MS Company reported $670,000 Stockholder's Equity on January 1, 2017. Durisng the year, MS Company paid...
MS Company reported $670,000 Stockholder's Equity on January 1, 2017. Durisng the year, MS Company paid $35,000 in dividends. Expenses for 2017 were $560,000. At December 31, 2017, Stockholder's Equity was $900,000. What was the revenue for 2017?
$825,000
$230,000
$995,000
$195,000
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MS Company reported $670,000 Stockholder's Equity on January 1,
2017. Durisng the year, MS Company paid...
On January 1, 2017, Wall Corporation reported the following in the stockholders' equity section of their...
On January 1, 2017, Wall Corporation reported the following in the stockholders' equity section of their balance sheet: Common stock, par $8, authorized 900,000 shares, issued 150,000 shares $1,200,000 Capital in excess of par value $560,000 Retained earnings $1,845,000 During 2017, the following selected transactions occurred (assume they occurred in the order given): 20,000 shares of treasury stock were purchased at $15.00 per share. Issued a 15% stock dividend when the market price was $14.00. Declared and paid a cash...
At January 1, 2017, Headland Company reported retained earnings of $1,941,000. In 2017, Headland discovered that...
At January 1, 2017, Headland Company reported retained earnings
of $1,941,000. In 2017, Headland discovered that 2016 depreciation
expense was understated by $365,000. In 2017, net income was
$967,000 and dividends declared were $225,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Headland
Company.
HEADLAND COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
At January 1, 2017, Indigo Company reported retained earnings of $2,149,000. In 2017, Indigo discovered that...
At January 1, 2017, Indigo Company reported retained earnings of
$2,149,000. In 2017, Indigo discovered that 2016 depreciation
expense was understated by $383,000. In 2017, net income was
$948,000 and dividends declared were $256,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Indigo
Company.
INDIGO COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
a. Ivanhoe Corporation reported the following selected information for the two years ended December 31: 2017...
a. Ivanhoe Corporation reported the following selected
information for the two years ended December 31:
2017
2018
Total assets
$560,000
$630,000
Total liabilities
390,000
420,000
Calculate total shareholders’ equity on December 31, 2017, and
2018.
2017
2018
Total shareholders’ equity
$
$
Calculate the change in total shareholders’ equity for the year
ended December 31, 2018.
Change in shareholders’ equity
$
-what effect did this have? (increase, decrease, no
effect)
b. Ivanhoe’s shareholders’ equity consists only of common shares...
Problem 22-13 (AICPA Adapted) Nerve Company was organized on January 1, 2017. On the date, the...
Problem 22-13 (AICPA Adapted) Nerve Company was organized on January 1, 2017. On the date, the entity issued 200,000 P10 par shares at P15 per share. During the period January 1, 2017, the December 31, 2018, the entity reported net income of P750,000 and paid cash dividends of P380,000. On January 5, 2018, the entity purchased 12,000 treasury shares at P12 per share. On December 31, 2018, 8.000 treasury shares were sold at P8 per share and retired the remaining 4,000 shares.What...
5. The following is the intormation on Aggie Corporation's Stockholder's Equity. Stockholder's Equity December 31, 2005...
5. The following is the intormation on Aggie Corporation's Stockholder's Equity. Stockholder's Equity December 31, 2005 Common Stock (9,000 shares issued, $10 par) Additional Paid-in capital Retained Earnings TOTAL STOCKHOLDER'S EQUITY 90,000 90,000 150,000 $ 330,000 During 2006, the following transactions affecting stockholders equity were completed by Aggie Corporation: a. Jan. 4 Purchased 750 shares of its own outstanding common stock as treasury stock for $2: per share. b. Dec. 15 Dividends on common stocks were declared. Common shareholders will...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
Newton Corporation was organized on January 1, 2017. On that date, it issued 200,000 shares of...
Newton Corporation was organized on January 1, 2017. On that date, it issued 200,000 shares of its $10 par-value common stock at $15 per share (400,000 shares were authorized). During the period from January 1, 2017, through December 31, 2019, Newton reported net income of $750,000 and paid cash dividends of $380,000. On January 5, 2019, Newton purchased 12,000 shares of its common stock at $12 per share. On December 31, 2019, the company sold 8,000 treasury shares at $8...
3. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of...
3. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported Sales Revenue of $250,000 for the year. Sales Discounts of $10,000 and Sales Returns and allowances of $4,000. What is the accounts receivable turnover? a. 2.89 b. 2 c. 2.36 d. 1.57 4. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported...
Assume that on January 1, 2017, Company P acquires 70% of the common stock of Company...
Assume that on January 1, 2017, Company P acquires 70% of the
common stock of Company S by paying $7,000 in cash to the
shareholders of Company S. The preacquisition balance sheets and
income statements of Company P and Company S are shown below.
Prepare Company P's post-acquisition B/S right afer the acquisition
(Jan. 1) and at the end of the year of 2017 by the equity and
acquisition method s. Also, prepare Company P's post-acquisition
I/S for the year...
At January 1, 2017, Headland Company reported retained earnings
of $1,941,000. In 2017, Headland discovered that 2016 depreciation
expense was understated by $365,000. In 2017, net income was
$967,000 and dividends declared were $225,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Headland
Company.
HEADLAND COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
At January 1, 2017, Indigo Company reported retained earnings of
$2,149,000. In 2017, Indigo discovered that 2016 depreciation
expense was understated by $383,000. In 2017, net income was
$948,000 and dividends declared were $256,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Indigo
Company.
INDIGO COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
a. Ivanhoe Corporation reported the following selected
information for the two years ended December 31:
2017
2018
Total assets
$560,000
$630,000
Total liabilities
390,000
420,000
Calculate total shareholders’ equity on December 31, 2017, and
2018.
2017
2018
Total shareholders’ equity
$
$
Calculate the change in total shareholders’ equity for the year
ended December 31, 2018.
Change in shareholders’ equity
$
-what effect did this have? (increase, decrease, no
effect)
b. Ivanhoe’s shareholders’ equity consists only of common shares...
Problem 22-13 (AICPA Adapted) Nerve Company was organized on January 1, 2017. On the date, the entity issued 200,000 P10 par shares at P15 per share. During the period January 1, 2017, the December 31, 2018, the entity reported net income of P750,000 and paid cash dividends of P380,000. On January 5, 2018, the entity purchased 12,000 treasury shares at P12 per share. On December 31, 2018, 8.000 treasury shares were sold at P8 per share and retired the remaining 4,000 shares.What...
5. The following is the intormation on Aggie Corporation's Stockholder's Equity. Stockholder's Equity December 31, 2005 Common Stock (9,000 shares issued, $10 par) Additional Paid-in capital Retained Earnings TOTAL STOCKHOLDER'S EQUITY 90,000 90,000 150,000 $ 330,000 During 2006, the following transactions affecting stockholders equity were completed by Aggie Corporation: a. Jan. 4 Purchased 750 shares of its own outstanding common stock as treasury stock for $2: per share. b. Dec. 15 Dividends on common stocks were declared. Common shareholders will...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
Newton Corporation was organized on January 1, 2017. On that date, it issued 200,000 shares of its $10 par-value common stock at $15 per share (400,000 shares were authorized). During the period from January 1, 2017, through December 31, 2019, Newton reported net income of $750,000 and paid cash dividends of $380,000. On January 5, 2019, Newton purchased 12,000 shares of its common stock at $12 per share. On December 31, 2019, the company sold 8,000 treasury shares at $8...
3. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported Sales Revenue of $250,000 for the year. Sales Discounts of $10,000 and Sales Returns and allowances of $4,000. What is the accounts receivable turnover? a. 2.89 b. 2 c. 2.36 d. 1.57 4. On January 1, 2017 Aqua Company had Accounts Receivable of $100,000 and on December 31, 2017 Accounts Receivable of $150,000. Aqua also reported...
Assume that on January 1, 2017, Company P acquires 70% of the
common stock of Company S by paying $7,000 in cash to the
shareholders of Company S. The preacquisition balance sheets and
income statements of Company P and Company S are shown below.
Prepare Company P's post-acquisition B/S right afer the acquisition
(Jan. 1) and at the end of the year of 2017 by the equity and
acquisition method s. Also, prepare Company P's post-acquisition
I/S for the year...
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