User Account

All Pages

What amount should tack report

Assignment Help Financial Accounting
Reference no: EM131106631

Tack, Inc. reported a retained earnings balance of $150,000 at December 31, year 1. In June year 2, Tack discovered that merchandise costing $40,000 had not been included in inventory in its year 1 financial statements. Tack has a 30% tax rate.

What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, year 2?

Reference no: EM131106631

Questions Cloud

Order before the price increase goes into effect : A firm knows that the price of the product it is ordering is going to increase permanently by X dollars. It wants to know how much of the product it should order before the price increase goes into effect.
How will you show cultural competence during your sessions : Describe the important aspects of sexuality (such as arousal and response, intimacy, contraception, etc.) that Nadia and Steve need to discuss. Remember to consider psychological/emotional as well as physical factors.
Does interest rate parity imply that interest rates : Does interest rate parity imply that interest rates are the same in all countries?
The company earn interest at a rate : A newspaper has 500,000 subscribers who pay $4 per month for the paper. It costs the company $200,000 to bill all its customers. Assume that the company can earn interest at a rate of 20% per year on all revenues. Determine how often the newspaper..
What amount should tack report : What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, year 2?
What amount should conn report : Conn has a 30% income tax rate. What amount should Conn report as adjusted beginning retained earnings in its year 2 statement of retained earnings?
Actual cash-value coverage : How much would a homeowner receive with actual cash-value coverage and replacement cost coverage for a three-year old sofa destroyed by a fire? The sofa would cost $1,000 to replace today, whereas it cost $850 three years ago, and it has an estima..
Physical activities are stress management strategy : Having enough rest is another way of managing stress in people who are infected with HIV/AIDs. Rest entails having an ample time of sleep and thirty-minute nap during the day.
What amount of installment accounts receivable : What amount of installment accounts receivable should Dolce report in its December 31, year 2 balance sheet?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is adgers employee salaries and wages spending variance

Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown ..

  Determine the cost of timber sold related to depletion

Determine the cost of timber sold related to depletion for 2014. Compute the rate of depreciation per year to be applied to the plant assets under the composite method.

  Depreciation affect gain or loss on sale of the plant asset

How would using the sum-of-the-years'-digits method of depreciation instead of the double-declining-balance method of depreciation affect a gain or loss on the sale of the plant asset?

  Discuss how your understanding of balance sheet

Discuss how your understanding of the balance sheet and income statement may applied to your current or future position. paper must be APA format and double space.statement must come in first before the numbers.

  Prepare the journal entry to record issuance of the stock

Sudoku Company issues 19,000 shares of $10 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and..

  Determine the depreciation rates per mile

Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the mile operated during the current year.

  What is the amount of the gain or loss on bond retirement

Issue date: January 1, 2004; maturity date: January 1, 2009; face value: $300,000; bond issue costs: $5,000, amortized semiannually using the straight-line method of amortization. The unamortized bond discount is $7,500 as of January 1, 2005. What is..

  Instalment-sales method and cost-recovery method

(Instalment-Sales Method and Cost-Recovery Method) On April 1, 2014, Joy Ltd. sold land for $600,000. The note will be collected as follows: $100,000 in 2014, $200,000 in 2015, and $300,000 in 2016. The property had cost Joy $122,000 when it was purc..

  Analyze the accounting needs for the business combination

Analyze the accounting needs for the business combination technique you selected. Prepare related financial statements for the date of acquisition.

  Determine the advertising budget allocation

Develop a model that can be used to determine the advertising budget allocation for the Flamingo Grill - plan an advertising campaign for the coming season, Flamingo's management team hired the advertising firm of Haskell and Johnson

  Illustrate what is the balance in retained earnings

Tiffin Company had retained earnings of $50,000 at the end of last year. For the current year, income was $20,000 and dividends $15,000. Illustrate what is the balance in retained earnings at the end of the current year?

  Single-step income statement into a multiple-step

single-step income statement into a multiple-step income statement for the month ended October 31, 2015. Income Statement For the year ended October

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