J&C, Inc., had the following Net Income (Loss) from 2010 – 2013. Determine their Ending Retained...

J&C, Inc., had the following Net Income (Loss) from 2010 – 2013. Determine their Ending Retained Earnings amount for each year.

K&L, Inc. (In Millions)
Year		Net Income (Loss)	Dividends	Ending Retained Earnings
	2010	$10.50	$5.50	$33.65
27.	2011	$6.75	$4.95
28.	2012	($0.20)	$3.25
29.	2013	$8.25	$6.15

Expert Solution

Complete chart

K&L, Inc.
(In Millions)
Year		Net	Dividends	Ending
		Income (Loss)		Retained
				Earnings
	2010	$ 10.50	$5.50	$ 33.65
27	2011	$ 6.75	$4.95	$ 35.45
28	2012	$ (0.20)	$3.25	$ 32.00
29	2013	$ 8.25	$6.15	$ 34.10

Year	Beginning Balance of retained Earnings (A)	Net Income (Loss) During the year (B)	Dividends (C )	Ending Balance of Retained Earnings (A+B-C)

2011	$ 33.65	$ 6.75	$ 4.95	$ 35.45
2012	$ 35.45	$ (0.20)	$ 3.25	$ 32.00
2013	$ 32.00	$ 8.25	$ 6.15	$ 34.10

Explanation

Profits earned during a period are added to the retained earnings. While on the other hand Dividends are paid out of retained earnings hence dividends reduces retained earnings balance.

ekkarill92 answered 2 years ago

Parks Inc. had the following data for the year ending 12/31/2x: Net income = $300; Net...

Parks Inc. had the following data for the year ending 12/31/2x: Net income = $300; Net operating profit after taxes (NOPAT) = $400; Total assets = $2,500; Short-term investments = $200; Shareholders’ equity = $1,800; NOWC = $1200; Operating long-term assets $1,100. What was its return on invested capital (ROIC)?

Tibbs Inc. had the following data for the year ending 12/31/18:Net income = $600; Net...

Tibbs Inc. had the following data for the year ending 12/31/18: Net income = $600; Net operating profit after taxes (NOPAT) = $610; Total assets = $2,500; Short-term investments = $200; Stockholders' equity = $1,800; Total debt = $700; and Total operating capital = $2,500. What was its return on invested capital (ROIC)? a. 20.95%b. 24.40%c. 30.09%d. 34.66%11. LeCompte Corp. has $330,900 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $610,000,...

Using the data needed, determine ending retained earnings. Beginning Retained Earnings $150,000 Dividends Paid $40,000 Net...

Using the data needed, determine ending retained earnings. Beginning Retained Earnings $150,000 Dividends Paid $40,000 Net Loss ($10,000) Total Assets $400,000 Current Liabilities $45,000

S&J Plumbing, Inc.'s 2010 income statement shows a net profit before tax of $468, whereas the...

S&J Plumbing, Inc.'s 2010 income statement shows a net profit before tax of $468, whereas the balance sheet that the company's equity for the fiscal year-end 2010 is $1,746. Calculate the company's return on equity and explain whether the managers are providing a good return on the capital provided by the company’s shareholders. Diagram and explain the operating cycle of a service company.

Bragg Corp. had $1,500,000 net income in 2013. On January 1, 2013 there were 200,000 shares...

Bragg Corp. had $1,500,000 net income in 2013. On January 1, 2013 there were 200,000 shares of common stock outstanding. On April 1, 25,000 shares were issued and on September 1, Bragg brought 15,000 shares of treasury stock. There are options outstanding to buy 20,000 shares of common stock at $20 a share. The market price of the common stock averaged $25 during 2013. The tax rate is 40%. During 2013 there were 20,000 shares of convertible cumulative preferred...

Concord Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....

Concord Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019. Pretax Income (Loss) Tax Rate 2013 $37,000 30% 2014 $24,700 30% 2015 $50,100 30% 2016 $81,000 40% 2017 ($176,500) 45% 2018 $72,800 40% 2019 $109,800 35% Pretax financial income (loss) and taxable income (loss) were the same for all years since Concord began business. The tax rates from 2016–2019 were enacted in 2016. Prepare the journal entries for the years 2017–2019 to record income...

ivanhoe Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....

ivanhoe Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019. Pretax Income (loss) Tax Rate 2013 $37,700 30 % 2014 23,100 30 % 2015 54,100 30 % 2016 76,800 40 % 2017 (166,200 ) 45 % 2018 76,200 40 % 2019 94,100 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Ivanhoe began business. The tax rates from 2016–2019 were enacted in 2016. Prepare the journal...

Apple reported the following pre tax income (loss) during 2010-2017 Income (Loss) Tax Rate Date rate...

Apple reported the following pre tax income (loss) during 2010-2017 Income (Loss) Tax Rate Date rate enacted into law 2010 180,000 35% 1/1/02 2011 125,000 35% 2012 60,000 35% 2013 80,000 35% 2014 70,000 38% 1/1/14 2015 (200,000) 40% 1/1/15 2016 80,000 40% 2017 220,000 35% 1/1/17 There are no temporary or permanent differences between taxable income and EBIT for ALL years Assume Apple will elect to carryback losses to the extent possible Also assume that at 12/31/15 Apple is...

TSW Inc. had the following data for last year: Net income = $800; Net operating profit...

TSW Inc. had the following data for last year: Net income = $800; Net operating profit after taxes (NOPAT) = $700; Total assets = $3,000; and Total operating capital = $2,000. Information for the just-completed year is as follows: Net income = $1,000; Net operating profit after taxes (NOPAT) = $925; Total assets = $2,600; and Total operating capital = $2,500. How much free cash flow did the firm generate during the just-completed year?

Topper company reported the following pre-tax financial income (loss for the years 2013-2017) 2013 70,000 ...

Topper company reported the following pre-tax financial income (loss for the years 2013-2017) 2013 70,000 30% 21,000 2014 45,000 30% 13,500 2015 -260,000 30% 0 2016 90 35% 0 2017 215,000 35% 15,750 Topper company reported the following pre-tax financial income (loss for the years 2013-2017) 2013 70,000 2014 45,000 2015 -260,000 2016 90 2017 215,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 30% for...

Question