Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 Net Income Stock dividends declared During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax |decrease in income Cash dividends deelared During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of $900,000 88,200 14,280 11,000 21,000 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had Decreased retained earnings by $7,700 Decreased retained earnings by $3,300 Decreased retained earnings by $11,000 None of the above

Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 Net Income Stock dividends declared During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax |decrease in income Cash dividends deelared During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of $900,000 88,200 14,280 11,000 21,000 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had Decreased retained earnings by $7,700 Decreased retained earnings by $3,300 Decreased retained earnings by $11,000 None of the above

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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Computing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000 Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020). b. Operating income (2020). c. Net…
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View Policies Current Attempt in Progress For its fiscal year ending October 31, 2025, Cullumber Corporation reports the following partial data. Income before income taxes Income tax expense (20% × $390,600) Income from continuing operations Loss on discontinued operations Net income $502,200 78,120 424,080 111,600 $312,480 The loss on discontinued operations was comprised of a $46,500 loss from operations and a $65,100 loss from disposal. The income tax rate is 20% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. CULLUMBER CORPORATION Income Statement (Partial)
find P/E Ratio 2019. i attached balance sheet and income statement
Net Income for 2019? Net Income for 2020? Net Income for 2021? Retained Earnings as of December 31, 2019? Retained Earnings as of December 31, 2020? Retained Earnings as of December 31, 2021?
Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air
Moorman Corporation reports the following information:Correction of understatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared, 2015320,000 Net income for 20151,000,000 Retained earnings, 1/1/15, as reported2,500,000Moorman should report retained earnings, January 1, 2015, as adjusted at
selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 10,000 depreciation expense were overstated by a pretax amount of Tax rate 30% Based on the data above, Retained Earnings at December 31, 2020 was: * $951,920 $952,220 $948,920
Simple Income Statement The following are selected items derived from Dibb Company’s adjusted trial balance on December 31, 2019: Loss on sale of land $5000 Cost of goods sold $130,000 Sales (net) $198000 Operating expenses $45000 Twelve thousand shares of common stock were outstanding the entire year. Required: Assuming a 30% income tax rate on all items of income, prepare Dibb’s 2019 income statement using (1) a multi-ple-step format
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8. Cerritos Corporation began operations on January 1, 2017. During its first three years of operations, Cerritos reported net income and declared dividends as follows: Net income Dividends declared 2017 P 80,000 P 0 2018 250,000 100,000 2019 300,000 100,000 The following information related to 2020: Prior period adjustment: understatement of 2018 depreciation expense (before taxes) P 40,000 Cumulative decrease in income from change in inventory methods (before taxes) 70,000 Income before income tax 480,000 Dividends declared (of this amount, P50,000 will be paid on January 15, 2021) 200,000 Effective tax rate 35% As at December 31, 2020, the retained earnings of Cerritos Corporation is Group of answer choice 520,500 484,500 430,000 470,500