Homework Answers
Currect answer--------(c ) $5000 and $0.
.
Gorden holds only 10% of ownership hence there is no significant influence present. Gorden will record it's investment at cost. The profit earned by Eddy will not be reflected in books or Gorden.
Gorden will only record dividend revenue of 5000 in its books.
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21. As of Dec. 31, 2018 Eddy earned net income of $800,000. Eddy paid $5,000 cash...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
3-1. (Computing earnings per share) If ABC Company earned $280,000 in net income and paid cash...
3-1. (Computing earnings per share) If ABC Company earned $280,000 in net income and paid cash dividends of $40,000, what are ABC's earnings per share and dividends per share if it has 80,000 shares outstanding? 3-2. (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Sales $525,000 Cost of goods sold 200,000 General and administrative expenses 62,000 Depreciation expenses 8,000 Interest expense 12,000 Income taxes 97,200
Greenland Corporation earned net income of $95,000 during the year ended December 31, 2018. On December...
Greenland Corporation earned net income of $95,000 during the year ended December 31, 2018. On December 15, Greenland declared the annual cash dividend on its 2% preferred stock (10,000 shares with total par value of $100,000) and a $0.50 per share cash dividend on its common stock (35,000 shares with total par value of $350,000). Greenland then paid the dividends on January 4, 2019. Read the requirements. a. Journalize for Greenland Corporation the declaration for the cash dividends on December...
Financing Activities on the Statement of Cash Flows Takaki Inc. reported net income of $53,000 for...
Financing Activities on the Statement of Cash Flows Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2047 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common...
Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016....
Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016. On December 15, Loki had declared the annual cash dividend on its $0.35 preferred shares (5,000 shares issued for $80,000) and a $0.40 per share cash dividend on its common shares (20,000 shares issued for $60,000). Loki then paid the dividends on January 4, 2017. Journalize the following for Loki Corporation: Declaring the cash dividends on December 15, 2016. Paying the...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December 15, Hazelnut declared the annual cash dividend on its 5% preferred stock (par value, $110,000) and a $0.25 per share cash dividend on its common stock (58,000 shares). Hazelnut then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Hazelnut the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000 Accumulated depreciation (200,000) (180,000) 20,000 Deferred tax asset 30,000 40,000 (10,000) Liabilities and stockholders’ equity: Accounts payable 400,000 420,000 (20,000) Interest payable 8,000 6,000 2,000 Accrued expenses payable 10,000 7,000 3,000...
Quark Company earned $90,000 in income and paid cash dividends of $10,000 to preferred shareholders during...
Quark Company earned $90,000 in income and paid cash dividends of $10,000 to preferred shareholders during the current year. Quark had 12,500 weighted-average shares of common stock outstanding for the year. Calculate the company's earnings per share. 4. Quark Company earned $90,000 in income and paid cash dividends of $10,000 to preferred shareholders during the current year. Quark had 12,500 weighted-average shares of common stock outstanding for the year. Calculate the company's earnings per share.
Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the...
Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2017 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash...
11. Profits earned and not paid out as a dividend are found on the: e. Income...
11. Profits earned and not paid out as a dividend are found on the: e. Income Statement f. Retained Earnings Statement g. Balance Sheet h. Changes in Financial Position 12. All else being equal, an increase in retained earnings will result in: e. the payment of dividends to common shareholders f. an increase in the number of common shares g. an increase in the book value of common shares of the company h. a decline in the market price of...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
3-1. (Computing earnings per share) If ABC Company earned $280,000 in net income and paid cash dividends of $40,000, what are ABC's earnings per share and dividends per share if it has 80,000 shares outstanding? 3-2. (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Sales $525,000 Cost of goods sold 200,000 General and administrative expenses 62,000 Depreciation expenses 8,000 Interest expense 12,000 Income taxes 97,200
Greenland Corporation earned net income of $95,000 during the year ended December 31, 2018. On December 15, Greenland declared the annual cash dividend on its 2% preferred stock (10,000 shares with total par value of $100,000) and a $0.50 per share cash dividend on its common stock (35,000 shares with total par value of $350,000). Greenland then paid the dividends on January 4, 2019. Read the requirements. a. Journalize for Greenland Corporation the declaration for the cash dividends on December...
Financing Activities on the Statement of Cash Flows Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2047 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December 15, Hazelnut declared the annual cash dividend on its 5% preferred stock (par value, $110,000) and a $0.25 per share cash dividend on its common stock (58,000 shares). Hazelnut then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Hazelnut the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on...
Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2017 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash...
11. Profits earned and not paid out as a dividend are found on the: e. Income Statement f. Retained Earnings Statement g. Balance Sheet h. Changes in Financial Position 12. All else being equal, an increase in retained earnings will result in: e. the payment of dividends to common shareholders f. an increase in the number of common shares g. an increase in the book value of common shares of the company h. a decline in the market price of...
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