Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: $ 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained earnings, 1/1/07, as reported 2,000,000. Simmons should report retained earnings, 1/1/07, as adjusted at O a $1,570,000. O b. $2,430,000. O. $3,110,000. O d. $2,000,000.

Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: $ 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained earnings, 1/1/07, as reported 2,000,000. Simmons should report retained earnings, 1/1/07, as adjusted at O a $1,570,000. O b. $2,430,000. O. $3,110,000. O d. $2,000,000.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 42P

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stof sestion Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: § 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained eamings, retained eamings, 1/1/07, as adjusted at Oa Ob. Oc Od $1,570,000. $2,430,000. $3,110,000. $2,000,000. 1/1/07, as reported 2,000,000, Simmons should report
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BTS Corporation reports the following information: • Correction of overstatement of depreciation expense in prior years, net of tax- P215,000 • Dividends declared- P160,000 • Net income- P500,000 • Retained earnings, 1/1/21, as reported- P1,000,000 BTS should report retained earnings, December 31, 2021 at?
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