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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 6.00

McEntire Corporation

(Retained Earnings Statement) McEntire Corporation began operations on January 1, 2009. During its first 3 years of operations, McEntire reported net income and declared dividends as follows.

 

Net   income

Dividends declared

2009

$40,000

$ –0–

2010

125,000

50,000

2011

160,000

50,000

The following information relates to 2012.

Income before income tax

$220,000  

Prior period adjustment:   understatement of 2010 depreciation expense (before taxes)

$   25,000

Cumulative decrease in income   from change in inventory methods (before taxes)

$   45,000

Dividends declared (of this   amount, $25,000 will be paid on January 15, 2013)

$100,000  

Effective tax rate

40%

Instructions

(a) Prepare a 2012 retained earnings statement for McEntire Corporation.

(b) Assume McEntire restricted retained earnings in the amount of $70,000 on December 31, 2012. After this action, what would McEntire report as total retained earnings in its December 31, 2012, balance sheet?

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 09:07 PM My Price 6.00

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