Company B began 2018 with a $110,000 balance in retained earnings. The following events occurred during the year: Cash dividends of $18,500 were declared. 4,500 shares of callable preferred stock were recalled and retired for a price of $225 per share. The stock was originally issued for $150 per share. Net income was $550,000. A material error in net income for a previous period was corrected. The correction of the error decreased retained earnings by $18,500 after a related income tax. The following is required: 1. Prepare the statement of retained earnings for the year ended 2013, and any note disclosures separately. 2. Discuss the restriction of retained earnings that the board of directors can impose and why it would be necessary.

The link between volume of production and the cost of building manufacturing operations is particularly important in industries characterized byanswers: process innovations.product manufacturing.product innovation.process manufacturing.

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Omnidata uses the annualized income method to determine its quarterly federal income tax payments. it had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters). what is omnidata's annual estimated taxable income for purposes of calculating the third quarter estimated payment?