User Account

All Pages

Prepare a corrected retained earnings statement

Assignment Help Accounting Basics
Reference no: EM131922712

Problem - Below is the Retained Earnings account for the year 2012 for Acadian Corp.

Retained earnings, January 1, 2012

$261,302

Add:

Gain on sale of investments (net of tax)

$44,902

Net income

88,202

Refund on litigation with government, related to the year 2009

(net of tax)

25,302

Recognition of income earned in 2011, but omitted from income

statement in that year (net of tax)

29,102

187,508


448,810

Deduct:

Loss on discontinued operations (net of tax)

38,702

Write-off of goodwill (net of tax)

63,702

Cumulative effect on income of prior years in changing from

LIFO to FIFO inventory valuation in 2012 (net of tax)

26,902

Cash dividends declared

35,702

165,008

Retained earnings, December 31, 2012

$283,802

Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2012 to compute net income.

Reference no: EM131922712

Questions Cloud

What increase in fixed costs can tolerated without changing : If variable costs drop to $36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)
Examines crime prevention through environmental design : Write a 1,050- to 1,400-word paper that examines Crime Prevention through Environmental Design (CPTED).
Develop guidelines for embracing diversity : Explain how these differences underscore the need for understanding diversity. From the information given, develop guidelines for embracing diversity.
Complete a comprehensive marketing plan : You will complete a comprehensive marketing plan, which will include an analysis of their current market situation. In other words, ask yourself.
Prepare a corrected retained earnings statement : Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above
What is the measure of effectiveness for these programs : What are the benefits to this program in addressing the special population? What is the measure of effectiveness for these programs?
The type of crime intervention/prevention strategy : Use the Ashford University Library to locate a journal article encompassing such topics as: policing, school programs, and community-oriented policing.
Semi-permeable membrane : Strawberry jelly is a very strong solution of sugar (Basically 90% sugar, 10% water). By contrast the cytoplasm in bacteria is a much weaker solution
Discuss the strategic goals of the organizations : Create a matrix that contrasts the differences between marketing in for-profit and not-for-profit health care organizations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Define the callable preferred stock why do corporations

what is callable preferred stock? why do corporations issue such stock? given the different features that are

  Why does qualcomm report three different inventories

Qualcomm Incorporated is a leading developer and manufacturer of digital wireless telecommunications products and services.

  Financial asset is liquid

1. Holding money for the speculative motive is holding cash because bond prices are falling.

  Perpare a balance sheet for ebony interiors as of march

Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month__________.

  Fully controllable, partially controllable

Which of the following costs are likely to be fully controllable, partially controllable, or not controllable by the chief of the production department?

  Accounting objective questions

objective questions: Kovacic Company purchased a computer that cost $10,000. It had an estimated useful life of five years and residual value of $0. The computer was depreciated by the straight-line method and was sold at the end of the fourth year o..

  Evaluting return on common stockholders equity

The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below. ELLIOTT COMPANY Balance Sheets December 31.

  Obtain an annual report from a starbucks be sure the

obtain an annual report from a starbucks . be sure the company has property and equipment intangible assets and

  Completing the consolidated workpaper

P sold merchandise to S during the year in the amount of $30,000. $10,000 worth of inventory is still on hand at the end of the year with an unrealized profit of $4,000. The separate company statements for P and S appear in the first two columns o..

  What is eusociality what characteristics of hymenopterans

what is eusociality? what characteristics of hymenopterans favor the evolution and maintenance of eusocial behavior?no

  Describe the purpose of the statement of cash flows

Describe the purpose of the Statement of Cash Flows and the interrelationship between the statement of cash flows

  What was the original cost of the asset

If accumulated depreciation on the sale date was $57,511 and a gain of $5,921 was recognized on the sale, what was the original cost of the asset

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