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Homework Answers
Calculate ending retained earnings
| Beginning retained earnings | 1218423 |
| Add: Net income | 947228 |
| Ending retained earnings | 2165651 |
So answer is c) $2165651
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The beginning...
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The J&W Corporation's shareholders' equity as at December 31, 20x7 is as follows: Common shares, 1128 shares outstanding $40000 Preferred shares, $4.79, cumulative, 199 shares $15000 outstanding Retained Earnings $57182 The preferred share dividends were last paid on December 31, 20x4. It is now December 1, 20x8 and management wants to pay a dividend of $3.87 per common share. The company's 20x8 ending Retained Earnings balance...
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BSE Inc. completed the following transactions in its first year of operations: February 15 Issued 5000 common shares for $25261 March 1 Issued 565 $4 non-cumulative preferred shares for $49058 April 1 Declared a 2 for 1 stock split on the common shares December 28 Declared cash dividends on the preferred shares BSE's net income for the year was $29056. What is company's shareholders' equity...
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Following are partial balance sheet data for Delloi Ltd, as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheet 20x2 20x1 Accounts receivable Inventory $44738 $20104 $11464 $48005 Income Statement Revenue Net Income Depreciation Expense $501787 $106117 $26411 Which of the following total amounts would appear in the cash flow from operating section of the...
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Reese Ltd.'s records shows the following balances for the year 20x2: Direct materials, beginning inventory Direct materials, ending inventory Direct material purchases Advertising expense Indirect labour Selling costs Direct labour Property taxes on factory building $56004 81555 118979 274430 98173 47419 218714 15614 What were Reese's product costs for the year? Select one: a. $425929 b. $451480 $321849 d. 5312142
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Wiley Corp. offers a 3 year warranty. They expect the warranty costs to be 2% of the selling price in the 1st year, 3% in the second and third year. Sales in year 1 = $5882707 and warranty costs incurred =$126269. What is the balance in the warranty liability account? Select one: a. $ 344348 O b. $ 403175 O c.$ 126269 O d. $ 470617...
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Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
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Wake Ltd.'s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $208592 Gross Profits 40% Account balance to July 31, 20x9 Purchases Sales $856053 995636 Using the information available, what is the company's estimated ending inventory? Select one: a. $467263 b. $666391 oc. $69009 d. $124842 Check
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Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
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You enter into a three year service contract. The total contract price is $23023. Costs incurred in the first year are $5247 and the expected costs to complete the contract are $6683. How much profit will be recognized on this contract in the first year? Select one: o a. 57818 ob. $11093 o c. 54879 d. 50
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Mika Enterprises uses a perpetual inventory system. The company had the following inventory and purchases for the month of March: Mar. 1 Beginning Inventory 35 @ $19.78 Mar. 8 Purchase 103 @ $25.09 Mar. 16 Sale 45 @ $29.49 Calculate the cost of goods sold for the year assuming the company uses a FIFO cost flow system Select one: a. $1327 b. $943 c. 52333 0...
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The J&W Corporation's shareholders' equity as at December 31, 20x7 is as follows: Common shares, 1128 shares outstanding $40000 Preferred shares, $4.79, cumulative, 199 shares $15000 outstanding Retained Earnings $57182 The preferred share dividends were last paid on December 31, 20x4. It is now December 1, 20x8 and management wants to pay a dividend of $3.87 per common share. The company's 20x8 ending Retained Earnings balance...
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solve . Thank you
BSE Inc. completed the following transactions in its first year of operations: February 15 Issued 5000 common shares for $25261 March 1 Issued 565 $4 non-cumulative preferred shares for $49058 April 1 Declared a 2 for 1 stock split on the common shares December 28 Declared cash dividends on the preferred shares BSE's net income for the year was $29056. What is company's shareholders' equity...
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solve. thank you
Following are partial balance sheet data for Delloi Ltd, as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheet 20x2 20x1 Accounts receivable Inventory $44738 $20104 $11464 $48005 Income Statement Revenue Net Income Depreciation Expense $501787 $106117 $26411 Which of the following total amounts would appear in the cash flow from operating section of the...
Please show all steps so I can fully understand how to
solve. thank you
Reese Ltd.'s records shows the following balances for the year 20x2: Direct materials, beginning inventory Direct materials, ending inventory Direct material purchases Advertising expense Indirect labour Selling costs Direct labour Property taxes on factory building $56004 81555 118979 274430 98173 47419 218714 15614 What were Reese's product costs for the year? Select one: a. $425929 b. $451480 $321849 d. 5312142
Please show all steps so I can fully understand how to
solve. Thank you
Wiley Corp. offers a 3 year warranty. They expect the warranty costs to be 2% of the selling price in the 1st year, 3% in the second and third year. Sales in year 1 = $5882707 and warranty costs incurred =$126269. What is the balance in the warranty liability account? Select one: a. $ 344348 O b. $ 403175 O c.$ 126269 O d. $ 470617...
please show all steps so I can fully understand how to
solve. thank you
Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
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Wake Ltd.'s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $208592 Gross Profits 40% Account balance to July 31, 20x9 Purchases Sales $856053 995636 Using the information available, what is the company's estimated ending inventory? Select one: a. $467263 b. $666391 oc. $69009 d. $124842 Check
Please show all steps so I can fully understand how to
solve. thank you
Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
please show all steps so I can fully understand how to
solve. thank you
You enter into a three year service contract. The total contract price is $23023. Costs incurred in the first year are $5247 and the expected costs to complete the contract are $6683. How much profit will be recognized on this contract in the first year? Select one: o a. 57818 ob. $11093 o c. 54879 d. 50
Please show all steps so I can fully understand how to
solve. Thank you
Mika Enterprises uses a perpetual inventory system. The company had the following inventory and purchases for the month of March: Mar. 1 Beginning Inventory 35 @ $19.78 Mar. 8 Purchase 103 @ $25.09 Mar. 16 Sale 45 @ $29.49 Calculate the cost of goods sold for the year assuming the company uses a FIFO cost flow system Select one: a. $1327 b. $943 c. 52333 0...
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