Bb Homework Sumn X Wp Nwp Assessment X Wp Nwp Assessment X Education Wiley Com Was Ui V2 Assessment Player Ind Qu 1 (71.94 KiB) Viewed 45 times
Bb Homework - Sumn x WP NWP Assessment x WP NWP Assessment X education.wiley.com/was/ui/v2/assessment-player/ind... ☆ Question 2 of 4 1.56/3.3 : Current Attempt in Progress Swifty Corporation began operations on January 1, 2017. During its first 3 years of operations, Swifty reported net income and declared dividends as follows: Net income Dividends declared 2017 $44,000 $-0- 2018 132,600 57,800 2019 164,100 56,700 The following information relates to 2020. Income before income tax $2 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28,400 will be paid on Jan. 15, 2021) Effective tax rate $1 ← → C + ← HW 4-1 MA LA +A ...
← HW 4-1 MA Question 2 of 4 SWIFTY CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Cumulative Decrease in Income from Change in Inve Correction for Depreciation Error Cumulative Decrease in Income from Change in Inver Balance, January 1, as Adjusted Add Net Income /(Loss) Less Dividends Declared Balance, December 31 eTextbook and Media LA LA 1.56 / 3.3 ||| 226200 22720 32160 MI 171320 193600 364920 114500 i 250420 : Question 2 of 4 (b) 1.56/3.3 1.56/1.65 Your answer is incorrect. Assume Swifty Corporation restricted retained earnings in the amount of $69,320 on December 31, 2020. After this action, what would Swifty report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings $ eTextbook and Media Save for Later Last saved 29 minutes ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes. Attempts: 4 of 5 used Submit Answer Question Part Score
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!