1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna007 [38]
3 years ago
15

Culver Corporation has retained earnings of $718,500 at January 1, 2017. Net income during 2017 was $1,596,000, and cash dividen

ds declared and paid during 2017 totaled $80,500. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $86,470 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)
Business
1 answer:
Norma-Jean [14]3 years ago
4 0

Explanation:

The preparation of the retained earnings statement for the year ended December is presented below:

                                         Culver Corporation

                             Retained Earning statement

                        For the year ended December 31, 2017

Beginning balance of retained earning $718,500

Add: Correction recorded $86,470

Add: Net income $1,596,000

Less: Cash Dividend paid -$80,500

Ending balance of retained earning                        $2,320,470

You might be interested in
The managing director of top dog companies
Alexeev081 [22]

Answer:

What???

Explanation:

Jens-Peter Clausen. Managing Director and DE GmbH Partner.

Katrin Clausen. Manager.

Im not sure if my answer is right ▪_▪

4 0
2 years ago
The Murdock Corporation reported the following balance sheet data for 2021 and 2020:
Alex_Xolod [135]

Answer:

The Murdock Corporation

Statement of Cash Flows for the year ended December 31, 2021

Operating activities (only):

Net income                                $69,000

Depreciation expense                  51,100

Gain on sale of securities            (6,400)

Gain on sale of equipment          (1,950)

Changes in working capital:

Accounts receivable                 (13,650)

Inventory                                   (21,900)

Prepaid insurance                          690

Accounts payable                    (74,230)

Salaries payable                        (6,400)

Notes payable (current)          (51,900)

Cash flow from operations ($55,640)

Explanation:

a) Data and Calculations:

                                                     2021           2020        Change

Cash                                         $98,465       $34,355      +$64,110

Available-for-sale debt securities

 (not cash  equivalents)             25,000       104,000       -79,000

Accounts receivable                 99,000         85,350       +13,650

Inventory                                  184,000        162,100       +21,900

Prepaid insurance                       3,210           3,900            -690

Land, buildings, and

 equipment                         1,288,000     1,144,000     +144,000

Accumulated depreciation  (629,000 )   (591,000 )     +38,000

Total assets                       $1,068,675   $942,705

Accounts payable                  $93,440    $167,670       -74,230

Salaries payable                      27,600        34,000        -6,400

Notes payable (current)           42,100       94,000       -51,900

Bonds payable                       219,000       0              +219,000

Common stock                     300,000     300,000     0

Retained earnings                386,535     347,035      +39,500

Total liabilities and

shareholders' equity       $1,068,675   $942,705

Additional information for 2021:

1. Available=for-sale debt securities:

Cost = $79,000

Sales =  85,400 Cash

Profit =  $6,400

2. Equipment:

Cost =     $20,000

Acc. Dep.    13,100

Book value 6,900

Cash sales 8,850

Profit =        1,950

Accumulated Depreciation:

Beginning balance   $591,000

Sale of equipment       (13,100)

Depreciation expense 51,100

Ending balance        629,000

3. Bonds issue = $219,000

Interest on bonds = 13,140 ($219,000 * 6%)

4. Purchase of new equipment = $164,000

5. Cash dividends = $29,500

6. Net income = $69,000

Statement of Cash Flows for the year ended December 31, 2021

Operating activities:

Net income                                $69,000

Depreciation expense                  51,100

Gain on sale of securities            (6,400)

Gain on sale of equipment          (1,950)

Changes in working capital:

Accounts receivable                 (13,650)

Inventory                                   (21,900)

Prepaid insurance                          690

Accounts payable                    (74,230)

Salaries payable                        (6,400)

Notes payable (current)          (51,900)

Cash flow from operations ($55,640)

Investing activities:

Sale of equipment                    8,850

Purchase of equipment      (164,000)

Available-for-sale debt securities

 (not cash  equivalents)        85,400

Cash flow from investing ($69,750)

Financing activities:

Issue of bonds                    219,000

Dividends                            (29,500)

Cash from financing         $189,500

Net Cash flows                    $64,110

Reconciliation:

Beginning cash balance   $34,355

Net Cash flows                   $64,110

Ending cash balance        $98,465

5 0
2 years ago
An administrator receives an email message from what appears to be the company bank. the email asks for account information. the
dangina [55]
The security threat detected is fraud
4 0
3 years ago
Small businesses are typically managed by people who started and own them
gayaneshka [121]
<span>That is very true. They are the best people to manage the business since they started it and should know exactly how it needs to be run. If they don't know then their business will more than likely fail for poor management. They may hire other managers but they should always be the decision makers</span>
8 0
3 years ago
What problem does Obeng say that we have in the 21st century?
Novay_Z [31]

Answer:

war

Explanation:

3 0
3 years ago
Other questions:
  • Consider a portfolio comprised of four risky securities. Assume the economy has three states with varying probabilities of occur
    8·1 answer
  • The herfindahl index suppose that three firms make up the entire wig manufacturing industry. one has a 50% market share, and the
    10·1 answer
  • Problem definition requires the researcher to specify what information is needed to assist in either solving problems or identif
    12·1 answer
  • Courses of action such as halting the market research project, making responses anonymous, and instituting training on the ama c
    9·1 answer
  • Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats (CASH). The organizat
    14·1 answer
  • Which of the following is NOT a valid condition for denying a patent application?Select one:
    11·1 answer
  • Uncle Tupelo's Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season.
    14·1 answer
  • Yuto owns a souvenir shop in Tokyo. He wants to reach English speaking tourists in his city during certain hours of the day. Whi
    6·1 answer
  • A manufacturing company that produces a single product has provided the following data concerning its most recent month of opera
    7·1 answer
  • Depreciation by Two Methods
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!