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For the year ended December 31, 2017, Transformers Inc. reportedthe following:Net Income$305068Preferred...For the year...

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Accounting

For the year ended December 31, 2017, Transformers Inc. reportedthe following:

Net Income$305068
Preferred dividends paid54210
Common dividends paid9619
Unrealized holding loss, net oftax3543
Retained Earnings, beginningbalance389503
Common Stock177628
Accumulated Other Comprehensive Income,beginning balance22896

What would Transformers report as the ending balance of RetainedEarnings?

Answer & Explanation Solved by verified expert
4.4 Ratings (823 Votes)

  • One can prepare Statement of Stockholder’s Equity to find the Ending Balance of Retained earnings.

Common Stock

Retained Earnings

Accumulated Other Comprehensive Income

Total Stockholder's Equity

Beginning Balance

$                                 177,628.00

$                389,503.00

$                                     22,896.00

$       590,027.00

Add: Net Income

$                305,068.00

$                                                     -  

$       305,068.00

Less: Dividends

$                        -  

    Preferred Dividend

$                  54,210.00

$         54,210.00

    Common Dividend

$                     9,619.00

$           9,619.00

Less: Unrealized Holding Loss

$                                        3,543.00

$           3,543.00

Ending Balance

$                                 177,628.00

$                630,742.00

$                                     19,353.00

$       827,723.00

  • Answer: Ending balance of Retained earnings = $ 630,742
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Transcribed Image Text

In: AccountingFor the year ended December 31, 2017, Transformers Inc. reportedthe following:Net Income$305068Preferred...For the year ended December 31, 2017, Transformers Inc. reportedthe following:Net Income$305068Preferred dividends paid54210Common dividends paid9619Unrealized holding loss, net oftax3543Retained Earnings, beginningbalance389503Common Stock177628Accumulated Other Comprehensive Income,beginning balance22896What would Transformers report as the ending balance of RetainedEarnings?

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