Hii, tutor give me Answer Mahesh Enterprises is solely owned and operated by John Mahesh. As ofDecember 31, 2016, Mahesh Enterprises has assets of $875,400 and liabilitiesof $245,300. During 2017, John Mahesh purchased an additional $32,150 ofcapital stock and received $22,700 in cash dividends from the business.What is the net income of Mahesh Enterprises during 2017, assuming that asof December 31, 2017, assets were $940,500, and liabilities were $215,600?

Concept of EquityEquity represents the ownership interest in a business, which is calculated by…

Answered: Mahesh Enterprises is solely owned and…

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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Cerritos Company began operations on January 1, 201. During the first three years of operations, the entity reported following net income and dividends declared: Net income = 2016 - 1,500,000; 2017 - 2,500,000; 2018 - 3,000,000. Dividends declared = 2016 - 0; 2017 - 1,000,000; 2018 - 1,000,000. The entity provided the following information for 2019: Income before income tax = 5,000,000; Prior period error - understatement of 2018 depreciation before tax = 500,000; Cumulative decrease in income from change in inventory method before tax = 1,000,000; Dividend declared = 2,000,000; Income tax rate = 30%. What amount should be reported as retained earnings on December 31, 2019?
The Esposito Import Company had 1 million shares of common stock outstanding during 2016. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.6 million. All of these amounts are net of tax. Required: Prepare the 2016 EPS presentation for the Esposito Import Company.
In its 2025 annual report
Kaitlyn Corporation is formed on March 1, 2021. During 2021 Kaitlyn Corporation earns $825,000 of revenue and incurs $450,000 of expenses. Kaitlyn Corporation also distributed $40,000 of dividends, issues $55,000 of additional stock, and has an ending cash balance of $60,000 in 2021. Based on this information what is Kaitlyn Corporation's ending balance in Retained Earnings on December 31, 2021?
The accounting income (loss) figures for Pronghorn Corporation are as follows: 2015 $162,000 2016 242,000 I 2017 82,000 2018 (162,000) 2019 (382,000) 2020 2021 140,000 154,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Pronghorn Corporation uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future.
Bodie Corporation reported the following amounts in its financial statements: Retained earnings, Jan. 1, 2018 $79842 Retained earnings, Dec. 31, 2018 $60120 Net income, 2018 $53440 What were the dividends declared and paid in 2018? $___________
For 2018, Sabil Corporation earned net income of $480,000 and paid dividends of $18,000. At January 1, 2018, Sabil had $200,000 of $10 par value common stock outstanding and $1,500,000 of retained earnings.On January 1, 2018, Phyit Corporation bought outstanding common stock of Sabil paying $200,000. All payments made by Phyit in excess of book value were attributable to equipment, which is depreciated over ten years on a straight-line basis. Prepare Phyit’s general journal entry for the acquisition of common stock of Sabil, the recognition of dividend income, and/or net income participation in Sabil under the following assumptions:1. Phyit purchased 10% of outstanding common stock.2. Phyit purchased 20% of outstanding common stock.
The following information is available from the financial statements of Hornets Corporation for the year ended December 31, 2015: Net income - P396,000; Depreciation expense - 102,000; Decrease in accounts receivable - 126,000; Increase in inventories - 90,000; Increase in accounts payable - 24,000; Payment of dividends 54,000Purchase of available-for-sale securities - 22,000; Decrease in income taxes payable - 16,000. What is Hornets Corporation's net cash flow from operating activities?
Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $554,000, total liabilities of $261,800, common stock of $139,300, and retained earnings of $152,900. During 2019, KJ had net income of $225,200, paid dividends of $74,400, and issued additional common stock for $93,900. KJ's total assets at the end of 2019 were $721,800. Required: Calculate the amount of liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for 2015: Gross income from operations Expenses from operations Dividends received from domestic corporations (15% Crane Loon $2,73,500 $4,37,600 3,82,900 4,59,480 1,64,100 3,28,200 a. Compute the dividends received deduction for Crane Corporation. $ b. Compute the dividends received deduction for Loon Corporation. $
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REQUIRED: In its statement of financial position, how much should be reported by WHITE as its total assets?

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