Prepare a retained earnings statement for 2012

Assignment Help Financial Accounting
Reference no: EM13510849

Jayleah Company reported retained earnings at December 31, 2011, of $310,000. Jayleah had 200,000 shares of common stock outstanding throughout 2012.

The following transactions occurred during 2012.

1. An error was discovered: in 2010, depreciation expense was recorded at $70,000, but the correct amount was $50,000.

2. A cash dividend of $0.50 per share was declared and paid.

3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.

4. Net income was $285,000.

Instructions

Prepare a retained earnings statement for 2012.

Reference no: EM13510849

Questions Cloud

Limitations of the cash payback method : Recommend a product offering to Bath Works Products Company, based on the cash payback period for each product line. Please explain your reasoning.
Journalize the issuance of the stock in acquiring the land : Jer Inc.'s $10 par value common stock is actively traded at a market value of $15 per share. Jer issues 5,000 shares to purchase land advertised for sale at $85,000. Journalize the issuance of the stock in acquiring the land.
Find the disks angular acceleration : A hard disk in your computer spins at 5400 rpm. if this disk turns through 12 revolutions before coming to a stop, find the disks angular acceleration
Do you agree with the proponents of the exclusion : To date, Congress has concluded that the benefits gained by the states and municipalities and their residents, such as access to capital and the creation of jobs to construct and maintain critical infrastructure, outweigh any damages to our progre..
Prepare a retained earnings statement for 2012 : Jayleah Company reported retained earnings at December 31, 2011, of $310,000. Jayleah had 200,000 shares of common stock outstanding throughout 2012.
Statement on auditing standards : States that due professional care requires the auditor to exercise professional skepticism. Professional skepticism can be divided into three attributes.
Corporate fraud schemes : Identify an organization that was involved in corporate fraud. Explain how fraud can be detected and evaluate the importance of teamwork and leadership in a fraud investigation.
History of franklin national bank : The history of Franklin National Bank and the timeline of Franklin National Bank and you can describe the first president Arthur T. Roth and his innovations
Determine its orbital speed and period : A spy satellite was launched into a circular orbit with a height of 318 km above the surface of the Earth. Determine its orbital speed and period

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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