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05-03-2020
Business

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Dove Corporation, a calendar year C corporation, had the following information for 2016:

Net income per books (after-tax) $386,250
Taxable income 120,000
Federal income tax per books 30,050
Cash dividend distributions 150,000
Unappropriated retained earnings as of January 1, 2016
796,010

Based on the above, and using Schedule M–2 of Form 1120, Dove's unappropriated retained earnings balance as of December 31, 2016, is

Respuesta :

10-03-2020

Answer:

$1,032,260

Explanation:

To calculate Dove's unappropriated retained earnings balance (UREB) as of December 31, 2016, the following simple formula is employed:

UREB = Unappropriated retained earnings as of 01 January 2016 + Net income per books (after-tax) - Cash dividend distributions

UREB = $796,010 + $386,250 - $150,000 = $1,032,260

Therefore, Dove's unappropriated retained earnings balance (UREB) as of December 31, 2016 is equal to $1,032,260.

Note:

This will appear in Schedule M–2 of Form 1120 as follows:

Unappropriated retained earnings as of 01 January 2016 $796,010

Net income per books (after-tax) $386,250

Sub-Total $1,182,260

Less: Cash dividend distributions $150,000

Unappropriated retained earnings as of 31 December 2016 $1,032,260

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