At the beginning of the current year, Callifax Corporationhad dividends payable of $1,500,000. During the currentyear, the company declared cash dividends of $4,300,000, of which $900,000 appeared as a liability at year-end. Deter-mine the amount of cash dividends paid during this year.
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At the beginning of the current year, Callifax Corporation
had dividends payable of $1,500,000. During the current
year, the company declared cash dividends of $4,300,000,
of which $900,000 appeared as a liability at year-end. Deter-
mine the amount of cash dividends paid during this year.
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- . The following are the amounts of Care Corporation’s assets and liabilities at May 31, 2010 and its revenue and expenses for the year ended on that date, listed in alphabetical order. Care Corporation had share capital of P50,000 and accumulated profits of P87,390 on June 1, the beginning of the fiscal year. During the year, the corporation paid cash dividends of P25,000. Accounts payable P 48,320 Accounts receivable 68,840 Advertising expense 14,600 Cash 40,150 Insurance expense 12,000 Land 150,000 Miscellaneous expense 3,140 Notes payable 22,000 Prepaid insurance 2,000 Rent…Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.At the beginning of its current fiscal year, Willie Corporation' s balance sheet showed assets of $11, 100 and liabilities of $ 5,200. During the year, liabilities decreased by $800. Net income for the year was $2, 600, and net assets at the end of the year were $6,400. There were no changes in paid - in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
- The Dec. 31, 2021 balance sheet of Jasmine Corp. showed shareholders' equity of P448,700. Transactions during 2021 which affected the shareholders' equity were: (1) an adjustment to Retained Earnings for an overstatement of depreciation in 2020 P10,000; (2) gain on the sale of treasury shares, P9,000; (3) declared dividends of P60,000 of which P40,000 were paid during the year; and (4) net income after tax of P75,500. The share capital balance of P300,000 remain unchanged during the year. The retained earnings balance on Jan. 1, 2020 was a. P134,200 b. P132,300 c. P123,200 d. P114,200The following information pertains to BFAR Corp. for the year ended December 31, 2021: . Accumulated Profits Free, January 1, 2021: P3,800,000 . Accumulated Profits - Appropriated for contingency, January 1, 2021: P700,000 . Net income for 2021: P2,347,000 . Share dividends declared November 25, 2021 and distributed on December 15, 2021: P370,000 . Cash dividends declared December 1, 2021 and distributable on January 15, 2022: P490,000 Appropriation of accumulated profits for contractual obligations in 2021: P1,500,000 . Reversal of appropriation for contingency in 2021: P700,000 How much is the total Accumulated Profits as of December 31, 2021? .The following transactions occurred last year at Jost Company: Issuance of shares of the company's own common stock $170,00o; Dividends paid to the company's own shareholders $7,000; Dividends received from investments in other companies' shares $4,000; Interest paid on the company's own bonds $11,000; Repayment of principal on the company's own bonds $40,000; Proceeds from sale of the company's used equipment $23,000; Purchase of land $120,00. Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be: $112,000 $123,000 $375,000 $19,000
- On january 1, christian company showed total assets of 5,000,000, total liabilities of 2 million and contributed capital of 2 million. during the current year, the entity issued share capital of 500,000 par value at a premium of 300,000. dividend of 250,000 was paid on december 31. on december 31, total assets amounted to 7500000 And total liabilities amounted to 3200000. what amount was reported as net income for the current year ? A. 1,750,000 B. 1 million C. 750,000 D. 500,000At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. During the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities + PIC RE Beginning: Changes: $ 12,400 = $ (750) = 6,400 + (1,400) + $ 0+ $ 6,000 0+ Changes: Ending: $ 11,650 = $ 5,000 + 0+ EA $ 3,050 +Net income (2,400) Dividends 6,650The following information was taken from the accounting records of ATLANTA Company for the year ended December 31, 2021: Net income during the year, P2,250,000Proceeds from the issuance of preference shares, P4,000,000Dividends paid on preference shares, P400,000Bonds payable converted to ordinary shares, P2,000,000Payment for purchase of machinery, P500,000Proceeds from sale of plant building, P1,200,000Retirement of bonds payable at face value, P2,500,0002% bonus issue on ordinary shares, P300,000Purchase of ordinary treasury shares, P120,000Payment for the purchase of debt securities at amortized cost, P450,000Gain on sale of plant building, P200,000Depreciation expense, P188,000Doubtful accounts expense, P87,000Increase in accounts receivable, P325,000Decrease in merchandise inventory, P129,000Increase in investments in equity securities at FVTPL, P440,000Increase in accounts payable, P90,000Decrease in accrued expenses, P225,000Increase in income tax payable, P117,000 How much is…
- Prepare a retained earnings statement for the year ended December 31, 2021 in proper format: Ladila corporation has retained earnings of P725,825 at January 1, 2021. Net income during the year was P1,800,900, and cash dividends declared and paid during 2021 totaled P98,000.Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 69,000 Marketable securities $ 25,900 Accounts receivable, net $ 347,600 Inventory $ 457,400 Prepaid expenses $ 7,800 Accounts payable $ 198,200 Notes due within one year $ 98,000 Accrued liabilities $ 59,100 During the year, Denna Company completed the following transactions: Paid a cash dividend previously declared, $29,000. Issued additional shares of common stock for cash, $198,000. Sold inventory costing $69,200 for $99,000, on account. Wrote off uncollectible accounts in the amount of $9,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $29,000. Paid accounts payable, $98,400. Borrowed cash on a short-term note with the bank, $58,500. Sold inventory costing $19,800 for $13,200 cash. Purchased inventory on account, $49,250. Paid off all short-term notes due, $156,500. Purchased equipment for cash, $74,200. Sold marketable securities…On January 1, Emblem Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000. During the current year, Emblem issued share capital of P500,000 par value at a premium of P300,000, and recognized revaluation surplus of P300,000. Dividend of P250,000 was paid on December 31. On December 31, total assets amounted to P7,500,000 and total liabilities amounted to P3,200,000. What is the amount of net income or loss during the year?
