Answer:
The correct statement related to the pro forma statements is:
The addition to retained earnings is equal to net income less cash dividends.
Explanation:
When the beginning retained earnings are increased by the addition to retained earnings, it means that the cash dividends have been subtracted from the net income. This addition is the leftover net income after offsetting the dividends. It increases the retained earnings by the end of the financial period.
Answer:
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Explanation:
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Answer:
The amount of current assets are $252,000
Explanation:
Current assets: The current assets are those assets who are converted into cash within one year. Like - accounts receivable, cash, inventory, prepaid insurance, etc.
The total amount of the current assets are shown below:
= Accounts receivable + Cash + Inventory + Short-term investments + Prepaid insurance
= $100,000 + $70,000 + $80,000 + $2,000
= $252,000
The other items represent current liabilities, long term liabilities, intangible assets, and the fixed assets so, we do not consider them in the computation part.
Answer:
$512,000
Explanation:
The computation of Number of Share included for computing diluted earning per share is shown below:-
For computing the Number of Share included for computing diluted earning per share we need to find out the issued shares and Stock option which is given below
Issued Shares = 200,000 × 6 ÷ 12 (From July to December)
= $100,000
Stock option = 60,000 - (60,000 × $28 ÷ $35)
= $12,000
So, Total stock outstanding = Shares at Beginning + Issued Shares + Stock option
= 400,000 + $100,000 + $12,000
= $512,000
