Homework Answers
| Year | Net income | Dividends | Retained earnings |
| 1 | $1,350 | $530 | $820 |
| 2 | 1,850 | 530 | 2,140 |
| 3 | 2,400 | 1,150 | 3,390 |
| 4 | 3,500 | 1,150 | 5,740 |
| 5 | 4,700 | 1,150 | 9,290 |
Retained earning, year 2 = Retained earning, Year 1 + Net income - Dividends
= 820 + 1,850 - 530
= $2,140
Retained earning, year 3 = Retained earning, Year 2 + Net income - Dividends
= 2,140 + 2,400 - 1,150
= $3,390
Retained earning, year 4 = Retained earning, Year 3 + Net income - Dividends
= 3,390 + 3,500 - 1,150
= $5,740
Retained earning, year 5 = Retained earning, Year 4 + Net income - Dividends
= 5,740 + 4,700 - 1,150
= $9,290
Add Answer to:
question During its first five years of operations, Red Raider Consulting reports net income and pays...
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. Retained Earnings Year Net Income Dividends 1 $ 750 $ 410 2 1,250 410 3 1,200 550 4 2,300 550 5 3,500 550
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
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as...
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,800 2 2,700 500 3 2 ,900 1,100 4 5,600 2,100 5 8 ,700 2,000 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 Retained Earnings WN
prepare an income statement Feb Trial Balances Raider Consulting Corp began operations on January 1, 2020....
prepare an income statement
Feb Trial Balances
Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51...
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations,...
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Dividends Declared 2017 2018 2019 Net Income $ 40,000 $ 125,000 $ 160,000 $ $ $ 50,000 50,000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, (before taxes) Dividends declared (of this amount, $25,000...
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations,...
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net Income Dividends Declared 2014 2015 2016 $ 40,000 $ 125,000 160,000 50,000 50,000 The following information relates to 2017. Income before income tax $ 240,000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, 25,000 (before taxes) Dividends declared (of this amount, $25,000 will...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net inco...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
MC Qu. 40 (LO10-5) In its first three years of operations, a company... In its first...
MC Qu. 40 (LO10-5) In its first three years of operations, a company... In its first three years of operations, a company has net income of $2.000.$5,000 and $8.000. It also pays dividends of $1000 in the second year, and $3,000 in the third year. What is the balance of Retained Earnings at the end of the third year? Multiple Choice 55.000 ะพ SLOO O $95.000 O 34000
Required information Mark's Consulting experienced the following transactions for Year 1, its first year of operations,...
Required information Mark's Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in Inventory methods (before taxes) Dividends declared (of this amount, $32,000 will be paid on Jan. 15,...
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. Retained Earnings Year Net Income Dividends 1 $ 750 $ 410 2 1,250 410 3 1,200 550 4 2,300 550 5 3,500 550
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
During its first five years of operations, Della Manufacturing reports net Income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,800 2 2,700 500 3 2 ,900 1,100 4 5,600 2,100 5 8 ,700 2,000 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 Retained Earnings WN
prepare an income statement
Feb Trial Balances
Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51...
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Dividends Declared 2017 2018 2019 Net Income $ 40,000 $ 125,000 $ 160,000 $ $ $ 50,000 50,000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, (before taxes) Dividends declared (of this amount, $25,000...
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net Income Dividends Declared 2014 2015 2016 $ 40,000 $ 125,000 160,000 50,000 50,000 The following information relates to 2017. Income before income tax $ 240,000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods, 25,000 (before taxes) Dividends declared (of this amount, $25,000 will...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
MC Qu. 40 (LO10-5) In its first three years of operations, a company... In its first three years of operations, a company has net income of $2.000.$5,000 and $8.000. It also pays dividends of $1000 in the second year, and $3,000 in the third year. What is the balance of Retained Earnings at the end of the third year? Multiple Choice 55.000 ะพ SLOO O $95.000 O 34000
Required information Mark's Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land...
Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in Inventory methods (before taxes) Dividends declared (of this amount, $32,000 will be paid on Jan. 15,...
Most questions answered within 3 hours.
-
1. What is the meaning of the term communication style?
2. What are the benefits to...
asked 22 minutes ago -
9.) You are buying a car that cost $26,500. You make payments of
$412 each month...
asked 47 minutes ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 2 hours ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 1 hour ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 2 hours ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 2 hours ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 3 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 4 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 6 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 6 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 8 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 8 hours ago