Homework Answers
| Retained earnings | $ 24,370,000 | ||
| Add: Net income | $ 5,170,000 | ||
| Less: Cash dividends - Preferred stock | $ 4,057,600 | =3170000*0.32*4 | |
| Less: Cash dividends - Common stock | $ 771,080 | =521000*0.74*2 | |
| Total dividends paid | $ 4,828,680 | ||
| Retained earnings - Ending balance | $ 24,711,320 |
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Cooper Industries, Inc., began 2015 with retained earnings of $24.37 milion. During the year it...
calculate retained earnings Exercise 2-11 Calculate retained earnings LO 2,3 Retained earnings, December 31, 2015 Cost...
calculate retained earnings
Exercise 2-11 Calculate retained earnings LO 2,3 Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Not loss for the year ended December 31, 2016 Dividends declared and paid in 2016 Decrease in cash balance from January 1, 2016, to December 31, 2016 Decrease in long-term debt in 2016 $ 305,300 41,000 4.950 17,000 11,600 15.900 Required: From the above data, calculate the retained earnings balance as of December 31, 2016. (Deductible amounts should be...
Thelma and Louie, Inc. started the year with a balance of retained earnings of $556 million...
Thelma and Louie, Inc. started the year with a balance of retained earnings of $556 million and ended the year with retained earnings of $612 million. The company paid dividends of $46 million to the preferred stockholders and $86 million to common stockholders. Calculate Thelma and Louie's net income for the year. (Enter your answer in millions of dollars.) Net income million
Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2015: Common Stock...
Tower Corp. had the following stock outstanding and Retained
Earnings at December 31, 2015:
Common Stock (par $8; outstanding, 23,000
shares)
$
184,000
Preferred Stock, 7% (par $10; outstanding, 5,300
shares)
53,000
Retained Earnings
273,000
On December 31, 2015, the board of directors
is considering the distribution of a cash dividend to the common
and preferred stockholders. No dividends were declared during 2013
or 2014, and none have been declared yet in 2015. Three independent
cases are assumed:
Case A:...
Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 Gain on the sale of...
Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 Gain on the sale of buildings during 2016 Dividends declared and paid in 2016 Proceeds from sale of common stock in 2016 Net income for the year ended December 31, 2016 $462,660 100,760 35,420 9,900 108,680 49,720 Required From the above data, calculate the retained earnings balance as of December 31, 2015. (Deductible amounts should be indicated by a minus sign.) Statement of Stockholders' Equity (Partial) For Year Ended...
Retained Earnings Statement Rolt Company began 2016 with a $150,000 balance in retained earnings. During the...
Retained Earnings Statement Rolt Company began 2016 with a $150,000 balance in retained earnings. During the year, the following events occurred: The company earned net income of $83,000. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $7,350 after related income taxes of $3,150. Cash dividends totaling $13,000 and stock dividends totaling $19,000 were declared. One thousand shares of callable preferred stock that originally had been issued at $105 per...
Wrer Corporation began 2018 with retained cams of $250 milion Revenues during they were $450 milion...
Wrer Corporation began 2018 with retained cams of $250 milion Revenues during they were $450 milion depende totaled $200 milion Wind declared dividends of $59 million What was the company's ending blance of retind carings? To www this question repreWirere's statement of retained for the year ended December 31, 2018, complete with its proper heading Prepare the statement of retained and Enteral amounts i milions. Elloss with a sign of parentheses Include a su her line of the met.) A...
ACCOUNTING HELP ASAP! Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Net loss for the...
ACCOUNTING HELP ASAP!
Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Net loss for the year ended December 31, 2016 Dividends declared and paid in 2016 Decrease in cash balance from January 1, 2016, to December 31, 2016 Decrease in long-term debt in 2016 $ 305,700 39,000 4.500 14200 11.100 16,900 Required: From the above data, calculate the retained earnings balance as of December 31, 2016. (Deductible amounts should be indicated by a minus sign Statement of...
Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales...
Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,510,000 $9,613,950 Cost of goods sold 4.898.000 5,298,750 Gross profit 5,612,000 4,315,200 Operating expenses 2,840,200 2,634,100 Net operating income 2,771,800 305,000 1,681,100 308,650 Interest expense Net income before taxes 2,466,800 1,372,450 Income taxes (30%) 740,040 411,735 Net income $1,726,760 $960,715 Dividends paid Preferred dividends 29,550 29,550 Common dividends 414,000 425,000 Total dividends paid 443,550 454,550 Net income retained 1,283,210 506,165...
A company's balance of retained earnings on January 1 was 540 milion. During the year, sales...
A company's balance of retained earnings on January 1 was 540 milion. During the year, sales revenue was $100 million, while expenses totaled $35 million. The company declared and paid $7 million in cash dividends during the year What was the balance of retained caring at the end of the year? O A $162 OB O $112 min OD 5105 min
Jamaica Tours, Inc. started the year with a balance of retained earnings of $1,860 miltion. The...
Jamaica Tours, Inc. started the year with a balance of retained earnings of $1,860 miltion. The company reported net income for the year of $312 million, paid dividends of $26 million to the preferred stockholders and $66 million to common stockholders. Calculate Jamaice Tour's end-of yeer balance in retained earnings. (Enter your answer in millions of dollers.) Retained earnings
calculate retained earnings
Exercise 2-11 Calculate retained earnings LO 2,3 Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Not loss for the year ended December 31, 2016 Dividends declared and paid in 2016 Decrease in cash balance from January 1, 2016, to December 31, 2016 Decrease in long-term debt in 2016 $ 305,300 41,000 4.950 17,000 11,600 15.900 Required: From the above data, calculate the retained earnings balance as of December 31, 2016. (Deductible amounts should be...
Thelma and Louie, Inc. started the year with a balance of retained earnings of $556 million and ended the year with retained earnings of $612 million. The company paid dividends of $46 million to the preferred stockholders and $86 million to common stockholders. Calculate Thelma and Louie's net income for the year. (Enter your answer in millions of dollars.) Net income million
Tower Corp. had the following stock outstanding and Retained
Earnings at December 31, 2015:
Common Stock (par $8; outstanding, 23,000
shares)
$
184,000
Preferred Stock, 7% (par $10; outstanding, 5,300
shares)
53,000
Retained Earnings
273,000
On December 31, 2015, the board of directors
is considering the distribution of a cash dividend to the common
and preferred stockholders. No dividends were declared during 2013
or 2014, and none have been declared yet in 2015. Three independent
cases are assumed:
Case A:...
Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 Gain on the sale of buildings during 2016 Dividends declared and paid in 2016 Proceeds from sale of common stock in 2016 Net income for the year ended December 31, 2016 $462,660 100,760 35,420 9,900 108,680 49,720 Required From the above data, calculate the retained earnings balance as of December 31, 2015. (Deductible amounts should be indicated by a minus sign.) Statement of Stockholders' Equity (Partial) For Year Ended...
Wrer Corporation began 2018 with retained cams of $250 milion Revenues during they were $450 milion depende totaled $200 milion Wind declared dividends of $59 million What was the company's ending blance of retind carings? To www this question repreWirere's statement of retained for the year ended December 31, 2018, complete with its proper heading Prepare the statement of retained and Enteral amounts i milions. Elloss with a sign of parentheses Include a su her line of the met.) A...
ACCOUNTING HELP ASAP!
Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Net loss for the year ended December 31, 2016 Dividends declared and paid in 2016 Decrease in cash balance from January 1, 2016, to December 31, 2016 Decrease in long-term debt in 2016 $ 305,700 39,000 4.500 14200 11.100 16,900 Required: From the above data, calculate the retained earnings balance as of December 31, 2016. (Deductible amounts should be indicated by a minus sign Statement of...
Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,510,000 $9,613,950 Cost of goods sold 4.898.000 5,298,750 Gross profit 5,612,000 4,315,200 Operating expenses 2,840,200 2,634,100 Net operating income 2,771,800 305,000 1,681,100 308,650 Interest expense Net income before taxes 2,466,800 1,372,450 Income taxes (30%) 740,040 411,735 Net income $1,726,760 $960,715 Dividends paid Preferred dividends 29,550 29,550 Common dividends 414,000 425,000 Total dividends paid 443,550 454,550 Net income retained 1,283,210 506,165...
A company's balance of retained earnings on January 1 was 540 milion. During the year, sales revenue was $100 million, while expenses totaled $35 million. The company declared and paid $7 million in cash dividends during the year What was the balance of retained caring at the end of the year? O A $162 OB O $112 min OD 5105 min
Jamaica Tours, Inc. started the year with a balance of retained earnings of $1,860 miltion. The company reported net income for the year of $312 million, paid dividends of $26 million to the preferred stockholders and $66 million to common stockholders. Calculate Jamaice Tour's end-of yeer balance in retained earnings. (Enter your answer in millions of dollers.) Retained earnings
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