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
ratelena [41]
3 years ago
12

Vaughn Corporation has retained earnings of $706,100 at January 1, 2017. Net income during 2017 was $1,638,400, and cash dividen

ds declared and paid during 2017 totaled $83,100. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $89,100 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)
Business
1 answer:
Oxana [17]3 years ago
7 0

Answer: Please see below for answer

Explanation: Retained earnings is the portion of net income accumulated in a company which can be used for future reinvestment purposes after the cumulative amount of dividends  declared have been deducted.

Solution- Using items that increase retained earnings first before any deduction

                              Vaughn Corporation

                             Retained earnings statements

                              Ended December 31st, 2017.

Retained Earnings as Reported on January 1st  $706,100

Correction for  Overstatement of expenses         $89.100

Retained earnings as adjusted =                            $795,200

(Add) Net income/loss                                           $1, 638,400

Net cash dividend (less)                                           -$83, 100

Retained Earnings in December 31st 2017           $2,350,500

You might be interested in
Hey...tal.k anyone ......
DiKsa [7]

..................

Hello.

8 0
3 years ago
Read 2 more answers
All of the following distributions of stock dividends are taxable except: a. The shareholders have the choice to receive cash or
kati45 [8]

Answer:

d. The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders.

Explanation:

This is likely the answer to the question. There is no way preferred stock would be given to some common stock shareholders while common stock to other stock to others.

4 0
3 years ago
On January 1, 2020 (the date of grant), Ayayai Corporation issues 1,900 shares of restricted stock to its executives. The fair v
vagabundo [1.1K]

Answer and Explanation:

The journal entries are shown below:

On Jan 1, 2014

Unearned compensation Dr. $45,000

        To paid in capital in excess of par  $35,500

        To common stock  $9,500

(Being the unearned compensation is recorded)  

On Dec 31,2014

Compensation expense Dr.  $15,000 ($45,000 ÷ 3 years)

         To unearned compensation $15,000

(Being one year compensation became due is recorded)  

5 0
3 years ago
The total combines customer lifetime values of all of the company’s customers is called - Options
swat32
I'm am pretty sure the answer is b.
8 0
3 years ago
You own a lot in Key West, Florida, that is currently unused. Similar lots have recently sold for $1,260,000. Over the past five
Kamila [148]

Answer:

Explanation:

find the solution below

7 0
3 years ago
Other questions:
  • Dinklage Corp. has 6 million shares of common stock outstanding. The current share price is $84, and the book value per share is
    15·1 answer
  • Towson Corp., had 6,000 shares of $100 par, 4% cumulative preferred stock as of January 1, 2018. No additional shares of preferr
    11·1 answer
  • To say that a price ceiling is binding is to say that the price ceiling a. results in a shortage. b. is set below the equilibriu
    6·1 answer
  • According to world-systems theory, the global economic system must be approached as a single ________ unit, not as a collection
    11·1 answer
  • The Wisco Company has a process cost system. All materials are placed in process when the process is first begun. At the beginni
    9·1 answer
  • Larned Corporation recorded the following transactions for the just completed month. $80,000 in raw materials were purchased on
    15·1 answer
  • Name some of the faculties of Nepal Sanskrit University?​
    5·2 answers
  • A new pizza restaurant is opening in town. The owners of this restaurant decide to place an advertisement in the town newspaper
    5·1 answer
  • Why is term life insurance better than whole life insurance?
    11·1 answer
  • Failure by a promissory notes maker to pay the amount due at maturity is known as?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!