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![Part-el: Common stock is the capital contributed by shareholders by way of either cash or any other assets or any other products or services against which they are allocated companys shares. Reported as Stockhoders equity on firms balance sheet. Retained Earnings is the internally generated capital from the business. In other words, retained earnings consists of accumulated earnings of the business that were retaiined by the firm without distributing as dividends over many years. No shares are allocated against this capital though reported as stockholders equity on firms balance sheet. Part-(f: Common stock as at December 31, 2018 $70,000 After-closing balance in the Retained Earnings account on December 31, 2018 Additional capital contributed in to the business in 2019 Updated Stockholders equity balance Availale Stockholders equity balance Shortage in Stockholders equity balance (may be, dividends distributed in 2019)-$9,000 $19,000 [Ref: Part-(b)] $30,000 $119,000 $110,000 Therefore, firms financial position is better than they were on December 31, 2018 as more dividends were declared in 2019.](http://img.homeworklib.com/questions/7c1ca350-374c-11ea-a2c2-1bb55bf05479.png?x-oss-process=image/resize,w_560)
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Excerise 1.23 Exercise 1-23 Retained earnings and the closing process As of December 31, 2018, Flowers...
Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1....
Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1. Flowers Company had total assets of $170,000, total liabilities of $51,000, and common stock of $85,000. The company's Year 1 income statement contained revenue of $30,000 and expenses of $18,000. The Year 1 statement of changes in stockholders' equity stated that $2,700 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1....
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after closing balance in the Retained...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
Exercise 1.19 Dakota company experienced the following events during 2018: 1 Acquired 30,000 cash from issue...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
Exercise 1.23
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its...
What is Net Income for the period ending December 31, 2018? What is Ending Retained Earnings...
What is Net Income for the period ending December 31, 2018? What is Ending Retained Earnings for the period ending December 31, 2018? What is Total Current Assets as of December 31, 2018? What is Total Current Liabilities as of December 31, 2018? What is Total Stockholders' Equity as of December 31, 2018? What is Total Assets as of December 31, 2018? Jason Company Adjusted Trial Balance December 31, 2018 100.000 58,000 4,000 25,000 100,000 25,000 94,000 Cash Accounts Receivable...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
Restrictions on Retained Earnings At December 31, 2010, Longfellow Clothing had $226,700 of retained earnings, all...
Restrictions on Retained Earnings At December 31, 2010, Longfellow Clothing had $226,700 of retained earnings, all unrestricted. During 2011, Longfellow earned net income of $92,000 and declared and paid cash dividends on comman stock of $21,800. During 2011, Longfellow sold a bond issue with a covenant that required Longfellow to transfer from retained earnings to restricted retained earnings an amount equal to the principal of the bond issue, $48,000. At December 31, 2011, Long-fellow has 30,000 shares of $5 par...
Few questions i need help with. please help. σ https://newcorrect İlaSearch As of December 31, 2018,...
Few questions i need help with. please help.
σ https://newcorrect İlaSearch As of December 31, 2018, Moss Company had total cash of $195,000, notes payable of $90,500, and common stock of $84,500 During 2019, Moss earned $42,000 of cash revenue. paid $24,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders Required a. Determine the amount of retained earnings as of December 31, 2018 b.&c. Record the beginning account balances, revenue, expense, and dividend events under the...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $184,100 and interest revenue of $89,300. The company used supplies in the amount of $95,900, advertising expenses were $18,000, salaries and wages totaled $20,700, and income tax expense was calculated as $16,900. During the year, the company declared and paid dividends of $7,600. Prepare the closing entries dated December 31, 2018. Prepare T-account...
Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1. Flowers Company had total assets of $170,000, total liabilities of $51,000, and common stock of $85,000. The company's Year 1 income statement contained revenue of $30,000 and expenses of $18,000. The Year 1 statement of changes in stockholders' equity stated that $2,700 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1....
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after closing balance in the Retained...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
Exercise 1.23
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
Restrictions on Retained Earnings At December 31, 2010, Longfellow Clothing had $226,700 of retained earnings, all unrestricted. During 2011, Longfellow earned net income of $92,000 and declared and paid cash dividends on comman stock of $21,800. During 2011, Longfellow sold a bond issue with a covenant that required Longfellow to transfer from retained earnings to restricted retained earnings an amount equal to the principal of the bond issue, $48,000. At December 31, 2011, Long-fellow has 30,000 shares of $5 par...
Few questions i need help with. please help.
σ https://newcorrect İlaSearch As of December 31, 2018, Moss Company had total cash of $195,000, notes payable of $90,500, and common stock of $84,500 During 2019, Moss earned $42,000 of cash revenue. paid $24,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders Required a. Determine the amount of retained earnings as of December 31, 2018 b.&c. Record the beginning account balances, revenue, expense, and dividend events under the...
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