| | | | 3,805,500 | Total comprehensive income | $ 197,500 | $93,200 | | | 197,500 | | 9,730,500 | Retained Earnings 1/1 | $ 245,500 | $75,000 | b. 75,000 | | $245,500 | | 7,978,750 | Net income | 235,600 | 121,800 | | | 235,600 | 30 | 7,068,000 | Dividends | (100,000) | (42,600) | | a. 42,600 | (100,000) | 30 | (3,000,000) | Retained Earnings 12/31 | $ 381,100 | $ 154,200 | | | $ 381,100 | | 12,046,750 | OCI translation adjustment-1/1 | $0 | $0 | | | $
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decrease in income from change in inventory methods (before taxes): $35,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2008): $100,000 Effective tax rate: 40% Lee Corporation | Retained Earnings Statement | For the Year Ended December 31, 2007 | Balance, January 1, as reported | $225,000* | | Correction for depreciation error (net of $10,000 tax) | (15,000) | | Cumulative decrease in income from change in inventory methods
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market. He gives hard evidence that shows how this magic formula has not only worked in the past but why it will work in years to come. The “magic formula” consists of breaking down companies into two categories. The first category is price to earnings ratio. Greenblatt recommends
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The retained earnings formula is a calculation that derives the balance in the retained earnings account as of the end of a reporting period. Retained earnings is that portion of the profits of a business that have not been distributed to shareholders; instead, it is retained for investments in working capital and/or fixed assets, as well as to pay down any liabilities outstanding. The calculation is: + Beginning retained earnings + Net income during the period - Dividends paid = Ending retained
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business in America wants to be successful. One part of being successful is the way they report on their earnings and keep track of their earnings. Before you can report your yearly or quarterly earners you must keep track of them. There are four basic financial statements that every business must do in order to report their earnings correctly. They are the income statement, balance sheet, retained earnings statement and the cash flow statement. Each statement has a different role in telling the complete
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activities are operating activities) 4. Know the definitions of asset, liability, equity, revenue, and expense 5. Know what items appear under each classification in the balance sheet 6. Know how to compute Earnings per Share 7. Know the composition of a Retained Earnings statement 8. Know about a ledger account, its different parts, the rules of debit and credit, and the meaning of the term normal balance of an account 9. Know about revenue recognition principle, matching principle
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11/15/2011 Annette Anigwe Financial Statements Paper There are four basic financial statements that are used to record various transactions of the day-to-day through the year-to-year activities in a company. There is the income statement, the retained earnings statement, the balance sheet, and the statement of cash flows. There is a specific use for each one of these statements, and they all work together to show what is going on within a company. These statements also help the internal users, such as
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activities are operating activities) 4. Know the definitions of asset, liability, equity, revenue, and expense 5. Know what items appear under each classification in the balance sheet 6. Know how to compute Earnings per Share 7. Know the composition of a Retained Earnings statement 8. Know about a ledger account, its different parts, the rules of debit and credit, and the meaning of the term normal balance of an account 9. Know about revenue recognition principle, matching principle
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in NA of Lane Co. $52,400 b. NCI in NA of Lane Co. $54,400 b. NCI in NA of Skate Co. $53,400 a. $4,710 f. $122,600 k. $375,800 b. NCI in NA of Block Corp. $25,500 d. NCI in NA of Schmid Dist. $999,000 Consolidated Retained Earnings, December 31, 20X8: $449,000 c. Retained Earnings, December 31, 20X4: $213,135 d. NCI in NA of Lane Co. $54,400 d. NCI in NA of Lane Co. $53,000
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there are many uses for these statements that make them particularly useful in business. The many different types show information that is pertinent to the way that each report is used. The four types of statements are; income statements, retained earnings statement, balance sheet, and statement of cash flow. Most of these statements are very important because of the information that they possess. All of these statements are crucial to the ability of a business to function. Income Statements
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