Homework Answers
When corporation paid dividend to shareholders. the entry passed would be Retained Earning dr
To cash/bank
A. the accounts which are affected are Cash and Retained Earnings
B. Cash would decrease and retained earning would also decrease.
C. Retained earnings are accumulation of profits earned by organisation over a period of time. Whenever the organisation decides to pay dividend to shareholders , it is paid out of such retained profits only . So any of dividend payout reduces the retained earnings of the organisation.
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Bull Co. issues $32,080 of capital stock for cash. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account increased or decreased? Increase Decrease What is the amount of transaction?...
1. 2. 3. these are three seperate problems....where is the xtra info needed? bull CU. ISSUUS...
1.
2.
3.
these are three seperate problems....where is the xtra info
needed?
bull CU. ISSUUS $32,000 of capital stock for cash. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is amount of change in the accounts? (d) If Retaines is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account...
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The following selected events were experienced by other Smith Eldercare Services, Inc. a corporation, or Tony...
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Required information The general ledger of Zips Storage at January 1, 2021, includes the following account...
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Bull Co. issues $32,080 of capital stock for cash. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account increased or decreased? Increase Decrease What is the amount of transaction?...
1.
2.
3.
these are three seperate problems....where is the xtra info
needed?
bull CU. ISSUUS $32,000 of capital stock for cash. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is amount of change in the accounts? (d) If Retaines is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account...
Choose the correct accounts for each transaction. Completed work for a customer. Payment ✓ Choose] received immediately. Debit Equipment Expense Retained Earnings Completed work for a customer. Payment Cash Preferred Stock received immediately. Credit Cost of Goods Sold Insurance Expense Paid for a 1-year insurance policy. Debit Accounts Receivable Fees Earned Prepaid Insurance Accounts Payable Paid for a 1-year insurance policy. Credit Common Stock Supplies Equipment Sold preferred stock at par value. Debit [Choose] Sold preferred stock at par value....
11 of 13 (0 complete) - X following stockhold Data Table Stockholders' Equity Paid-In Capital: Common Stock-$15 Par Value: 150,000 shares Select the explana authorized, 25,000 shares issued and outstanding 375,000 was $29 per sha 390,000 Paid-In Capital in Excess of Par-Common Credit Total Paid-In Capital 765,000 163.000 Retained Earnings $ 928,000 Total Stockholders' Equity Print Done - X Credit More Info Feb Declared a 15% stock dividend on common stock The market value of Heitman's stock was $29 per...
E2-29B (book/static) The following selected events were experienced by either Cardinal Industries, Inc., a corporation, or Larry Cardinal, the major stockholder. (Click the icon to view the events.) Requirement 1. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected. (If an event has no effect on the total assets of the business choose either personal transaction or asset accounts offset.) Account affected or why...
The following selected events were experienced by other Smith Eldercare Services, Inc. a corporation, or Tony Smith, its major stockholder (Click the loon to view the transactions) Requirement 1. State whether each event (1) increased, (2) decreased, of (3) had no effect on the total of the business Identify any species affected State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific ante affected. If no effect,...
Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,600 17,400 16,000 168,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,700 7,800 163,000 48,500 $228,000 $ 228,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $154,100, and on account, $62,200. 2. February 12 Collect on accounts receivable, $53,500....
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