Projected ending retained earning balance

Assignment Help Accounting Basics
Reference no: EM1359785

Hutch Corporation finished their fiscal year ending March 31, 2010, with $88,000 of net income. They issued dividends of $22,000 at year end. At the end of the year on March 31, 2010, they had a net loss of ($46,000) and did not distribute any dividends. In the fiscal year ending march 31, 2012, their net income was $55,000. What is the projected ending retained earning balance of march 31, 2012, assuming that 2010 was their worst year of business?

Reference no: EM1359785

Questions Cloud

Introduction to confidentiality therapy : Confidentiality is one of the most significant ethical and legal issues in the field of mental health. Clients/patients rely on this confidentiality when they share their personal issues with the therapist.
Describe how the definition of justice affects : Downsizing a department with a 20% reduction in force and meeting the needs of stockholders to see an adequate profit share
Explain the human resources manager proposing this plan : Explain The Human Resources manager proposing this plan feels it will reduce turnover and improve morale and and provide a competitive edge when recruiting new employees
Journalize the transactions : Suppose you are interviewing for a part-time accounting job at Spilker & Associates, and the interviewer gives you the following list of corporation transactions in September 2006.
Projected ending retained earning balance : Hutch Corporation finished their fiscal year ending March 31, 2010, with $88,000 of net income. They issued dividends of $22,000 at year end. At the end of the year on March 31, 2010, they had a net loss of ($46,000) and did not distribute any div..
How various beats per second are heard : When two tuning forks of 146Hz and 161Hz, respectively, are sounded simultaneously, how many beats per second are heard.
Logistics-assessing distribution and supply chain management : discussion, and your personal opinion of the article. What do you agree with? What do you disagree with? What did you find particularly interesting or surprising?
Accounting-relevance of budgeting : Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Confidentiality-therapeutic relationship : Explain the importance of maintaining confidentiality in the therapeutic relationship.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Expenses incurred and retained earnings relationships

Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.

  Journalize stock entries-make stockholder equity section

Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the journal ent..

  Compute the company total required production

Compute the company's total required production in units of finished product for the entire three month period ending September 30. (Do not round intermediate calculations. Round your final answer to the nearest unit.)

  Prepare an income statement and compute earnings per share

A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?

  Authoritative auditing literature

You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.

  Valuation of land as an investment

Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $1,000 per month for 60 months, or $60,000 total.

  Investment trust fund-summarize the collection of interest

Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.

  Depreciation rule-profit margin of business

Is Choi's ruling an ethical violation, or is it a legitimate decision in computing depreciation? How will Choi's new depreciation rule affect the profit margin of her business?

  Sales tax and record journal entry

On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:

  Agi and deduction

Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..

  Mortgage note records

Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..

  Completing accounting cycle

Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd