Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. below is the retained earnings account for the yea

Below is the Retained Earnings account for the year 2017 for Bramble Corp. ...

80.2K

Verified Solution

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.

Answer & Explanation Solved by verified expert
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following table lists the activities needed to complete a project. The first column lists the...

Statistics
Q

1. What is the difference between a phytohormone and a plant growth regulator? 2. Contrast a tap...

Biology
Q

It's possible to estimate the percentage of fat in the body by measuring the resistance of...

Physics
Q

State the importance of using superheaters and reheaters in standalone steam power plants and in combined cycle...

Mechanical Engineering
Q

Please explain the principle of operartion of NMOS and PMOS and how this relates to all...

Electrical Engineering
Q

William has put $5,000 of savings into a bank that will collect a 1% annualinterest...

Basic Math
Q

Give the order of the differential equation below wh xy 6y y 8 Choose the...

Calculus
Q

For all values of a for which the expression is defined Select the correct answer...

Calculus
Q

please help me understand Last month, Bramble Corporation purchased and used...

Accounting
Q

Which of the following statements is not true about intercompany accounting? A. Intercompany transactions...

Accounting
Q

Most Company purchased 90 percent of the voting common stock of Port Company on January...

Accounting
Q

how do I do these? ...

Accounting