The end of year balance in retained earnings can be calculated as follows -
Retained Earnings = Beginning Retained Earnings + Net Income – Dividends Paid
Retained Earnings =1860+312-26-66
= $2080 million
Jamaica Tours, Inc. started the year with a balance of retained earnings of $1,860 miltion. The...
Thelma and Louie, Inc. started the year with a balance of retained earnings of $556 million and ended the year with retained earnings of $612 million. The company paid dividends of $46 million to the preferred stockholders and $86 million to common stockholders. Calculate Thelma and Louie's net income for the year. (Enter your answer in millions of dollars.) Net income million
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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...
Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the year, Hill Insurance Agency earned $33,000 of Service Revenue and incurred $24,000 of various expenses. Dividends of $16,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings?
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...
Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the year, Hill Insurance Agency earned $33,000 of Service Revenue and incurred $24,000 of various expenses. Dividends of $16,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal." posting reference to show the beginning and...
Attempt in Progress Windsor, Inc. began the year with retained earnings of $305000. During the year, the company issued $402000 of common stock, recorded expenses of $1288000, and paid dividends of $83200. If Windsor's ending retained earnings was $325000, what was the company's revenue for the year? O $1710000 O $1391200 O $1308000 O $1793200 Using the following balance sheet and income statement data, what is the earnings per share? Current assets Current liabilities Average assets Total assets $22600 12000...
Question 11 (4 points) Saved In its recent income statement, Smith Software Inc. reported paying $5 million in dividends to common shareholders, and in its year-end balance sheet, Smith reported $340 million of retained earnings. The previous year, its balance showed $338 million of retained earnings. What was the firm's net income during the most recent year? (Answers are in $millions.) $7.00 $2.00 $5.00 $0.00 $14.00 In its recent income statement, Smith Software Inc. reported $15 million of net income,...
QUESTION 3 At the beginning of the year Big Lots reported retained earnings of $2,024 million and accumulated other comprehensive income (AOCI) of $102 million. At the end of the year it reported retained earnings of $2,208 million and AOCI of $42 million. The company also reported net income for the year of $404 million. How much (in $ millions) did the company pay out in cash dividends during the year? Note that even though your answer will represent a...
The Stockholders' Equity section of Foreign Tours Corporation's balance sheet at the close of the current year follows. $ 6,000,000 320,000 Stockholders' Equity Preferred stock (8%, $75 par value, 100,000 shares authorized) At Par Value (80,000 shares issued) Paid-in Capital in Excess of Par Value Common Stock (no-par value, stated value of $5, 1,800,000 shares authorized) At Stated Value Paid-in Capital in Excess of Stated Value Retained Earnings Total Stockholders' Equity 9,000,000 12,600,000 5,600,000 $33,520,000 1-a. What is the amount...
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 Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...