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Homework answers / question archive / Exercise 415 The Flint Corporation, a prtvate mmpany, began operations on Januar/ 1, 2014

Exercise 415 The Flint Corporation, a prtvate mmpany, began operations on Januar/ 1, 2014

Accounting

Exercise 415 The Flint Corporation, a prtvate mmpany, began operations on Januar/ 1, 2014. During its first three years of operations, Flint reported net income and declared dividends as follows: 
Net Income Dividends rieciared 2014 $50,000 $0 2015 130,000 50,000 2016 151,000 50,000 
following information is for 2017: 
Income before income tax $020,004 prior perfod adjustment understatement 00 0010 depreciation expense (before tax) 52,000 Cumulative increase in prior years' incorne from change in 0550500 5050054 (before tax) 32,000 Dividends declared (of Mis amount, $25,000 will be paid on January 15, 2018) 100,000 Effective tax mte 4096 
 Assume Flint Corporation restricted retained earnings in the amount of $70,000 on December 31, 2017. After this action, what would Flint report as total retained earnings in its December 31, 2017, balance sheet?

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