At December 31, 2019, the balance of Glasgow Ltd.’s retained earnings account was $450,000. During 2020,...
At December 31, 2019, the balance of Glasgow Ltd.’s retained earnings account was $450,000. During 2020, the company had the following transactions:
| Acquired 5,000 treasury shares at $75 per share. The shares are no par value and had | |
| originally been issued for $65 per share. There had been no previous treasury share transactions. | |
| Net income for 2020 was $400,000. | |
| Sold the 5,000 treasury shares at $80 per share. |
What is the balance in retained earnings at December 31, 2020?
|
$850,000 |
|
$775,000 |
|
$762,500 |
|
$900,000 |
Homework Answers
Calculate ending retained earnings
| Beginning retained earnings | 450000 |
| Net income | 400000 |
| Ending retained earnings | 850000 |
So answer is a) $850000
Add Answer to:
At December 31, 2019, the balance of Glasgow Ltd.’s retained
earnings account was $450,000. During 2020,...
Retained Earnings Statement Rolt Company began 2016 with a $150,000 balance in retained earnings. During the...
Retained Earnings Statement Rolt Company began 2016 with a $150,000 balance in retained earnings. During the year, the following events occurred: The company earned net income of $83,000. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $7,350 after related income taxes of $3,150. Cash dividends totaling $13,000 and stock dividends totaling $19,000 were declared. One thousand shares of callable preferred stock that originally had been issued at $105 per...
Blossom Company reported retained earnings at December 31, 2019, of $301,000. Blossom had 210,000 shares of...
Blossom Company reported retained earnings at December 31, 2019, of $301,000. Blossom had 210,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.60 per share was declared and paid. 2. A 5% stock dividend was declared and distributed when the market price per share was $19 per share. 3. Net income was $284,000. Compute the ending balance in retained earnings at the end of 2020. Retained earnings...
Exercise 14-09 Sunland Company reported retained earnings at December 31, 2019, of $312,500. Sunland had 210,000...
Exercise 14-09 Sunland Company reported retained earnings at December 31, 2019, of $312,500. Sunland had 210,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.50 per share was declared and paid. 2. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 3. Net income was $282,000. Compute the ending balance in retained earnings at the end of 2020....
Cullumber Company reported retained earnings at December 31, 2019, of $307,000. Cullumber had 190,000 shares of...
Cullumber Company reported retained earnings at December 31, 2019, of $307,000. Cullumber had 190,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.35 per share was declared and paid. 2. 3. Net income was $288,000. Compute the ending balance in retained earnings at the end of 2020. A 10% stock dividend was declared and distributed when the market price per share was $13 per share. Retained earnings...
Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce...
Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce had 194,500 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020 1. A cash dividend of $0.50 per share was declared and paid. 2. A 10% stock dividend was declared and distributed when the market price per share was $19 per share. 3. Net income was $281,000. Compute the ending balance in retained earings at the end...
Equity section of Sol Corporation shows the following on January 1, 2019. Shares Ordinary – Ordinary,...
Equity section of Sol Corporation shows the following on January 1, 2019. Shares Ordinary – Ordinary, $1 par value 1,000,000 shares authorized, 400,000 shares issued and outstanding $ 400,000 Shares premium – Ordinary $ 600,000 Retained earnings $ 2,500,000 Total Equity $ 3,500,000 During the year, the company had following transactions occurred: Mar. 1 Issued 100,000 ordinary shares for $300,000. Jun. 1 Acquired 10,000 shares of its shares for the treasury at $4 per share Sep. 1 ...
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
Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet:...
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 820,000 shares issued and outstanding $ 6,478,000 Retained earnings 2,123,600 During 2020, the following
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 820,000 shares issued and outstanding$6,478,000Retained earnings2,123,600During 2020, the following selected transactions occurred: Feb.10Repurchased and retired 159,000 common shares at $10.00 per share; this is the first retirement recorded by AIM.May15Declared a 2:1 share split to shareholders of record on June 1, distributable June 15.Dec.1Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of...
Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year...
Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 $ 348,600 42,700 55,300 32,600 23,500 45,300 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings
Exercise 14-09 Sunland Company reported retained earnings at December 31, 2019, of $312,500. Sunland had 210,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.50 per share was declared and paid. 2. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 3. Net income was $282,000. Compute the ending balance in retained earnings at the end of 2020....
Cullumber Company reported retained earnings at December 31, 2019, of $307,000. Cullumber had 190,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.35 per share was declared and paid. 2. 3. Net income was $288,000. Compute the ending balance in retained earnings at the end of 2020. A 10% stock dividend was declared and distributed when the market price per share was $13 per share. Retained earnings...
Exercise 11-18 Blue Spruce Corp, reported retained earnings at December 31, 2019, of $319,500. Blue Spruce had 194,500 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020 1. A cash dividend of $0.50 per share was declared and paid. 2. A 10% stock dividend was declared and distributed when the market price per share was $19 per share. 3. Net income was $281,000. Compute the ending balance in retained earings at the end...
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
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 $ 348,600 42,700 55,300 32,600 23,500 45,300 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings
Most questions answered within 3 hours.
-
Hows does water affect the digestion of fats ?
asked 49 minutes ago -
A buffer that contains 0.41 M of a base, B and 0.21 M of its
conjugate...
asked 52 minutes ago -
Pleaaaaaaaasssssse help me please please it's more important
:((((((((((((((((((((
CASE STUDY
Nissan Company
Nissan Motor Company,...
asked 55 minutes ago -
Calculate the concentration of hydronium and hyroxide ions in 1)
2.0 mol/L HNO3 2) 0.5 mol/L...
asked 1 hour ago -
In a loop-the-loop ride a car goes around a vertical, circular
loop at a constant speed....
asked 1 hour ago -
50 grams each of water (18.015 g/mol) and ethylene glycol
(C2H6O2) (62.07 g/mol) are mixed. At...
asked 1 hour ago -
The life expectancy of sport utility vehicles follows a normal
distribution with a mean of 145.8...
asked 1 hour ago -
If an object with mass of 5 kg is pushed with a force of 552 N,...
asked 1 hour ago -
Suppose your program already has a list called nums, which
contains several numbers. Write a for...
asked 1 hour ago -
A spherical shell with a finite thickness just barely floats in
water. If the shell is...
asked 1 hour ago -
Explain in detail whether the following is true or false:
Total factor productivity will rise only...
asked 1 hour ago -
A firm pays a $2.50 dividend at the end of year one
(D1), has a stock...
asked 1 hour ago