Homework Answers
calculation of retained earnings at end of 2x1.
| beginning retained earnings | 56,000 |
| add: net income | 21,000 |
| less:dividends paid | (8,000) |
| retained earnings at end of 20x1 | 69,000 |
calculation of stockholder's equity at end of 20x1.
| beginning stockholder's equity | 75,000 |
| add: increase in retained earnings (69,000-56,000) | 13,000 |
| other comprehensive income | 4,000 |
| stockholder's equity at end of 20x1. | $92,000 |
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16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of...
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of...
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of $56,000 and total stockholders' equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders' equity at the end of 20X1.
Shack company had retained earnings of $96,000 and stockholders equity of $158,000 at the beginning of...
Shack company had retained earnings of $96,000 and stockholders equity of $158,000 at the beginning of 20x1. During 20x1 , the company had a net income of $39,000 , declared and paid cash dividents of $20,000 ; and had other comprehensive income of $12,000. The company neither issued nor bought back shares in that year. Compute the ending retained earnings and total stockholders equity at the end of 20x1
Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained...
Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings. Walco Corporation Gunther Enterprises Beginning of year Total assets $114,000 $155,000 Total liabilities 63,000 $ Total stockholders' equity (a) 73.700 End of year Total assets 177,000 Total liabilities 115,000 56,000 Total stockholders' equity 51,000 $ Changes during year in retained earnings Dividends 4,000 Total revenues 219,000 $ Total expenses 167,000 81,000 1000
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000...
Problem 14-04A (Video) On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock...
Problem 14-04A (Video)
On January 1, 2020, Pharoah Inc. had the following stockholders'
equity balances.
Common Stock (480,000 shares
issued)
$960,000
Paid-in Capital in Excess of
Par-Common Stock
560,000
Common Stock Dividends
Distributable
140,000
Retained Earnings
520,000
During 2020, the following transactions and events occurred.
1.
Issued 70,000 shares of $2 par value common stock as a result
of 15% stock dividend declared on December 15, 2021.
2.
Issued 35,000 shares of common stock for cash at $4 per
share....
Black Raptor Inc. has retained earnings of $500,000 and total stockholders' equity of $2,000,000. It has...
Black Raptor Inc. has retained earnings of $500,000 and total stockholders' equity of $2,000,000. It has 80,000 shares of $10 par value common stock outstanding, which is currently selling for $25 per share. What will occur if Black Raptor declares a 10% stock dividend on its common stock? Net income will decrease by $80,000. Retained earnings will decrease by $80,000 and total stockholders' equity will wil increase by $80,000. Retained earnings will decrease by $100,000 and total stockholders' equity will...
Restrictions on Retained Earnings At December 31, 2010, Longfellow Clothing had $226,700 of retained earnings, all...
Restrictions on Retained Earnings At December 31, 2010, Longfellow Clothing had $226,700 of retained earnings, all unrestricted. During 2011, Longfellow earned net income of $92,000 and declared and paid cash dividends on comman stock of $21,800. During 2011, Longfellow sold a bond issue with a covenant that required Longfellow to transfer from retained earnings to restricted retained earnings an amount equal to the principal of the bond issue, $48,000. At December 31, 2011, Long-fellow has 30,000 shares of $5 par...
Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 10,000 $...
Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 Add: Net income Less: Dividends (3,000) (3,000) Ending balance $ 11,100 $ 10,000 $ 21,100 1,100
What's retained earnings. total stockholders' equity, and total liabilities and stockholders' equity? Accounts receivable $3,400 Cash...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of $56,000 and total stockholders' equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders' equity at the end of 20X1.
Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings. Walco Corporation Gunther Enterprises Beginning of year Total assets $114,000 $155,000 Total liabilities 63,000 $ Total stockholders' equity (a) 73.700 End of year Total assets 177,000 Total liabilities 115,000 56,000 Total stockholders' equity 51,000 $ Changes during year in retained earnings Dividends 4,000 Total revenues 219,000 $ Total expenses 167,000 81,000 1000
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000...
Problem 14-04A (Video)
On January 1, 2020, Pharoah Inc. had the following stockholders'
equity balances.
Common Stock (480,000 shares
issued)
$960,000
Paid-in Capital in Excess of
Par-Common Stock
560,000
Common Stock Dividends
Distributable
140,000
Retained Earnings
520,000
During 2020, the following transactions and events occurred.
1.
Issued 70,000 shares of $2 par value common stock as a result
of 15% stock dividend declared on December 15, 2021.
2.
Issued 35,000 shares of common stock for cash at $4 per
share....
Black Raptor Inc. has retained earnings of $500,000 and total stockholders' equity of $2,000,000. It has 80,000 shares of $10 par value common stock outstanding, which is currently selling for $25 per share. What will occur if Black Raptor declares a 10% stock dividend on its common stock? Net income will decrease by $80,000. Retained earnings will decrease by $80,000 and total stockholders' equity will wil increase by $80,000. Retained earnings will decrease by $100,000 and total stockholders' equity will...
Restrictions on Retained Earnings At December 31, 2010, Longfellow Clothing had $226,700 of retained earnings, all unrestricted. During 2011, Longfellow earned net income of $92,000 and declared and paid cash dividends on comman stock of $21,800. During 2011, Longfellow sold a bond issue with a covenant that required Longfellow to transfer from retained earnings to restricted retained earnings an amount equal to the principal of the bond issue, $48,000. At December 31, 2011, Long-fellow has 30,000 shares of $5 par...
Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 Add: Net income Less: Dividends (3,000) (3,000) Ending balance $ 11,100 $ 10,000 $ 21,100 1,100
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
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