Homework Answers
Answer :- Calculation of the balance of Retained Earnings at the end of the year :-
Ending Retained Earnings = Beginning balance of Retained Earnings + Net Income - Cash Dividends
Ending Retained Earnings = $40 + $65 - $7
Ending Retained Earnings = $98 million
Working :-
Net Income = Sales Revenue - Expenses
Net Income = $100 - $35
Net Income = $65 million
So the correct answer is option B. ($98 million)
If you have any query feel free to ask in comment section. Thanks
Add Answer to:
A company's balance of retained earnings on January 1 was 540 milion. During the year, sales...
A company's balance of retained earnings on January 1 was $45 million. During the year, sales...
A company's balance of retained earnings on January 1 was $45 million. During the year, sales revenue was $100 million, while expenses totaled $55 million. The company declared and paid $11 million in cash dividends during the year. What was the balance of retained earnings at the end of the year? answer is $79 million
Wireless Corporation began 2018 with retained earnings of $220 million. Revenues during the year were $540...
Wireless Corporation began 2018 with retained earnings of $220 million. Revenues during the year were $540 million, and expenses totaled $330 million Wireless declared dividends of $57 million. What was the company's ending balance of retained earnings? To answer this question, prepare Wireless's statement of retained earnings for the year ended December 31, 2018, complete with its proper heading Prepare the statement of retained earnings (Enter all amounts in millions. Enter a netloss with a minus sign or parentheses Include...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $40,000, and all other expenses totaled $10,000. The company declared and paid $25,000 as dividends. The ending balance of Retained Earnings would be O A. $150,000 OB. $125,000 O C. $175,000 OD. $120,000
Kncaid Company's Retained Earnings balance on January 1 was $9,000 Duing the curent year, Kincaid...
Kncaid Company's Retained Earnings balance on January 1 was $9,000 Duing the curent year, Kincaid eamed $3,000 in revenues and incured $4000 in pns Kincaid declared and paid $2.400 n dvidends,all n cash Aer OA. $5600 OB. $9 000 C. $8.000 O D. $9600
Kncaid Company's Retained Earnings balance on January 1 was $9,000 Duing the curent year, Kincaid eamed $3,000 in revenues and incured $4000 in pns Kincaid declared and paid $2.400 n dvidends,all n cash Aer OA. $5600...
10 Cooper Industries, Inc., began 2015 with retained earnings of $24.37 milion. During the year it...
10
Cooper Industries, Inc., began 2015 with retained earnings of $24.37 milion. During the year it paid four quarterfy dividends of $0.32 per share to 3.17 million common stockholders. Preferred stockholders, holding 521,000 shares, were paid two semiannual dividends of $0.74 per share. The firm had a net profit after taxes of $5.17 million. Prepare the statement of retained earnings for the year ended December 31, 2015 Complete the statement of retained eamings below (Round to the nearest dollar) Cooper...
on What was the company's ending balance of Cell One Corporation began 2018 with retained emings...
on What was the company's ending balance of Cell One Corporation began 2018 with retained emings of 20 milion Revenues during the year were $540 million, and expenses oled 310 milion Colone declared udends of $58 retained earnings? Toenswer this question, prepare Cel One's statement of retained anings for the year ended December 31, 2018, complete with proper heading Prepare the statement of retained earnings. (Erramountain milions Entraneth a m inor the code w h ere 'Atne of the statement)
Wrer Corporation began 2018 with retained cams of $250 milion Revenues during they were $450 milion...
Wrer Corporation began 2018 with retained cams of $250 milion Revenues during they were $450 milion depende totaled $200 milion Wind declared dividends of $59 million What was the company's ending blance of retind carings? To www this question repreWirere's statement of retained for the year ended December 31, 2018, complete with its proper heading Prepare the statement of retained and Enteral amounts i milions. Elloss with a sign of parentheses Include a su her line of the met.) A...
On January 1, 2020, Grove, Inc.'s Retained earnings had a balance of $5,000. During the year,...
On January 1, 2020, Grove, Inc.'s Retained earnings had a balance of $5,000. During the year, Grove eamed revenue of $8,000, incurred expenses of $3,400, sold stock to investors for $12,000, purchased land for $6,400, and paid dividends of $800. What is the final balance of Retained earnings at December 31, 2020 once closing entries have been recorded? Numeric Response
On January 1, 2020, Choco Company's balance in retained earnings was $50. During 2020, the company...
On January 1, 2020, Choco Company's balance in retained earnings was $50. During 2020, the company earned a net income of $60 and paid $30 in dividends. Calculate the retained earnings balance on December 31, 2020.
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο
Wireless Corporation began 2018 with retained earnings of $220 million. Revenues during the year were $540 million, and expenses totaled $330 million Wireless declared dividends of $57 million. What was the company's ending balance of retained earnings? To answer this question, prepare Wireless's statement of retained earnings for the year ended December 31, 2018, complete with its proper heading Prepare the statement of retained earnings (Enter all amounts in millions. Enter a netloss with a minus sign or parentheses Include...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $40,000, and all other expenses totaled $10,000. The company declared and paid $25,000 as dividends. The ending balance of Retained Earnings would be O A. $150,000 OB. $125,000 O C. $175,000 OD. $120,000
Kncaid Company's Retained Earnings balance on January 1 was $9,000 Duing the curent year, Kincaid eamed $3,000 in revenues and incured $4000 in pns Kincaid declared and paid $2.400 n dvidends,all n cash Aer OA. $5600 OB. $9 000 C. $8.000 O D. $9600
Kncaid Company's Retained Earnings balance on January 1 was $9,000 Duing the curent year, Kincaid eamed $3,000 in revenues and incured $4000 in pns Kincaid declared and paid $2.400 n dvidends,all n cash Aer OA. $5600...
10
Cooper Industries, Inc., began 2015 with retained earnings of $24.37 milion. During the year it paid four quarterfy dividends of $0.32 per share to 3.17 million common stockholders. Preferred stockholders, holding 521,000 shares, were paid two semiannual dividends of $0.74 per share. The firm had a net profit after taxes of $5.17 million. Prepare the statement of retained earnings for the year ended December 31, 2015 Complete the statement of retained eamings below (Round to the nearest dollar) Cooper...
on What was the company's ending balance of Cell One Corporation began 2018 with retained emings of 20 milion Revenues during the year were $540 million, and expenses oled 310 milion Colone declared udends of $58 retained earnings? Toenswer this question, prepare Cel One's statement of retained anings for the year ended December 31, 2018, complete with proper heading Prepare the statement of retained earnings. (Erramountain milions Entraneth a m inor the code w h ere 'Atne of the statement)
Wrer Corporation began 2018 with retained cams of $250 milion Revenues during they were $450 milion depende totaled $200 milion Wind declared dividends of $59 million What was the company's ending blance of retind carings? To www this question repreWirere's statement of retained for the year ended December 31, 2018, complete with its proper heading Prepare the statement of retained and Enteral amounts i milions. Elloss with a sign of parentheses Include a su her line of the met.) A...
On January 1, 2020, Grove, Inc.'s Retained earnings had a balance of $5,000. During the year, Grove eamed revenue of $8,000, incurred expenses of $3,400, sold stock to investors for $12,000, purchased land for $6,400, and paid dividends of $800. What is the final balance of Retained earnings at December 31, 2020 once closing entries have been recorded? Numeric Response
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 58 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 6 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago