Question
In: Accounting
Below are approximate amounts related to retained earnings reported by five companies in previous years. 1....
Below are approximate amounts related to retained earnings reported by five companies in previous years. 1. Coca-Cola reports an increase in retained earnings of $3.0 billion and net income of $6.5 billion. 2. Pepsico reports an increase in retained earnings of $3.2 billion and dividends of $2.4 billion. 3. Google reports an increase in retained earnings of $1.58 billion and net income of $1.58 billion. 4. Sirius Satellite Radio reports beginning retained earnings of −$1.64 billion, net loss of $0.98 billion, and $0 dividends. 5. Abercrombie & Fitch reports ending retained earnings of $1.52 billion, net income of $0.41 billion, and dividends of $0.04 billion.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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1. Are the amounts at which fixed assets are reported in the
balance sheet their approximate market values as of the balance
sheet date? Discuss.
2. Immediately after a used truck is acquired, a new motor is
installed and the tires are replaced at a total cost of $5,750. Is
this a capital expenditure or a revenue expenditure?
P4-1 (Multiple-Step Income, Retained Earnings) The following information is related to Dickinson Company for 2014.Retained earnings...
P4-1 (Multiple-Step Income, Retained Earnings) The following
information is related to Dickinson Company for 2014.Retained
earnings balance, January 1, 2014 $ 980,000Sales revenue
25,000,000Cost of goods sold 16,000,000Interest revenue
70,000Selling and administrative expenses 4,700,000Write-off of
goodwill 820,000Income taxes for 2014 1,244,000Gain on the sale of
investments (normal recurring) 110,000Loss due to fl ood
damage—extraordinary item (net of tax) 390,00Loss on the
disposition of the wholesale division (net of tax) 440,000Loss on
operations of the wholesale division (net of tax) 90,000...
Presented below are the comparative income and retained earnings statements for Martinez Inc. for the years...
Presented below are the comparative income and retained earnings
statements for Martinez Inc. for the years 2017 and 2018.
2018
2017
Sales
$334,000
$264,000
Cost of sales
217,000
144,000
Gross profit
117,000
120,000
Expenses
95,200
50,700
Net income
$21,800
$69,300
Retained earnings (Jan. 1)
$121,700
$76,300
Net income
21,800
69,300
Dividends
(31,400
)
(23,900
)
Retained earnings (Dec. 31)
$112,100
$121,700
The following additional information is provided:
1.
In 2018, Martinez Inc. decided to switch its depreciation
method from sum-of-the-years’...
Presented below are the comparative income and retained earnings statements for Martinez Inc. for the years...
Presented below are the comparative income and retained earnings
statements for Martinez Inc. for the years 2017 and 2018.
2018
2017
Sales
$334,000
$264,000
Cost of sales
217,000
144,000
Gross profit
117,000
120,000
Expenses
95,200
50,700
Net income
$21,800
$69,300
Retained earnings (Jan.
1)
$121,700
$76,300
Net income
21,800
69,300
Dividends
(31,400
)
(23,900
)
Retained earnings (Dec.
31)
$112,100
$121,700
The following additional information is provided:
1.
In 2018, Martinez Inc. decided
to switch its depreciation method from sum-of-the-years’...
Presented below is information related to Armaco Company. Retained earnings, December 31, 2017 $ 650,000 Sales...
Presented below is information related to Armaco Company.
Retained earnings, December 31, 2017 $ 650,000 Sales revenue
1,600,000 Selling and administrative expenses 290,000 Discontinued
operations loss (pre-tax) 290,000 Cash dividends declared on common
stock 33,600 Cost of goods sold 880,000 Gain resulting from
computation error on depreciation charge in 2016 (pre-tax) 520,000
Other revenue 120,000 Other expenses 100,000 Instructions Prepare
in good form a multiple-step income statement for the year 2018.
Assume a 30% tax rate and that 80,000 shares...
The following information is related to Nash Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Nash Company for
2017.
Retained earnings balance, January 1, 2017
$983,980
Sales Revenue
26,111,200
Cost of goods sold
16,270,700
Interest revenue
78,300
Selling and administrative expenses
4,791,200
Write-off of goodwill
839,300
Income taxes for 2017
1,430,000
Gain on the sale of investments
112,800
Loss due to flood damage
399,900
Loss on the disposition of the wholesale division (net of
tax)
456,100
Loss on operations of the wholesale division (net of tax)
97,110
Dividends declared...
The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Stellar Company for
2017. Retained earnings balance, January 1, 2017 $993,230 Sales
Revenue 26,284,300 Cost of goods sold 16,139,200 Interest revenue
79,400 Selling and administrative expenses 4,749,600 Write-off of
goodwill 824,400 Income taxes for 2017 1,303,600 Gain on the sale
of investments 119,300 Loss due to flood damage 397,000 Loss on the
disposition of the wholesale division (net of tax) 451,900 Loss on
operations of the wholesale division (net of tax) 88,730 Dividends
declared...
The following information is related to Kingbird Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Kingbird Company for
2017.
Retained earnings balance, January 1, 2017
$981,000
Sales Revenue
26,100,000
Cost of goods sold
16,100,000
Interest revenue
71,000
Selling and administrative expenses
4,710,000
Write-off of goodwill
821,000
Income taxes for 2017
1,254,000
Gain on the sale of investments
111,000
Loss due to flood damage
391,000
Loss on the disposition of the wholesale division (net of
tax)
441,000
Loss on operations of the wholesale division (net of tax)
91,000
Dividends declared...
The following information is related to Pronghorn Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Pronghorn Company for
2017.
Retained earnings balance, January 1, 2017
$985,470
Sales Revenue
26,100,500
Cost of goods sold
16,248,000
Interest revenue
76,300
Selling and administrative expenses
4,796,300
Write-off of goodwill
839,700
Income taxes for 2017
1,349,100
Gain on the sale of investments
115,500
Loss due to flood damage
398,800
Loss on the disposition of the wholesale division (net of
tax)
451,200
Loss on operations of the wholesale division (net of tax)
91,620
Dividends declared...
The following information is related to Tamarisk Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Tamarisk Company for
2017.
Retained earnings balance, January 1, 2017
$997,920
Sales Revenue
26,276,500
Cost of goods sold
16,204,700
Interest revenue
80,500
Selling and administrative expenses
4,747,500
Write-off of goodwill
826,300
Income taxes for 2017
1,345,000
Gain on the sale of investments
117,800
Loss due to flood damage
391,000
Loss on the disposition of the wholesale division (net of
tax)
446,800
Loss on operations of the wholesale division (net of tax)
86,050
Dividends declared...
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