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Leni [432]
2 years ago
10

Scobie Company began 2016 with a retained earnings balance of $142,400. During an examination of its accounting records on Decem

ber 31, 2016, Scobie found it had made the following material errors, for both financial reporting and income tax reporting, during 2015.
1. Depreciation expense of $15,000 inadvertently had been recorded twice for the same machine.
2. No accrual had been made at year-end for interest; therefore, interest expense had been understated by $4,000.
Scobie’s net income after taxes during 2016 was $60,000. The company has been subject to a 30% income tax rate for the past several years. It declared and paid dividends of $13,000 during 2016.
Required:
1. Prepare whatever journal entries in 2016 are necessary to correct Scobie’s books for its previous errors. Make your corrections directly to the Retained Earnings account.
Business
1 answer:
tino4ka555 [31]2 years ago
6 0

The total retained earnings on 31st December 2016 is $197,100. The journal entry are attached below.

<h3>What is Retained Earnings?</h3>

Retained earning is basically the profits of the company which is kept aside to meet the future requirement of the company. It the amount which is left over after deducting all cost such as direct cost, indirect cost, income taxes and dividend.

The retained earning is used in the future projects or for buying the equipment for the company.

Learn more about retained earnings here:

brainly.com/question/14529006

#SPJ1

.

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natali 33 [55]

Answer:

B) Pay bills when they are due.

Explanation:

A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.

Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.

A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.

This ultimately implies that, the higher your credit score, the higher and better it is to obtain a loan from a potential lender. A credit score ranging from 670 to 739 is considered to be a good credit score while a credit score of 740 to 799 is better and a credit score of 800 to 850 is considered to be excellent.

Generally, it's recommended that loans or bills are paid on a timely basis or as at when due in order to obtain a good credit score.

Hence, a way to establish a good credit record (score) is to pay bills when they are due.

6 0
2 years ago
8. What includes retail sales, housing starts, and truck and<br><br> auto sales
GREYUIT [131]

Answer:

monthly data series in a GDP

Explanation:

A GDP is defined as the actual domestically manufactured or produced products or the services provided in a financial year which describes or estimates the financial status or economic status of a country. GDP stands for Gross domestic product.

By analyzing the monthly data series of goods or services produced one can predict the real GDP of a country to be. One can use the monthly observations of the employment, unit auto as well as truck sales, sousing starts, retail sales, trade, automobile inventories, manufacturing, shipment of machinery and equipment, index of the industrial production, etc. to predict the GDP growth or get an idea of the GDP figures that are going to show the robust growth of the economy.

7 0
2 years ago
every spring, motorists do more driving than during the winter months. every spring, the price of gasoline increases and the mot
Vladimir [108]
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5 0
2 years ago
"Global Marketing refers to: Group of answer choices The evolution of Marketing as being more than the offering of a product. Th
geniusboy [140]

Answer:

Global Marketing refers to the processes by which goods,services,capital,people,information,and ideas flow across national borders.

Explanation:

We operate in a world called global village,where time and location do not really impact doing businesses anymore, as people from different countries that are far apart, can do business without the need to physically meet, using different channels of communication made possible by advancement in technology.

Organizations,as the need to for businesses to sell its produce to a larger number of customers increases, are constantly considering selling to customers who are based in other countries through global marketing techniques.

5 0
3 years ago
Kimberley Mayfield recently evaluated her subordinate's progress report. She now plans to inform her about the objectives she di
stellarik [79]

Answer: behavioral

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In the given case, Kimberley wants to inform her subordinate what she has not achieved and also advice her how she can improve. This shows that she has a developing instinct and leadership quality in her.

    Thus, from the above we can conclude that the correct option is D.

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3 years ago
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