What would widgets supply unlimited report as the ending

Assignment Help Financial Management
Reference no: EM132360176

Question

During 2018 Widgets Supply Unlimited discovered that the 2017 financial statements included an error. Specifically, Widgets Supply Unlimited made an error in calculating depreciation expense that resulted in income before income tax for 2017 being understated by $20,000.

What would Widgets Supply Unlimited report as the ending balance of retained earnings for 2018? Assume a 35% tax rate for all years. Assume the beginning balance of retained earnings for 2018 (as reported on 2017 financial statements) is $1,000,000. Assume Widgets Supply Unlimited's net income for 2018 is $300,000 and that Widgets Supply Unlimited paid $20 ,000 of dividends during 2018.

Reference no: EM132360176

Questions Cloud

Windows edition in terms of startup problems : Why is windows 8 considered to be more a stable system than previous windows edition in terms of startup problems?
What amount would be shown for accounts receivable : Show the general journal entry required to write-off the bad debts. What amount would be shown for bad debts expense in the income statement at 30 June 2019?
Decrease the poverty and inequality in usa and mexico : Explain how globalization has either helped increase or decrease the poverty and inequality in USA and Mexico.
Distinguish between structured systems analysis : Distinguish between structured systems analysis and structured systems design, indicating the tasks involved in each clearly.
What would widgets supply unlimited report as the ending : What would Widgets Supply Unlimited report as the ending balance of retained earnings for 2018? Assume a 35% tax rate for all years.
Explain purely pharmacological issues in brief : Prior to beginning work on this discussion, read the required chapters from the text and review the required articles for this week. Humans have engaged.
Definition statements for employeenames and deptinfo : The firm is a merging of two previous companies so they need to implement a new human resource system. You have created a relation about employees as follows:
Fields for manual data entry and display : Should you use codes in fields for manual data entry and display. Describe how a particular business information system uses codes in one of its manual data.
Term vulnerability in the context of network security : Briefly describe the term vulnerability in the context of network security and provide THREE (3) examples of vulnerabilities in a network.

Reviews

Write a Review

Financial Management Questions & Answers

  Foreign company acquisition

Acquisition by a foreign company and the effects of that decision and the results of foreign exchange in Euro and the exchange rate differences.

  Financial management for profit and non profit organizations

In this essay, we are going to discuss the issues of financial management in a non-profit organisation.

  Method for estimating a venture''s value

Evaluate venture's present value, cash and surplus cash and basic venture capital.

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Business finance task - capital budgeting

Your company is considering using the payback period for capital-budgeting. Discuss the advantages and disadvantages of this technique.

  Analysis of the investment

In this project, you will focus on one of these: the additional cost resulting from the purchase of an apple press (a piece of equipment required to manufacture apple juice).

  Conduct a what-if analysis

Review the readings and media for this unit, including the Anthony's Orchard case study media. Familiarise yourself with the Anthony's Orchard company and its current situation.

  Determine operational expenditures

Organisations' behaviour is guided by financial data. In the short term, such data will help determine operational expenditures; in the long term, historical data may help generate forecasts aimed at determining strategic plans. In both instances.

  Personal financial management

How much will you have left over each half year if you adopt the latter course of action?

  Sources of finance for expansion into new foreign markets

A quoted company is considering several long-term sources of finance for expansion into new foreign markets.

  Long term financial planning

This assignment is designed for analyze Long term financial planning begins with the sales forecast and the key input in the long term fincial planning.

  Explain the role of fincial manager

This assignment explain the role of fincial manager, function of manger. And what are the motives of financial manager.

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!

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