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ANTONII [103]
3 years ago
13

Sunland Corporation has retained earnings of $708,900 on January 1, 2020. Net income during 2020 was $1,663,000, and cash divide

nds declared and paid during 2020 totaled $77,800. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $89,470 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
Business
1 answer:
andriy [413]3 years ago
5 0

Answer:

Beginning RE                    708,900

prior period adjustment  <u>    89,470  </u>

adjusted beginning RE     798,370‬

net income                       1,663,000

cash dividends            <u>        (77,800)      </u>

ending RE                         2,383,570‬

Explanation:

The amend of the mistake is done to adjust the beginning retained earnings as it didn't occur in the current accounting cycle.

We have to added as it was posted as an expense something it wasnt Thus, our expense were overstated making a lower net income

then, we proceed normally by adding the net income and decreasing the cash dividends paid to arrive to ending RE

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Answer:

Explanation:

The journal entries are shown below:

On April 5

Merchandise Inventory A/c $38,700

              To Accounts payable A/c $38,700

(Being calculator purchased on credit)

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Merchandise inventory A/c Dr $830

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(Being freight is paid by cash)

On April 7

Equipment A/c Dr $28,900

              To Accounts payable A/c $28,900

(Being equipment is purchased on credit)

On April 8

Accounts payable A/c Dr $5,400

    To Merchandise Inventory A/c$5,400

(Being goods returned)

On April 15

Accounts payable A/c Dr $33,300 ($38,700  - $5,400)

     To Cash A/c   $32,301                   

    To Merchandise Inventory A/c $999 ($33,300 × 3%)

(Being due amount is paid)

3 0
3 years ago
A graphical analysis of tariffs reveals that Multiple Choice they benefit domestic consumers at the expense of domestic producer
BARSIC [14]

A graphical analysis of tariffs reveals that  they increase domestic production of the good for which imports face tariffs.

A tariff is a form of tax levied on the import  of certain goods and services. Import goods are goods that are brought into a country from another country.

Tariffs increases the price of imported goods. This discourages importation of those goods. As a result, there is less competition between foreign produced goods and domestic production. This boosts domestic production.

A similar question was answered here: brainly.com/question/9975255

4 0
2 years ago
The marketing manager at Home Depot works with Hunt Advertising to coordinate all promotional messages for a product or a servic
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Answer:

The answer is "Choice d"

Explanation:

The Advertising Mix is the integration of publicity, personal selling, advertising, and marketing. To maintain a sustainable mix of those promotional resources, advertisers need to look only at the following questions. It really is the company's promotional software. With the assistance of the marketing manager and a 3rd parties advertiser, they sell the offering.

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3 years ago
Leno Company sells goods to the Fallon Company for​ $10,000. It offers credit terms of​ 2/10, n/30. If Fallon Company pays the i
Zinaida [17]

Answer:

Leno Company will record a debit to Cash in the amount​ of: D. ​$9,800

Explanation:

The terms of 2/10, n/30 means 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

Fallon Company pays the invoice within the discount​ period - early enough to receive a 2% discount. The discount amount is 2% x $10,000 = $200.

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6 0
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Becca, an office manager for a small construction company, met with representatives from Xerox and Minolta, along with the presi
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