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| Retained earnings | ||
| Balance, February 1, 2019 | $ 7,56,000 | |
| Revenues | $ 1,47,600 | |
| Expenses | $ -78,600 | $ 69,000 |
| Dividends | $ -7,200 | |
| Balance, February 28, 2019 | $ 8,17,800 | |
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On February 1, 2019, the balance of the retained earnings account of Blue Power Corporation was...
The following information is from Amos Company for the year ended December 31, 2019. Retained earnings...
The following information is from Amos Company for the year ended December 31, 2019. Retained earnings at December 31, 2018 (before the discovery of error), $854,000. Cash dividends declared and paid during the year, $12,000. Two years ago, it forgot to record the depreciation expense of $46,600 (net of tax benefit). The company earned $223,000 in net income this year. Prepare a statement of retained earnings for Amos Company. (Amounts to be deducted should be indicated with a minus sign.)
A company's balance of retained earnings on January 1 was $45 million. During the year, sales...
A company's balance of retained earnings on January 1 was $45 million. During the year, sales revenue was $100 million, while expenses totaled $55 million. The company declared and paid $11 million in cash dividends during the year. What was the balance of retained earnings at the end of the year? answer is $79 million
The balance in retained earnings at the end of the year is determined by retained earnings...
The balance in retained earnings at the end of the year is determined by retained earnings at the beginning of the year. Multiple Choice Plus net income, minus dividends. Plus accruals, minus deferrals. Plus revenues, minus liabilities. Plus assets, minus liabilities. A prepaid expense is an expense: Multiple Choice Incurred before the cash is paid. O Incurred and paid Pald but not yet Incurred. O All of these answer choices are incorrect.
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 60,000 shares authorized, 37,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 925,000 74,000 364,000 $1,363,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug Sept. 2 Purchased 3,700 shares...
Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce...
Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce had 194,500 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020 1. A cash dividend of $0.50 per share was declared and paid. 2. A 10% stock dividend was declared and distributed when the market price per share was $19 per share. 3. Net income was $281,000. Compute the ending balance in retained earings at the end...
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
Statement of Retained Earnings Jackson, Inc. has been in business for many years. Retained earnings on...
Statement of Retained Earnings Jackson, Inc. has been in business for many years. Retained earnings on January 1, 2017, is $215,800. The following information is available for the first two months of 2017: January February Revenues $83,000 $96,000 Expenses 89,000 82,000 Dividends paid 0 5,000 Required: Prepare a statement of retained earnings for the month ended February 28, 2017. Jackson, Inc. Statement of Retained Earnings For the Month Ended February 28, 2017 Retained earnings, beginning of month $ Net income...
Retained earnings, December 31, 2019 Decrease in total liabilities during 2019 Gain on the sale of...
Retained earnings, December 31, 2019 Decrease in total liabilities during 2019 Gain on the sale of buildings during 2019 Dividends declared and paid in 2019 Proceeds from sale of common stock in 2019 Net income for the year ended December 31, 2019 $252,360 54,960 19,320 5,400 59, 280 27, 120 Required: From the above data, calculate the retained earnings balance as of December 31, 2018. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Statement of...
Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was...
Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was $1,692,900, and cash dividends declared and paid during 2020 totaled $81,700. Prepare a retained earnings statement for the year ended December 31 2020. Assume an error was discovered: land costing $88,590 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) BRAMBLE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings,...
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject...
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of $67,000, and the following events occurred: 1. Cash dividends of $3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of $10 par common stock. On the date of declaration, the market...
The balance in retained earnings at the end of the year is determined by retained earnings at the beginning of the year. Multiple Choice Plus net income, minus dividends. Plus accruals, minus deferrals. Plus revenues, minus liabilities. Plus assets, minus liabilities. A prepaid expense is an expense: Multiple Choice Incurred before the cash is paid. O Incurred and paid Pald but not yet Incurred. O All of these answer choices are incorrect.
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 60,000 shares authorized, 37,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 925,000 74,000 364,000 $1,363,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug Sept. 2 Purchased 3,700 shares...
Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce had 194,500 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020 1. A cash dividend of $0.50 per share was declared and paid. 2. A 10% stock dividend was declared and distributed when the market price per share was $19 per share. 3. Net income was $281,000. Compute the ending balance in retained earings at the end...
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
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Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was $1,692,900, and cash dividends declared and paid during 2020 totaled $81,700. Prepare a retained earnings statement for the year ended December 31 2020. Assume an error was discovered: land costing $88,590 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) BRAMBLE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings,...
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