INCOME STATEMENT | Amount | |
Sales | $ 69,209 | |
Less: Expenses | ||
Cost of Goods Sold | $ 50,895 | |
Depreciation Expenses | $ 2,565 | |
Interest Paid | $ 491 | |
Total Expenses | $ 53,951 | |
Net Income Before Taxes | $ 15,258 | |
Less: Income Taxes @ 23% | $ 3,509 | |
Net income | $ 11,749 | |
STATEMENT OF RETAINED EARNINGS | ||
Beginning Retained Earnings | $ 14,721 | |
Add: Net Income | $ 11,749 | |
Less: Dividend on common Shares | $ 554 | |
Closing Retained Earning | $ 25,916 | |
Answer = Retained earning balance at the end of the year = $ 25,916 | ||
Please show all steps! LMN Inc. had beginning retained earnings of $14721. During the year, the...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
Wyler, Inc. had beginning retained earnings of $ 110,000 on January 1, 2018. During the year, Wyler declared and paid $ 95,000 of cash dividends and earned $ 85,000 of net income. Prepare a statement of retained earnings for Wyler, Inc. for the year ending December 31, 2018. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal.
Eau Claire Paper Mill, Inc., had at the beginning of the fiscal year, April 1,2013, retained earnings of $323,325. During the year ended March 31,2014,the company produced net income after taxes of $713,445 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings.
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...
Please make sure to double check your work for the correct answer & please show all steps! Thank you. For the most recent year, LMN, Inc., had sales of $467396, cost of goods sold of $234116, depreciation expense of $51178, and additions to retained earnings of $69054. The firm currently has 18455 shares of common stock outstanding, and the previous year's dividends per share were $1.31. Assuming a 27 percent income tax rate, what was the times interest earned ratio?...
At the beginning of the year, Entity J had a retained earnings balance of $60,000. During the year, the following occurred: Revenues $65,000 Expenses $35,000 Cash dividends to shareholders $3,000 Purchase of land $15,000 What is ending retained earnings?
At the beginning of 2018, Sheffield Corp. had retained earnings of $330000. During the year Sheffield reported net income of $74100, sold treasury stock at a “gain” of $27100, declared a cash dividend of $45100, and declared and issued a small stock dividend of 1400 shares ($10 par value) when the fair value of the stock was $30 per share. The amount of retained earnings available for dividends at the end of 2018 was: $363200. $30800. $317000. $338000.
At the beginning of 2015, Sunland Company had retained earnings of $402000. During the year Sunland reported net income of $109000, sold treasury stock at a “gain” of $36400, declared a cash dividend of $61000, and declared and issued a small stock dividend of 2890 shares ($10 par value) when the fair value of the stock was $20 per share. The amount of retained earnings available for dividends at the end of 2018 was $457500. $392200. $421100. $428600.
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it paid dividends of $25,000 and had net income of $75,000. It also had other comprehensive income (foreign currency gain) of $10,000. What was beginning retained earnings? $50,000 O $150,000 $40,000 $ 140,000
1,867,500 Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net Income $1,992,000 688,000 $74,700 $2,680,000 Preferred dividends Common dividends 115,300 190,000 Balance, end of year 2,490,000 $6,225,000 Total stockholders' equity Sales $48,071,100 Interest expense $62,220 Assuming that total assets were $7,097,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity...