User Account

All Pages

Ending balance of retained earnings

Assignment Help Accounting Basics
Reference no: EM13962095

Counting Crows, Inc. provided the following information for the year 2013. Using the information below, prepare Counting Crows 2013 income statement, and answer the questions below. Counting Crows has a tax rate of 35% for 2013. All items are shown pre-tax. Shares outstanding during 2011 were 100,000. Retained earnings, January 1, 2013 $ 600,000 Administrative expenses 240,000 Selling expenses 300,000 Sales revenue 1,900,000 Cash dividends declared and paid (includes $25,000 of preferred dividends) 80,000 Cost of goods sold 850,000 Extraordinary gain 95,000 Rent revenue 40,000 Unrealized holding gain on available-for-sale securities 17,000 What is Counting Crows' comprehensive income for the year ended 2013? [Hint - as we discussed with IBM, this is a combination of the regular income statement and other comprehensive income statement. The best way to answer this question is to prepare a statement that combines the regular income statement with the other comprehensive statement of income.] What is the ending balance of Retained Earnings? Show calculations.

Reference no: EM13962095

Questions Cloud

Excess of issue price over par-common stock : Dividends payable $30.00 13 Common stock, $10 par 100 50 14 Paid-in capital: Excess of issue price over par-common stock 250 125 15 Retained earnings 955 730 16 Total liabilities and stockholders' equity 1510 1065
Fixed cost can be modeled by using binary integer variable : State University must purchase 1700 computers from three vendors. Vendor 1 charges $500 per computer plus a total delivery charge of $5,000. Vendor 2 charges $350 per computer plus a total delivery charge of $4,000. Vendor 3 charges $250 per computer..
Corporate scandals involving undisclosed liabilities : We often hear of corporate scandals involving undisclosed liabilities, artificially inflated earnings statements, ethics violations, etc. The results of some of the more notorious misdeeds have had a very unfavorable impact on some shareholders' ..
The optimal inventory policy and cycle time : Demand for Sharp disposable razors at Chevere Drugs averages seven packages per day. The razors cost Chevere $0.80 per package and sell for $1.49. Chevere uses a 20% annual holding cost rate and estimates the cost to place an order for additional raz..
Ending balance of retained earnings : The best way to answer this question is to prepare a statement that combines the regular income statement with the other comprehensive statement of income.] What is the ending balance of Retained Earnings? Show calculations.
Special chemical compound-called chemix : Tarmac Chemical Corporation produces a special chemical compound—called CHEMIX—that is used extensively in high school chemistry classes. This compound must contain at least 20% sulfur, at least 30% iron oxide, and at least 30% but no more than 45% p..
A point charge q is placed between the planes. : Two infinite grounded parallel conducting planes are separated by a distance d. A point charge q is placed between the planes.
Widowed mother during the year : Grace provides 52% of the household costs for her widowed mother during the year. Grace claims her mother as a dependent. Can Grace file a return as head of Household if her mother does not live with her? Explain the reason behind your answer?
Evaluate the profitability of new orders : When production capacity is limited and it is possible to obtain additional customer orders, a firm must consider its opportunity costs to evaluate the profitability of these new orders." Do you agree with this statement? If so, what are the oppor..

Reviews

Write a Review

Accounting Basics Questions & Answers

  An investor purchased 500 shares of common stock 25 par

an investor purchased 500 shares of common stock 25 par for 21750. subsequently 100 shares were sold for 49.50 per

  What amount of gain is recognized by white corp

White corp, which had earnings and profits of $100,000, distributed a parcel of land to its sole shareholder, doug. the property had a FMV of $95,000 and an adjusted basis of $55,000. Doug assumed a $60,000 liability associated with the land. what is..

  It completed construction of a new jail incurring 245000 in

general capital assets are accounted for differently in fund governmental-wide financial statements.a city engaged in

  Giltz earns an hourly wage of 18 with time-and-a-half pay

giltz earns an hourly wage of 18 with time-and-a-half pay for hours worked over 40 per week. during the most recent

  Briefly summarize the differences in how the internet

Briefly summarize the differences in how the Internet, a company intranet, and an extranet are accessed and used.

  The pool has an estimated useful life of 5 years the

the pool has an estimated useful life of 5 years. the appraisal was to determine the value of robertos residence with

  Shipping inventory to customers

Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.

  Within the discussion board area write 400-600 words that

task name phase 2 discussion boarddeliverable length 500 words plus chart of accountsdetails primary task response

  Ways for valuing stocks

What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?

  Compute the net present value of the project round pv

ignore income taxes in this problem. farah corporation has provided the following data concerning a proposed investment

  Evaluation of break-even point in sales

The problem belongs to Basic Accounting and it discusses on evaluation of break-even point in sales

  Determining the account for accounts receivable

Explain how to account for accounts receivable, including bad debts. Accounts receivable arise from sales on credit. Companies with many customers may keep detailed records of accounts receivable in a separate subsidiary ledger.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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