7. Levi's Co. reports $1,000,000 in net income in 2019 and declared total dividends equal to...
| 7. Levi's Co. reports $1,000,000 in net income in 2019 and declared total dividends equal to $100,000. The difference between the two, or $900,000, should be added to which account? | |||||||
| a | assets | ||||||
| b. | retained earnings | ||||||
| c | contributed capital | ||||||
| d | cash | ||||||
Homework Answers
Should be added to retained earnings account
Retained earnings account balance = Beginning balance + Net income - Dividends
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7. Levi's Co. reports $1,000,000 in net income in 2019 and declared
total dividends equal to...
Cash dividends declared during 2009 $ 75,000 Ordinary share dividends declared during 2009 $ 11,500 Ordinary...
Cash dividends declared during 2009 $ 75,000 Ordinary share dividends declared during 2009 $ 11,500 Ordinary shares Dec, 31, 2009 $ 840,000 Preference shares Dec, 31, 2009 $ 180,000 Retained earnings Dec, 31, 2008 $ 280,000 Retained earnings Dec, 31, 2009 $ 230,000 A. Total contributed Capital at Dec, 31, 2009? B. What was the net income earned for the year ended Dec, 31, 2009? (loss)
Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued...
Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued and outstanding $10 par common shares. During 2019, Pumpkin entered into the following transactions: Declared a $0.40 per-share cash dividend on March 10. Paid the $0.40 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $24 each on May 2. Sold 3,000 unissued common shares for $26 per share on June 9. Declared a $0.55 per-share cash dividend on August...
Presented below is selected information related to Wildhorse Co. at December 31, 2019. Wildhorse Co. reports...
Presented below is selected information related to Wildhorse Co. at December 31, 2019. Wildhorse Co. reports financial information monthly. Accounts Payable $4,020 Sales and Wages Expense $22,110 33,500 13,132 18,090 10,050 Cash 12,060 Notes Payable 72,360 Accounts Recelvable 38,860 Dividends Service Revenue Equipment Determine the total assets of Wildhorse Co. at December 31, 2019. Total assets of Wildhorse Co. Determine the net income that Wildhorse Co. reported for December 2019. Net income of Wildhorse Co. Determine the stockholders' equity of...
16. Benedict Corporation reports the following information: $750,000 $210,000 $ 90,000 250,000 Net income Dividends on...
16. Benedict Corporation reports the following information: $750,000 $210,000 $ 90,000 250,000 Net income Dividends on common stock Dividends on preferred stock Weighted average common shares outstanding Benedict should report earnings per share of a. $1.80. b. $2.16 c. $2.64. d. $3.00. 17. Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared $ 645,000 480,000 Net income 1,500,000 6,000,000 Retained earnings, 1/1/19, as reported Leonard should report retained earnings,...
1) The journal entry to record the net income reported by S Co. in the books...
1) The journal entry to record the net income reported
by S Co. in the books of P Co. will include: *
a) Credit Equity in Subsidiary Income $400,000
b) Credit Equity in Subsidiary Income $320,000
c) Credit Investment in S Co. $400,000
d) Credit Investment in S Co. $320,000
2)The eliminating entries required to prepare consolidated
financial statements on Dec 31, 2019 will include: *
a)Credit Noncontrolling Interest in Equity $300,000
b)Credit Noncontrolling Interest in Equity
$200,000
c)Credit Investment...
E.) calculate the amount of dividends declared and paid to Jeff and Kristi DeBauge during the...
E.) calculate the amount of dividends declared and paid to Jeff and Kristi DeBauge during the year ended December 31,2019. H.) calculate the amount of working capital and 1.) calculate ROI (including margin and turnover) and ROE for the year ended December 31,2019. DeBauge Realtors Inc. is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation's stock. The following summarized data (in thousands) are taken from the December 31, 2019, financial statements:...
1. Calculate the company’s average income tax rate. (Hint: You must first determine the earnings before...
1. Calculate the company’s average income tax rate.
(Hint: You must first determine the earnings before
taxes.)
2. Calculate the amount of total current
assets.
3. Calculate the amount of working capital and the
current ratio at December 31, 2019. Assess the company’s overall
liquidity.
4. Calculate ROI (including margin and turnover) and ROE
for the year ended December 31, 2019.
5. Calculate the amount of dividends declared and paid
during the year ended December 31, 2019. (Hint: Do a...
Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of...
Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of tax $ 645,000 Dividends declared in 2019 480,000 Net income for 2019 1,500,000 Retained earnings, 1/1/2019, unadjusted 3,000,000 Blue Lake should report ending retained earnings as of 12/31/2019, at $3,375,000 $4,665,000 $2,355,000. $4,020,000
Common Stockholders' Profitability Analysis A company reports the following: Net income $1,000,000 Preferred dividends 50,000 6,250,000...
Common Stockholders' Profitability Analysis A company reports the following: Net income $1,000,000 Preferred dividends 50,000 6,250,000 Average stockholders' equity Average common stockholders' equity 3,800,000 Determine (a) the return on stockholders' equity and (b) the return on common stockholders' equity. (Round percentages to one decimal place.) a. Return on stockholders' equity b. Return on common stockholders' equity Earnings per Share and Price Earnings Ratio A company reports the following: Net income $410,000 Preferred dividends $60,000 Shares of common stock outstanding 50,000...
During its first five years of operations, Red Raider Consulting reports net income and pays dividends...
During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Required: 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 Net Income Dividends 1 $ 000 $ 440 Retained Earnings 1.500 700
Presented below is selected information related to Wildhorse Co. at December 31, 2019. Wildhorse Co. reports financial information monthly. Accounts Payable $4,020 Sales and Wages Expense $22,110 33,500 13,132 18,090 10,050 Cash 12,060 Notes Payable 72,360 Accounts Recelvable 38,860 Dividends Service Revenue Equipment Determine the total assets of Wildhorse Co. at December 31, 2019. Total assets of Wildhorse Co. Determine the net income that Wildhorse Co. reported for December 2019. Net income of Wildhorse Co. Determine the stockholders' equity of...
16. Benedict Corporation reports the following information: $750,000 $210,000 $ 90,000 250,000 Net income Dividends on common stock Dividends on preferred stock Weighted average common shares outstanding Benedict should report earnings per share of a. $1.80. b. $2.16 c. $2.64. d. $3.00. 17. Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared $ 645,000 480,000 Net income 1,500,000 6,000,000 Retained earnings, 1/1/19, as reported Leonard should report retained earnings,...
1) The journal entry to record the net income reported
by S Co. in the books of P Co. will include: *
a) Credit Equity in Subsidiary Income $400,000
b) Credit Equity in Subsidiary Income $320,000
c) Credit Investment in S Co. $400,000
d) Credit Investment in S Co. $320,000
2)The eliminating entries required to prepare consolidated
financial statements on Dec 31, 2019 will include: *
a)Credit Noncontrolling Interest in Equity $300,000
b)Credit Noncontrolling Interest in Equity
$200,000
c)Credit Investment...
E.) calculate the amount of dividends declared and paid to Jeff and Kristi DeBauge during the year ended December 31,2019. H.) calculate the amount of working capital and 1.) calculate ROI (including margin and turnover) and ROE for the year ended December 31,2019. DeBauge Realtors Inc. is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation's stock. The following summarized data (in thousands) are taken from the December 31, 2019, financial statements:...
1. Calculate the company’s average income tax rate.
(Hint: You must first determine the earnings before
taxes.)
2. Calculate the amount of total current
assets.
3. Calculate the amount of working capital and the
current ratio at December 31, 2019. Assess the company’s overall
liquidity.
4. Calculate ROI (including margin and turnover) and ROE
for the year ended December 31, 2019.
5. Calculate the amount of dividends declared and paid
during the year ended December 31, 2019. (Hint: Do a...
Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of tax $ 645,000 Dividends declared in 2019 480,000 Net income for 2019 1,500,000 Retained earnings, 1/1/2019, unadjusted 3,000,000 Blue Lake should report ending retained earnings as of 12/31/2019, at $3,375,000 $4,665,000 $2,355,000. $4,020,000
Common Stockholders' Profitability Analysis A company reports the following: Net income $1,000,000 Preferred dividends 50,000 6,250,000 Average stockholders' equity Average common stockholders' equity 3,800,000 Determine (a) the return on stockholders' equity and (b) the return on common stockholders' equity. (Round percentages to one decimal place.) a. Return on stockholders' equity b. Return on common stockholders' equity Earnings per Share and Price Earnings Ratio A company reports the following: Net income $410,000 Preferred dividends $60,000 Shares of common stock outstanding 50,000...
During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Required: 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 Net Income Dividends 1 $ 000 $ 440 Retained Earnings 1.500 700
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