User Account

All Pages

Prepare the comparative retained earnings section

Assignment Help Accounting Basics
Reference no: EM132805091

Question - In 2019, Dalia Corp, a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated by $67,000 in both 2017 and 2018 for financial reporting purposes. Net income in 2019 is correct. The tax rate is 25%. The error was made only for financial reporting, affecting depreciation and deferred incometax accounts. CCA has been recorded correctly, and thus there will be no change in taxes payable.

Additional information:

 

2018

2017

Beginning retained earnings

454,000

430,400

Earnings (with error in 2015)

85,400

95,900

Dividends declared

62,200

72,300

REQUIRED -

a) Prepare the entry in 2019 to correct the error.

b) Prepare the comparative retained earnings section of the statement of changes in shareholders' equity for 2018 and 2019, reflecting the change.

Reference no: EM132805091

Questions Cloud

Identify three things that describe personal brand : Think about what makes you unique and sets you apart from others who may be on the same career path. Describe one specific way you could promote your personal
Describe importance of reasoning in decision-making process : Describe the importance of reasoning in the decision-making process. Considering this dilemma, describe how a Christian worldview would inform ethical.
?identify two specific qualitative data collection tools : ?Identify two specific qualitative data collection tools (qualitative data comes in the form of words and sentences) you should use
What data would be necessary to make a change in practice : Describe how epidemiological data influences changes in health practices. Explain what data would be necessary to make a change in practice.
Prepare the comparative retained earnings section : Prepare the comparative retained earnings section of the statement of changes in shareholders' equity for 2018 and 2019, reflecting the change
Develop deployment strategy : Develop a deployment strategy and schedule for introducing the innovation project to the market.
What is meant by the term culture : What does the statement "culture sets boundaries on behaviors" mean? Cultural values can be classified as affecting one of the three types of relationships.
Develop a freelance marketplace : Develop a Freelance Marketplace - applications that learn from user profiles to provide personalized recommendations for items in a given domain such as movies
Describe product offering as currently in terms of features : Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership as discussed

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