Homework Answers
| 9 | ||
| Net income | 4500 | =12000-7500 |
| Less: Dividends | 1000 | |
| Balance in Retained earnings at the end of first year | 3500 | |
| 10 | ||
| Balance in Retained earnings at the end of first year | 3500 | |
| Add: Net income for Year 2 | 6000 | =20000-14000 |
| Less: Dividends for year 2 | 2000 | |
| Add: Net income for Year 3 | 8500 | =30000-21500 |
| Less: Dividends for year 3 | 3000 | |
| Balance in Retained earnings at the end of third year | 13000 |
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Question 9 A company had the following revenues, expenses and dividends in its first three years...
A company had the following revenues, expenses and dividends in its first three years of operations:...
A company had the following revenues, expenses and dividends in its first three years of operations: Revenues Year 1 $12,000 $7,500 $1,000 Year 2 | Year 3 $20,000 $30,000 $14,000 $21,500 $2,000 $3,000 Expenses Dividends What is the balance in Retained Earnings at the end of the third year?
During 2020, its first year of operations, Joe's Bakery had revenues of $100,000 and expenses of...
During 2020, its first year of operations, Joe's Bakery had revenues of $100,000 and expenses of $60,000. The business paid cash dividends of $30,000. What is the balance in Retained Earnings at December 31, 2020? $70,000 credit $30,000 credit $60,000 credit $10,000 credit
On January 1, Cowboy Ice Cream declared a $3,000 cash dividend to be paid on January...
On January 1, Cowboy Ice Cream declared a $3,000 cash dividend to be paid on January 31 to shareholders of record on January 15. What is the effect on Cowboy Ice Cream's financial statements on January 1? (Select all that apply) Financing cash outflow of $3,000 Dividends Payable decreases by $3,000 No effect on the financial statements Net Income decreases by $3,000 Dividends decrease by $3,000 Retained Earnings decrease by $3,000 Dividends Payable increases by $3,000 Cash decreases by $3,000...
MC Qu. 40 (LO10-5) In its first three years of operations, a company... In its first...
MC Qu. 40 (LO10-5) In its first three years of operations, a company... In its first three years of operations, a company has net income of $2.000.$5,000 and $8.000. It also pays dividends of $1000 in the second year, and $3,000 in the third year. What is the balance of Retained Earnings at the end of the third year? Multiple Choice 55.000 о SLOO O $95.000 O 34000
Calculator A company had stock outstanding as follows during each of its first three years of...
Calculator A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 8%, $100 par, cumulative preferred stock and 30,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. Enter "O" if no dividends are paid. . Preferred Common . Year...
A company had stock outstanding as follows during each of its first three years of operations:...
A company had stock outstanding as follows during each of its first three years of operations: 1,000 shares of 10%, $100 par, cumulative preferred stock and 42,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. Enter "oif no dividends are paid Preferred Common Year Dividends Total Per Share...
During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of...
During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of $1,000. At the end of the year, the Corporation reported assets of $97,000, liabilities of $34,000, and contributed capital (common stock + additional paid-in capital) of $21,000. Determine the dollar amount of the Corporation's retained earnings at the end of the year a. $42,000 b. $63,000 c. $26,000 d. $5,000 QUESTION 30 The Sean Corporation's July 31 unadjusted trial balance included many accounts, including...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done...
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015-2017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $16,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,000 cash for dividends and $1,000 to repurchase and eliminate Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $5,000...
A company had the following revenues, expenses and dividends in its first three years of operations: Revenues Year 1 $12,000 $7,500 $1,000 Year 2 | Year 3 $20,000 $30,000 $14,000 $21,500 $2,000 $3,000 Expenses Dividends What is the balance in Retained Earnings at the end of the third year?
During 2020, its first year of operations, Joe's Bakery had revenues of $100,000 and expenses of $60,000. The business paid cash dividends of $30,000. What is the balance in Retained Earnings at December 31, 2020? $70,000 credit $30,000 credit $60,000 credit $10,000 credit
On January 1, Cowboy Ice Cream declared a $3,000 cash dividend to be paid on January 31 to shareholders of record on January 15. What is the effect on Cowboy Ice Cream's financial statements on January 1? (Select all that apply) Financing cash outflow of $3,000 Dividends Payable decreases by $3,000 No effect on the financial statements Net Income decreases by $3,000 Dividends decrease by $3,000 Retained Earnings decrease by $3,000 Dividends Payable increases by $3,000 Cash decreases by $3,000...
MC Qu. 40 (LO10-5) In its first three years of operations, a company... In its first three years of operations, a company has net income of $2.000.$5,000 and $8.000. It also pays dividends of $1000 in the second year, and $3,000 in the third year. What is the balance of Retained Earnings at the end of the third year? Multiple Choice 55.000 о SLOO O $95.000 O 34000
Calculator A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 8%, $100 par, cumulative preferred stock and 30,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. Enter "O" if no dividends are paid. . Preferred Common . Year...
A company had stock outstanding as follows during each of its first three years of operations: 1,000 shares of 10%, $100 par, cumulative preferred stock and 42,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. Enter "oif no dividends are paid Preferred Common Year Dividends Total Per Share...
During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of $1,000. At the end of the year, the Corporation reported assets of $97,000, liabilities of $34,000, and contributed capital (common stock + additional paid-in capital) of $21,000. Determine the dollar amount of the Corporation's retained earnings at the end of the year a. $42,000 b. $63,000 c. $26,000 d. $5,000 QUESTION 30 The Sean Corporation's July 31 unadjusted trial balance included many accounts, including...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015-2017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $16,000 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,000 cash for dividends and $1,000 to repurchase and eliminate Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $5,000...
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