Homework Answers
Answer :- Calculation of amount of Dividends declared during the year :-
Ending Retained Earning = Beginning Retained earning + Net Income - Dividends
Dividends = Beginning Retained Earning + Net Income - Ending Retained Earning
Dividends= $64,120 + $50,680 - $66,640
Dividends = $48,160
So the dividends declared during the year is $48,160. Therefore option C is correct answer . Thanks
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The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
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A company had a beginning balance in retained earnings of $400,000. It had net income of...
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Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $541,000. During the year,...
Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had...
On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions 1. 2. 3. 4. Declared cash dividends $130,000 Corrected overstatement of 2019 net income because of inventory error $45,000. Earned net income $350,000. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show. Work
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year,...
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year, Blossom had the following selected transactions. 1. 2. 3. 4. Declared cash dividends $110,000. Corrected overstatement of 2019 net income because of inventory error $35,000. Earned net income $340,000. Rectangular Ship Declared stock dividends $55,000. Determine the retained earnings balance at the end of the year. Retained earnings
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject...
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The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per share. Three years later, it repurchases these shares for $82 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debt Stockholders' Equity for $30.40 million credit Additional Paid in Capital for $15.40 million and credit Cash for $16.40 million Debit Common Stock for $6,000, debit Additional Paid-in Capital for $16,394 000 and credit Cash for $16.40 million Oo oo...
A company had a beginning balance in retained earnings of $400,000. It had net income of $50,000 and declared and paid cash dividends of $55,000 in the current period. The ending balance in retained earnings equals: Multiple Choice O $505,000 о $455,000. о $350,000.
On January 1, 2020, Grove, Inc.'s Retained earnings had a balance of $5,000. During the year, Grove eamed revenue of $8,000, incurred expenses of $3,400, sold stock to investors for $12,000, purchased land for $6,400, and paid dividends of $800. What is the final balance of Retained earnings at December 31, 2020 once closing entries have been recorded? Numeric Response
On January 1, 2019, Cullumber Company had retained earnings of $495,000. During the year, Cullumber had the following selected transactions. 2 1. 2. 3. Declared cash dividends $110,000. Earned net income $340,000. Declared stock dividends $55,000. Determine the retained earnings balance at the end of the year. (List items that increase retained earnings first.) Cullumber Company Retained Earnings Statement
On January 1, 2020, Wildhorse Corporation had retained earnings of $540,000. During the year, Wildhorse had the following selected transactions. Declared cash dividends $120,000. 1. 2. Corrected overstatement of 2019 net income because of inventory error $40,000. 3. Earned net income $345,000. Declared stock dividends $60,000 4. Determine the retained earnings balance at the end of the year. Retained earnings
Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
On January 1, 2020, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions 1. 2. 3. 4. Declared cash dividends $130,000 Corrected overstatement of 2019 net income because of inventory error $45,000. Earned net income $350,000. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show. Work
Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $530,000. During the year, Blossom had the following selected transactions. 1. 2. 3. 4. Declared cash dividends $110,000. Corrected overstatement of 2019 net income because of inventory error $35,000. Earned net income $340,000. Rectangular Ship Declared stock dividends $55,000. Determine the retained earnings balance at the end of the year. Retained earnings
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