Magnificent Company began the year with $126,000 in its common stock account and a debit balance...

Question

Question

Magnificent Company began the year with $126,000 in its common stock account and a debit balance in retained earnings of $54,

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

rate positively ..

Computation of total equity

Beginning balance of equity =	$ 126,000
Retained earning balance =	$ (54,000)
Add: Income for the year		$ 27,000
Less: Dividend for the year =	$ (9,000)
Add: Further issue		$ 33,000
ending balance		$ 123,000

Ans =		$ 123,000

Add a comment

Answer 2

Similar Homework Help Questions

Magnificent Company began the year with $126,000 in its common stock account and a debit balance...

Magnificent Company began the year with $126,000 in its common stock account and a debit balance in retained earnings of $54,000. During the year, the company earned net income of $27,000 and declared and paid $9,000 of dividends. In addition, the company sold additional common stock amounting to $33,000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of the year? $231,000 $249,000 $123,000 $165,000
Sheridan Company began the year 2022 with $105800 in its Common Stock account and a debit...

Sheridan Company began the year 2022 with $105800 in its Common Stock account and a debit balance in Retained Earnings of $45400. During the year, the company earned net income of $22700, and declared and paid $7600 of dividends. In addition, the company sold additional common stock amounting to $27700. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of 2022? A)$209200 B)$138500 C)$194000 D)$103200
Sheridan Company began the year 2022 with $105800 in its Common Stock account and a debit...

Sheridan Company began the year 2022 with $105800 in its Common Stock account and a debit balance in Retained Earnings of $45400. During the year, the company earned net income of $22700, and declared and paid $7600 of dividends. In addition, the company sold additional common stock amounting to $27700. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of 2022? A)$209200 B)$138500 C)$194000 D)$103200

Multiple Choice Question 84 Oriole Company began the year 2022 with $141100 in its Common Stock...

Multiple Choice Question 84 Oriole Company began the year 2022 with $141100 in its Common Stock account and a debit balance in Retained Earnings of $60500. During the year, the company earned net income of $30200, and declared and paid $10100 of dividends. In addition, the company sold additional common stock amounting to $37000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of 2022? $258700 $137700 $184900 $278900 Click if you...
A company started the year with $65,000 in its common stock account and a credit balance...

A company started the year with $65,000 in its common stock account and a credit balance in retained earnings of $30,000. During the year, the company earned net income of $15,000 and declared and paid $5,000 of dividends. In addition, the company sold additional common stock amounting to $15,000. As a result, the amount of its retained earnings at the end of the year would be $50,000 $40,000 $120,000 O $25.000 O $105,000
Landisville Company started the year with $60000 in its Common Stock account and a credit balance...

Landisville Company started the year with $60000 in its Common Stock account and a credit balance in Retained Earnings of $50000. During the year, the company earned net income of $50000 and declared and paid $20000 of dividends. In addition, the company sold additional common stock amounting to $28000. As a result, the amount of its retained earnings at the end of the year would be $160,000. O $ 78,000. $132,000. $ 80,000.

Oriole Company started the year with $67200 in its Common Stock account and a credit balance...

Oriole Company started the year with $67200 in its Common Stock account and a credit balance in Retained Earnings of $49300. During the year, the company earned net income of $53800, and declared and paid $22400 of dividends. In addition, the company sold additional common stock amounting to $31400. As a result, the balance in retained earnings at the end of the year would be O $147900. O $179300. O $80700. O $112100.
Nash's Trading Post, LLC started the year with $44400 in its Common Stock account and a...

Nash's Trading Post, LLC started the year with $44400 in its Common Stock account and a credit balance in Retained Earnings of $32600. During the year, the company earned net income of $35500 and declared and paid $14800 of dividends. In addition, the company sold additional common stock amounting to $20700. As a result, the amount of its retained earnings at the end of the year would be - $97700. - $53300. - $118400. - $74000.
At the beginning of Year 1, a company reported a balance in common stock of $152,000...

At the beginning of Year 1, a company reported a balance in common stock of $152,000 and a balance in retained earnings of $52,000. During the year, the company issued additional shares of stock for $42,000, earned net income of $32,000, and paid dividends of $10,200. In addition, the company reported balances for the following assets and liabilities on December 31 $ Cash Supplies Prepaid rent Land $ 52,00 11.109 25,000 210,000 Liabilities Accounts payable Utilities payable Salaries payable Notes...

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...

Magnificent Company began the year with $126,000 in its common stock account and a debit balance...

Homework Answers