Homework Answers
| Balance of Retained Earnings at the end of third year | 13000 | |
| Workings: | ||
| Year 1: | ||
| Net income | 4500 | =12000-7500 |
| Less: Dividends | 1000 | |
| Retained Earnings, Year 1 | 3500 | |
| Year 2: | ||
| Retained Earnings, Year 1 | 3500 | |
| Net income | 6000 | =20000-14000 |
| Less: Dividends | 2000 | |
| Retained Earnings, Year 2 | 7500 | |
| Year 3: | ||
| Retained Earnings, Year 2 | 7500 | |
| Net income | 8500 | =30000-21500 |
| Less: Dividends | 3000 | |
| Retained Earnings, Year 3 | 13000 |
Add Answer to:
A company had the following revenues, expenses and dividends in its first three years of operations:...
Question 9 A company had the following revenues, expenses and dividends in its first three years...
Question 9 A company had the following revenues, expenses and dividends in its first three years of operations: Year 3 Year 1 Year 2 $12,000 $20,000 $30,000 Revenues $7,500 $14,000 $21,500 Expenses $1,000 $2,000 $3,000 Dividends What is the balance in Retained Earnings at the end of the first year? Question 10 A company had the following revenues, expenses and dividends in its first three years of operations: Year 3 Year 1 Year 2 $30,000 Revenues $12,000 $20,000 $7,500 $14,000...
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 ะพ SLOO O $95.000 O 34000
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...
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...
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...
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as...
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,800 2 2,700 500 3 2 ,900 1,100 4 5,600 2,100 5 8 ,700 2,000 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Retained Earnings WN
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: 2,000 shares of 8%, $100 par, cumulative preferred stock and 34,000 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 "0" if no dividends are paid. Preferred Common Year Dividends Total Per...
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: 3,000 shares of 10%, $100 par, cumulative preferred stock and 48,000 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 "0" if no dividends are paid. Preferred Common Year Dividends Total Per...
Question 9 A company had the following revenues, expenses and dividends in its first three years of operations: Year 3 Year 1 Year 2 $12,000 $20,000 $30,000 Revenues $7,500 $14,000 $21,500 Expenses $1,000 $2,000 $3,000 Dividends What is the balance in Retained Earnings at the end of the first year? Question 10 A company had the following revenues, expenses and dividends in its first three years of operations: Year 3 Year 1 Year 2 $30,000 Revenues $12,000 $20,000 $7,500 $14,000...
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 ะพ SLOO O $95.000 O 34000
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...
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...
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...
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,800 2 2,700 500 3 2 ,900 1,100 4 5,600 2,100 5 8 ,700 2,000 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Retained Earnings WN
Most questions answered within 3 hours.
-
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 11 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 14 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 15 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 12 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 15 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 25 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 31 minutes ago -
You begin preparation of the calibration curve to measure
absorbance vs concentration of FeSCN2+. To do...
asked 48 minutes ago -
When you speak after breathing helium, in which the speed of
sound is much greater than...
asked 41 minutes ago -
3. Stock Valuation: You are the CEO of Under Armour, Inc. and
are thinking about how...
asked 46 minutes ago -
Choose a brand. Critique the brand in terms of its brand
positioning, brand identity and brand...
asked 48 minutes ago -
A vertical curve has grades G1 = 2.8% (downgrade) and
G2 = 2.2 (upgrade) Assume design...
asked 48 minutes ago