Reference no: EM132251269
Question - On January 1, 2016, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2016, Kittson earned net income of $67,000, and the following events occurred:
Oct. 1 Cash dividends of $3 per share on 4,000 shares of common stock were declared.
Oct. 10 October 1 declaration of dividends was paid.
Nov. 1 A small stock dividend was declared. The dividends consisted of 600 shares of $10 par common stock. On the date of declaration, the market price of the company's common stock was $36 per share.
Nov. 10 November 1 declaration of dividends was paid.
Dec. 1 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.
Dec. 31 The Company discovered that it had erroneously recorded depreciation expense of $45,000 in 2015 for both financial reporting and income tax reporting. The correct depreciation for 2015 should have been $20,000. This is considered a material error.
Required:
1. Prepare journal entries to record Kittson Company's transactions during 2016.
2. Prepare Kittson's statement of retained earnings for the year ended December 31, 2016.
|
Determine jamison cash flow from operations
: Jamison Company Income Statement as of 12/31/X6 - Revenue 76450, Determine Jamison's cash flow from operations using indirect methods
|
|
What amount of compensation expense should concord recognize
: What amount of compensation expense should Concord recognize for the year ended December 31, 2018
|
|
What is the balance is Allowance for Doubtful Accounts
: If the percentage of receivables method is used, what is the balance is Allowance for Doubtful Accounts after any adjustment is made
|
|
Prepare a properly-formatted bank reconciliation
: Prepare a properly-formatted bank reconciliation for Rudder Scudder, Inc., as of June 30, 2015. What journal entries are necessary to correct the books
|
|
Prepare journal entries to record Kittson transactions
: On January 1, 2016, Kittson Company had a retained earnings balance of $218,600. Prepare journal entries to record Kittson Company's transactions during 2016
|
|
Prepare the general journal entry needed to close expense
: Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required
|
|
Compute dow earnings per share
: On February 28, 2018, Dow sold 68,000 common shares. Compute Dow's earnings per share for the year ended December 31, 2018
|
|
How will the securities be recognized on the company books
: At the end of each reporting year, how will the securities be recognized on the company's books? Support your response with an appropriate ASC reference
|
|
Prepare schedule of safe payments to partners
: On October 15, noncash assets with book value $30,000 sold for 15,000, loss allocated among partners. Prepare schedule of safe payments to partners
|