Tuscan Inc. had a retained earnings balance of $74,000 at December 31, 2018. During the year, Tuscan had the following selected transactions. • Reported net income of $114,000. • Revised an estimate of a machine's salvage value. Depreciation increased by $2,400 per year.
• An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $26,000 (net of tax benefit).
• Paid cash dividends of $47,000.
Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign.) TUSCAN INC. Statement of Retained Earnings For Year Ended December 31, 2019 Prior period adjustment TUSCAN INC. Statement of Retained Earnings Building cost incorrectly expensed (net of tax) Owner's capital Retained earnings, Dec. 31, 2018, as adjusted Retained earnings, Dec. 31, 2018, as previously reported Retained earnings, Dec. 31, 2019

Portionpac has been a good corporate citizen for fifty years. which of the following is not an argument in favor of social responsibility and corporate citizenship?

A. determine the amount of retained earnings as of january 1, 2018. b. after looking at the amount of retained earnings, the chief executive officer (ceo) wants to pay a $1,000 cash dividend to the stockholders. can the company pay this dividend? c. as of january 1, 2018, what percentage of the assets were acquired from creditors? d. as of january 1, 2018, what percentage of the assets were acquired from investors? e. as of january 1, 2018, what percentage of the assets were acquired from retained earnings? f. create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. during 2018, carter company earned cash revenue of $1,800, paid cash expenses of $1,200, and paid a cash dividend of $500. (hint: it is to record these events under an accounting equation before preparing the statements.) g-1. prepare an income statement dated december 31, 2018. g-2. prepare a statement of changes in stockholders’ equity dated december 31, 2018. g-3. prepare a balance sheet dated december 31, 2018. g-4. prepare a statement of cash flows dated december 31, 2018. j. what is the balance in the revenue account on january 1, 2019?

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