User Account

All Pages

Discuss net income of prior years to be overstated

Assignment Help Accounting Basics
Reference no: EM131746426

Kristen MayBakery, Inc. reported aprior-period adjustment in 2016.

An accounting error caused net income of prior years to be overstated by $5,000

Retained Earnings at December31, 2015 as previouslyreported, was $40,000.

Net income for 2016 was $76,000 and dividends declared were $28,000.

Prepare the company's statement of retained earnings for the year ended December 31,2016 (Use a minus sign or parentheses when subtracting numbers.)

Reference no: EM131746426

Questions Cloud

Identify factors that can cause change initiatives : Organizational change is not always successful. Identify factors that can cause change initiatives to fail and the five pillars that can cause them to succeed.
Direct materials and direct labor are variable costs : Direct materials and direct labor are variable costs. Manufacturing overhead costs can be a combination of variable and fixed
Evaluate the four traits of organizational learning : Evaluate the four traits of organizational learning. Provide examples of how learning and change can impact one another. Review several of your peers' posts.
Calculate depreciation cost per mile using unit-of-activity : Calculate depreciation cost per mile using unit-of-activity method.
Discuss net income of prior years to be overstated : An accounting error caused net income of prior years to be overstated
Review the seven teamwork skills : Review the seven teamwork skills that we have been reading and studying about this week in our SELL textbook.
Discuss the accumulated earnings of the firm : Richard felt the decline in business was related to the bankruptcy of Oil Company. Richard convinced his partner to use the accumulated earnings of the firm
Explain bfoqs importance and relevance to hrm : Explain BFOQ's importance and relevance to HRM. How might not appropriately incorporating well defined BFOQs lead to difficulties for the organization?
Discuss what effect will the inventory error : what effect will the inventory error in 2015 have on reported amounts for ending inventory

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd