Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

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

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Aug 2017 My Price 7.00

Acadian Corp

(Retained Earnings Statement, Prior Period Adjustment) Below is the Retained Earnings account for the year 2012 for Acadian Corp. Retained earnings, January 1, 2012 $257,600 (CR) Add: Gain on sale of investments (net of tax) $41,200 Net income 84,500 Refund on litigation with government, related to the year 2009 (net of tax) 21,600 Recognition of income earned in 2011, but omitted from income statement in that year (net of tax) 25,400 (DR) 172,700 (CR) 430,300 (CR) Deduct: Loss on discontinued operations (net of tax) 35,000 (DR) Write-off of goodwill (net of tax) 60,000 (DR) Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2012 (net of tax) 23,200 (DR) Cash dividends declared 32,000 (DR) 150,200 (CR) Retained earnings, December 31, 2012 $280,100 (CR) Instructions (a) Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2012 to compute net income.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 11:08 AM My Price 7.00

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