For the year ending December 31, 2010, Kerns Inc. reports net income $140,000 and dividends $85,000. Prepare
Question:
For the year ending December 31, 2010, Kerns Inc. reports net income $140,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on January 1, 2010, was $220,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
KERNS INC Retained Earnings Statemen...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
At the end of December 2014, the following unit sales data were reported for the year: For the year ending December 31, 2015, unit sales are expected to follow the patterns established during the...
-
The following budget information for the year ending December 31, 2011, pertains to Rust Manufacturing Company's operations: The following information is also provided:1. Rust has no beginning...
-
For the year ending December 31, 2018, MacPhail & Toole Inc.'s ("M&T Inc.'s") combined federal and provincial taxes payable amounted to $18,000, while for the year ending December 31, 2019,...
-
Ballard Ltd makes three products A, B and C. Each passes throughtwo departments: Machining and Assembly. Budgeted production ineach department by each productUnitsMachiningAssemblyPr 2 answers
-
On July 31, 2018, Myron Corporation purchased equipment for $750,000. The equipment was purchased with a $50,000 down payment and with a four-year, 4%, $700,000 bank loan payable for the balance. The...
-
As of December 31, the end of the current year, the ledger of Harris Company contained the following account balances after adjustment. All accounts have normal balances. Journalize the...
-
Vertical analysis of assets (Learning Objective 2) TriState Optical Company reported the following amounts on its balance sheet at December 31, 2006: Perform a vertical analysis of TriState Optical...
-
The energy transferred from the anterior chamber of the eye through the cornea varies considerably depending on whether a contact lens is worn. Treat the eye as a spherical system and assume the...
-
Eagle Corp declares a 6 0 % stock dividend on its 1 0 0 , 0 0 0 common shares outstanding. Just prior to the declaration of the dividend Eagle Corp's common stock had a $ 3 par value and a $ 2 0...
-
Rob Richman, president of AmeriBank, takes off his glasses, rubs his eyes in exhaustion, and squints at the clock in his study. It reads 3 am. For the last several hours, Rob has been poring over...
-
The stockholders equity section of OVear Corporation consists of common stock ($10 par) $2,000,000 and retained earnings $500,000. A 10% stock dividend (20,000 shares) is declared when the market...
-
The balance in retained earnings on January 1, 2010, for Persinger Inc, was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In...
-
Air whose density is 0.078 lbm/ft3 enters the duct of an air-conditioning system at a volume flow rate of 450 ft3/min. If the diameter of the duct is 10 in, determine the velocity of the air at the...
-
The following financial data for the Revel Corporation was L01 collected as of December 31. All accounts have normal balances. Required Prepare a classified balance sheet as of December 31. Furniture...
-
The following financial data for Kravis Distributors was collected as of December 31. All accounts have normal balances. Required Prepare a classified balance sheet as of December 31 for Kravis...
-
Presented below is financial data for Jason \& Co. as of year-end 2019 : Required Prepare a statement of stockholders' equity for Jason \& Co. as of December 31, 2019. Cash... $ 8,500 Accumulated...
-
Presented below is income statement data for Short \& Company as of year-end 2019: Required Prepare a multi-step income statement for 2019 and calculate the company's return on sales ratio. If...
-
Most of the values of the exponent \(\mathrm{n}\) in Table 11-3 are positive; however, the exponents for the cost of packing are negative. Explain why. Table 11-3 TABLE 11-3. Reference cost and sizes...
-
Distinguish between the response time and the display rate for a data-entry screen. How does the use of a dedicated source document in data-entry screen design affect the display rate and response...
-
What steps must a business take to implement a program of social responsibility?
-
Determine the continuous current rating and the rms fault current interruption rating of a circuit breaker or fuse on both sides of a 300-kVA, 600-V / 208-V Y, three-phase transformer that has 6%...
-
The worksheet for Taufoou Company shows the following in the financial statement columns. Owners drawings $22,000 Owners capital 70,000 Net income 41,000 Prepare the closing entries at December 31...
-
Chester Taylor recently received the following information related to Taylor Companys December 31, 2012, balance sheet. Inventory $ 2,900 Short-term investments $1,200 Cash 4,300 Accumulated...
-
The following accounts were taken from the financial statements of Tillman Company. ______ Interest revenue ______ Owners capital ______ Utilities payable ______ Accumulated depreciation ______...
-
Module 1 0 Homework Help Save & Exit Submit 4 E 7 - 6 ( Algo ) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L 0 7 - 2 1 . 6 6 points Hamilton Company uses a...
-
A physical count reveals only $ 7 0 0 of roofing supplies on hand. Depreciation for March is $ 2 5 4 . Unearned revenue amounted to $ 1 7 0 at March 3 1 . Accrued salaries are $ 7 0 0 .
-
Question 3 Izzara enterprise manufactures jeans. It is the financial year - end for the business, and you have been contacted to prepare Izzara's year - end accounts. The bookkeeper provides you with...
Study smarter with the SolutionInn App