Below is the Retained Earnings account for the year 2017 for Bramble Corp. ...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Below is the Retained Earnings account for the year 2017 for Bramble Corp.
| Retained earnings, January 1, 2017 | $265,330 | |||
| Add: | ||||
| Gain on sale of investments (net of tax) | $48,930 | |||
| Net income | 92,230 | |||
| Refund on litigation with government, related to the year 2014 (net of tax) | 29,330 | |||
| Recognition of income earned in 2016, but omitted from income statement in that year (net of tax) | 33,130 | 203,620 | ||
| 468,950 | ||||
| Deduct: | ||||
| Loss on discontinued operations (net of tax) | 42,730 | |||
| Write-off of goodwill (net of tax) | 67,730 | |||
| Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2017 (net of tax) | 30,930 | |||
| Cash dividends declared | 39,730 | 181,120 | ||
| Retained earnings, December 31, 2017 | $287,830 |
(a) Prepare a corrected retained earnings statement. Bramble Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2017 to compute net income.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.