Help me answer this ty How much in dividends were paid to shareholders during the year? Assume thatProblem 2 (Statement of Stockholders' Equity)In its most recent financial statements, Newhouse Inc. reported P50 million of netincome and PS10 million of retained earnings. The previous retained earnings wereP780 million.Required:all dividends declared were actually paid. Problem 4 (Determination of Profitability)The Red Book Inc. sold 1,300 finance textbooks for P650 each to BrilliantUniversity in 20X5. These books cost Red Book Inc. P450 to produce. Red BookInc spent P20,000 (selling expense) to convince the university to buy its books. Inaddition, Red Book Inc. borrowed P350,000 on January 1, 20X5, on which thecompany paid 10 percent interest. Both interest and principal were paid onDecember 31, 20X5. Red Book Inc. tax rate is 20 percent. Depreciation expensefor the year was P6,000.Required:Did Red Book Inc. make a profit in 20X5? Verify your answer with an incomestatement.

Since you have asked multiple questions, we will solve the first question for you. If you want any…

How much in dividends were paid to shareholders during the year? Assume that In its most recent financial statements, Newhouse Inc. reported P50 million of net income and PS10 million of retained earnings. The previous retained earnings were P780 million. Required: all dividends declared were actually paid.

How much in dividends were paid to shareholders during the year? Assume that In its most recent financial statements, Newhouse Inc. reported P50 million of net income and PS10 million of retained earnings. The previous retained earnings were P780 million. Required: all dividends declared were actually paid.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

See similar textbooks

Similar questions

Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. 1. How much will the firm pay if it takes the cash discount? Format: 11,111 2. What is the approximate cost of giving up the cash discount, using the simplified formula? Format: 11%
A textbook publisher produces a textbook for $50 per book and sells to the Campus Bookstore for $75 per unit. The bookstore sells the textbook new for $100 and used for $60. It is able to buy unlimited amounts of used books from a secondary supplier for $50. The bookstore buys a lot of 250 new books from the publisher. What is the net profit (sales-cost) to the publisher for this order? (a) $25 (b) (250)(75-50) = $6250 (c) $10,000 (d) $2500
Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
Problem 1. Statement of Comprehensive Income The Sunshine Moments Bookstore sells the books used in classes such as workbooks and coloring books. All the enrolled students (150 students) purchased the three prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to P500,000. Costs of these school supplies amounted to P250,000. The monthly salary of the bookstore manager is P20,000. The store is manned by one clerk with monthly salary of P6,000. Utilities expense for the year totals P80,000. Of this, 25* is for the small office at the back of the bookstore. Depreciation for store fixtures amounted to P50,000. Prepare the multi-step income statement for the year ended December 31 for Sunshine Moments Bookstore,
Problem IV. The U Store, Inc. is the major supplier of books for the four area colleges. An income statement for the first quarter of 2020 is presented below: Sales 800,000 Cost of Goods Sold 560,000 Gross Margin 240,000 Less: Operating Expenses Selling Expenses 105,000 Administrative Expenses 105,000 210,000 Net Income 30,000 On average, a book sells for P40. Variable selling expenses are P3 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder is fixed. 2. The net income computed using the contribution approach for the first quarter of 2020 is:
Problem IV. The U Store, Inc. is the major supplier of books for the four area colleges. An income statement for the first quarter of 2020 is presented below: Sales 800,000 Cost of Goods Sold 560,000 Gross Margin 240,000 Less: Operating Expenses Selling Expenses 105,000 Administrative Expenses 105,000 210,000 Net Income 30,000 On average, a book sells for P40. Variable selling expenses are P3 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder is fixed. The contribution margin for the U Store for the first quarter of 2020 is?
Problem IV. The U Store, Inc. is the major supplier of books for the four area colleges. An income statement for the first quarter of 2020 is presented below: Sales 800,000 Cost of Goods Sold 560,000 Gross Margin 240,000 Less: Operating Expenses           Selling Expenses 105,000           Administrative Expenses 105,000 210,000 Net Income 30,000 On average, a book sells for P40. Variable selling expenses are P3 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder is fixed. 4. If 25,000 books are sold during the second quarter of 2020, the company’s contribution margin would equal:
Problem IV. The U Store, Inc. is the major supplier of books for the four area colleges. An income statement for the first quarter of 2020 is presented below: Sales 800,000 Cost of Goods Sold 560,000 Gross Margin 240,000 Less: Operating Expenses           Selling Expenses 105,000           Administrative Expenses 105,000 210,000 Net Income 30,000 On average, a book sells for P40. Variable selling expenses are P3 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder is fixed. 1. what is the contribution margin and net income computed using the contribution approach for the first quarter of 2020?
Problem IV. The U Store, Inc. is the major supplier of books for the four area colleges. An income statement for the first quarter of 2020 is presented below: Sales 800,000 Cost of Goods Sold 560,000 Gross Margin 240,000 Less: Operating Expenses           Selling Expenses 105,000           Administrative Expenses 105,000 210,000 Net Income 30,000 On average, a book sells for P40. Variable selling expenses are P3 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder is fixed. 3. The cost formula for operating expenses with “x” equal the number of books sold is:
6. A retailer bought 25 swimming suits. A gross profit of 45% based on cost is made if the suits were sold at RM150 each. The operating expenses were 15% based on cost. No use excel. a) Find the total cost. (RM2586.21) b) Find the net profit if all the suits were sold. (RM775.86) c) Suppose 5 suits were not sold. To sell off the remaining suits, the retailer gave 20% discount from the original selling price. Find the total gross profit. (RM1013.79)
The NULL Corp. is engaged in a sales promotion, giving a rebate of P4.00 for every food box returned. It is estimated that 80% of the food boxes will be returned and receive the rebate. Included in the promotion and sold are 50,000 boxes with a selling price. Of P1,250,000. Rebates already given amounted to P48,000. How much is the remaining liability? a. 160,000 b. 152,000 c. 112,000 d. 48,000
A publisher has a fixed cost of $175,000 associated with the production of a college mathematics book. The contribution to profit and fixed cost from the sale of each book is $5.75. i) Determine the number of books which must be sold in order to break even. ii) What is the expected profit if 65,000 books are sold?