Homework Answers
Q-11 Profits earned and not paid are found on:-
f. Retained earnings statement
Q-12 An increase in retained earnings will result in:-
g. an increase in the book value of the common shares of the company
Retained earnings get added to stockholders value and the number of shares stays the same, so the per-share value gets increased.
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11. Profits earned and not paid out as a dividend are found on the: e. Income...
15) The entry to record the payment of an interim dividend includes a: A) Debit to...
15) The entry to record the payment of an interim dividend includes a: A) Debit to Interim dividend payable C) Credit to Bank B) Credit to Interim dividend payable D) both A and C 16) Recoverable amount is defined as: A) the higher of an asset's fair value less costs to sell and its value in use B) the lower of an asset's carrying amount and its book value C) the higher of an asset's carrying amount and its book...
MCQ 1)All of the following must occur before a cash dividend can be paid except the...
MCQ 1)All of the following must occur before a cash dividend can be paid except the net realizable value of the company’s assets must exceed the total of its liabilities and share capital. the board of directors must approve the dividend. the company must have profit in the current year. the company must have sufficient cash or resources to be able to pay its liabilities. 2)The payout ratio is calculated by dividing total cash dividends paid by net income. dividends...
Identify all of the following statements that are correct with regards to dividends and stock splits:
Identify all of the following statements that are correct with regards to dividends and stock splits:a. The record date is the date that will determine who is eligible to receive a dividend.b. When a stock split occurs, a share’s market value will decline and, initially, each shareholder’s wealth will decline.c. Companies are not required to declare and issue dividends to common shareholders, but companies are required to declare and issue a dividend to preferred shareholders.d. If a person holds 25%...
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net...
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net income of S145,000 and paid dividends of $1.25 per share on each of its 30,000 outstanding common shares. Calculate retained earnings at the end of 20X6 Continue with Johnson Inc. from #1. In the following year, Johnson incurred a loss of $127,000 and paid no dividends. Calculate retained eanings or deficit at the end of 20X7 2. 3. Blaine Corporation had $200,000 in retained...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
During 2020, Mavs Inc, earned a net income of $1,000,000. They paid a dividend of $50,000...
During 2020, Mavs Inc, earned a net income of $1,000,000. They paid a dividend of $50,000 to their preferred stockholders and $100,000 to their common stockholders. They had 50,000 preferred shares outstanding and 25,000 common shares outstanding for the year. Calculate Earnings per Share for 2020. If they had paid no dividends to their common stock, what would be the EPS then? 7 pts Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α ν 2 T²voor IM ***
True or False?-Corporations 1 Shareholders' equity for a corporation consists of contributedcapital and retained earnings. 1...
True or False?-Corporations 1 Shareholders' equity for a corporation consists of contributedcapital and retained earnings. 1 2 - The owner of a corporation is called a director. 3 - The payment of business profits to the owners of a corporate business'is known as drawings. I 4 A dividend is a distribution of retained earnings. I 5 6 7 8 The shareholders provide all of the financing for a corporation +One of the advantages of investing in preferred shares is that...
Problems: Set B Compare impact of cash dividend, stock dividend, and stock split. (LO 1) AP...
Problems: Set B Compare impact of cash dividend, stock dividend, and stock split. (LO 1) AP P14-IB The condensed balance sheet of Erickson Corporation reports the following: ERICKSON CORPORATION Balance Sheet (partial) January 31, 2017 S9,000,000 Total assets Liabilitics and shareholders equity Liabilitics Shareholders' equity Common shares, unlimited number authorized, 500,000 issued Retained carnings $2,500,000 $3,000,000 3,500,000 6,500,000 $9,000,000 Tatal liabilities and shareholders' equity The market price of the common shares is currently $30 per share. Erickson wants to assess...
part A part B closing enteries part C T accounts and post the shareholder's equity accounts. part D prepare...
part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
Problem 11-4A On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.86 million issued Retained earnings $2,860,000...
Statement of Cash Flows & Select Fees earned Investment Issued note payable Paid dividends Paid interest...
Statement of Cash Flows & Select Fees earned Investment Issued note payable Paid dividends Paid interest expense Paid salary expense Purchased land Rent expense Select d. Balances Assets + Select ✓ Select Capital Stock Cash Assets Select + ✓ Select Land Notes Payable Assets Liabilities + Stockhc + Select Select ✓ Select Notes Payable Retained Earnings UCI LUL + Select ✓ Select Capital Stock Cash Stockholders' Equity Select ✓ Select Notes Payable Retained Earnings Income Statement Select Fees earned Rent...
15) The entry to record the payment of an interim dividend includes a: A) Debit to Interim dividend payable C) Credit to Bank B) Credit to Interim dividend payable D) both A and C 16) Recoverable amount is defined as: A) the higher of an asset's fair value less costs to sell and its value in use B) the lower of an asset's carrying amount and its book value C) the higher of an asset's carrying amount and its book...
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net income of S145,000 and paid dividends of $1.25 per share on each of its 30,000 outstanding common shares. Calculate retained earnings at the end of 20X6 Continue with Johnson Inc. from #1. In the following year, Johnson incurred a loss of $127,000 and paid no dividends. Calculate retained eanings or deficit at the end of 20X7 2. 3. Blaine Corporation had $200,000 in retained...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
During 2020, Mavs Inc, earned a net income of $1,000,000. They paid a dividend of $50,000 to their preferred stockholders and $100,000 to their common stockholders. They had 50,000 preferred shares outstanding and 25,000 common shares outstanding for the year. Calculate Earnings per Share for 2020. If they had paid no dividends to their common stock, what would be the EPS then? 7 pts Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α ν 2 T²voor IM ***
True or False?-Corporations 1 Shareholders' equity for a corporation consists of contributedcapital and retained earnings. 1 2 - The owner of a corporation is called a director. 3 - The payment of business profits to the owners of a corporate business'is known as drawings. I 4 A dividend is a distribution of retained earnings. I 5 6 7 8 The shareholders provide all of the financing for a corporation +One of the advantages of investing in preferred shares is that...
Problems: Set B Compare impact of cash dividend, stock dividend, and stock split. (LO 1) AP P14-IB The condensed balance sheet of Erickson Corporation reports the following: ERICKSON CORPORATION Balance Sheet (partial) January 31, 2017 S9,000,000 Total assets Liabilitics and shareholders equity Liabilitics Shareholders' equity Common shares, unlimited number authorized, 500,000 issued Retained carnings $2,500,000 $3,000,000 3,500,000 6,500,000 $9,000,000 Tatal liabilities and shareholders' equity The market price of the common shares is currently $30 per share. Erickson wants to assess...
part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
Problem 11-4A On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.86 million issued Retained earnings $2,860,000...
Statement of Cash Flows & Select Fees earned Investment Issued note payable Paid dividends Paid interest expense Paid salary expense Purchased land Rent expense Select d. Balances Assets + Select ✓ Select Capital Stock Cash Assets Select + ✓ Select Land Notes Payable Assets Liabilities + Stockhc + Select Select ✓ Select Notes Payable Retained Earnings UCI LUL + Select ✓ Select Capital Stock Cash Stockholders' Equity Select ✓ Select Notes Payable Retained Earnings Income Statement Select Fees earned Rent...
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