311,000
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On January 1, 2025, Artic Inc. had the following balance sheet: Cash Total Debt investments (available-for-sale) 363,000 $434,000 Assets Interest revenue ARTIC INC. BALANCE SHEET AS OF JANUARY 1, 2025 ARTIC INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 $11,000 Gain on sale of investments Net income $71,000 Common stock (a) The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Artic Inc.'s available-for-sale debt securities at December 31, 2025, was $310,000; its cost was $277,000. No debt securities were purchased during the year. Artic Inc.'s income statement for 2025 was as follows: (Ignore income taxes.) 28,000 $39,000 (Assume all transactions during the year were for cash.) Accumulated other comprehensive income Total Equity $389,000 Debit 45,000 $434,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (Credit account titles are…
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Subject: accounting
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