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ryzh [129]
3 years ago
14

Splish Corporation has retained earnings of $707,000 at January 1, 2020. Net income during 2020 was $1,428,500, and cash dividen

ds declared and paid during 2020 totaled $85,000. Prepare a retained earnings statement for the year ended December 31, 2020. (List items that increase retained earnings first.)
Business
1 answer:
BartSMP [9]3 years ago
5 0

Answer:

Explanation:

Statement of retained earning represent the changes in retained earning balance during the year and accumulated beginning balance of the period and Ending balance as well. It deals with all the adjustment in retained earning like net income transfer  fro the year, dividend paid during the year etc.

                    Splish Corporation

           Retained Earning Statement

  for the year ended December 31, 2020

                                                                          $

Retained Earning at January 1, 2020           707,000

Less: Cash Dividend paid during 2020       85,000

Add: Net Income for the year 2020             <u>1,428,500</u>

Retained Earning ath December 31 2020   <u>2,050,500</u>

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Airida [17]

Answer:

$37.80

Explanation:

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Direct materials                                    $7.00

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Total manufacturing cost per chair   <u>$37.80</u>

3 0
3 years ago
If a family spends its entire budget in a given time frame, the family can afford either 90 cans of vegetables or 60 frozen pizz
Alborosie

Answer:

60 frozen dinners is better

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4 0
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Park, Inc. acquired 100% of Gravel Co.'s net assets. On the acquisition date, Gravel's accounting records reflected $50,000 of c
Akimi4 [234]

Answer:

The  $400,000 should be a result of the acquisition of the in-process research and development activities

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Intangible Assets: The intangible assets are those assets that cannot be seen or even touched. It is not tangible in nature

The example is goodwill, and intellectual properties like - patents, copyrights, trademarks, etc.  

The recording of the intangible assets based on the fair market value i.e $400,000 instead of associated costs.

5 0
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mafiozo [28]

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The new employee at Cork Manufacturing reported tp work and the employee reviewed the following information that was audited by
dexar [7]

Answer:

The correct answer is D

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