Argyle Corporation has a net loss of $-69,650 in 2019.A review of its accounts for 2019 reveals:Dividends declared and paid = $43,800Depreciation Expense = $40,000Increase in Accounts Payable = $20,000Issuance (sale) of shares = $250,000Retirement of Long Term Debt = $75,000No other event took place in 2019 and no other account reports a genuine change in its balance except for Retained Earnings. Ignoretax implications.Required 1: what is the amount of cash provided (used) by operating activities? $Required 2: what is the amount of cash provided (used) by financing activities? $Required 3: Assume the opening balance of Retained Earnings was $150,000, what is the ending balance at the end of Year 2019? $

The cash flow statement is one of the important financial statement of the business. It records the…

Answered: Argyle Corporation has a net loss of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $126,000, Common Stock $765,600, Bonds Payable $109,700, Paid-in Capital in Excess of Par-Common Stock $208,700, Goodwill $59,300, Accumulated Other Comprehensive Loss $154,700, and Noncontrolling Interest $34,200. Prepare the stockholders' equity section of the balance sheet.
How much is the net income(loss) for the year?
Presented below is X Corporation's selected data for 2020: Retained earnings January 1,2020 Pretax Income Stock dividends declared During the year. the company changed its inventory method from FIFO to LIFO which had resulted in a pretax increase in income by Cash divideds declared During 2020. the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of. $6.000,000 2,000,000 330.000 40.000 225.000 70,000 Tax rate 30%
Lowell reports retained earnings at the end of fiscal 2019 of $41115 and retained earnings at the end of fiscal 2018 of $35180. The company reported dividends of $5026. How much net income did the firm report in fiscal 2019? (Round your answer to zero decimal places and omit the "$" sign. Add a minus sign if needed. For example, if your answer is $1,000.2, type in "1000") 1
Grant Inc. reported retained earnings of $287,000 on its balance sheet on 12/31/2020, and it had $66,000 of net income during the year. The year before, on 12/31/2019, the company had reported $238,000 of retained earnings. No shares were issued or repurchased during 2020. How much dividends did the firm pay in 2020?
At January 1, 2020, Crane Company reported retained earnings of $1,938,000. In 2020, Crane discovered that 2019 depreciation expense was understated by $387,600. In 2020, net income was $822,000 and dividends declared were $205,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Crane Company. CRANE COMPANY Retained Earnings Statement
The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,435,000, $147,000 in the common stock account, and $2,720,000 in the additional paid-in surplus account. The December 31, 2019, balance sheet showed long-term debt of $1,650,000, $157,000 in the common stock account and $3,020,000 in the additional paid-in surplus account. The 2019 income statement showed an interest expense of $97,500 and the company paid out $152,000 in cash dividends during 2019. The firm's net capital spending for 2019 was $1,030,000, and the firm reduced its net working capital investment by $132,000. What was the firm's 2019 operating cash flow, or OCF? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) Operating cash flow
The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…
Omantel company showed an increase in earnings per Share (EPS) from OMR. 0.350 to OMR. 0.650 in 2019. However, the company forgot to disclose this information in its annual report. what suitable qualitative characteristics of useful financial information for in this case?
Given the following information below, prepare a proper Statement of Changes in Equity (SCE) For Frank and Ernest Inc. for the year 2020. Capital stock (1,000,000 authorized, 100,000 outstanding) $1,400,000 Dividends paid $140,000. The change in dividends payable account is zero. Beginning Retained Earnings -$540,000 Prior period error that reduced earnings by 600,000 before tax is still not corrected for Ending Retained Earnings $835,000 Accumulated Other comprehensive income ending $400,000 Accumulated Other comprehensive income belonging to minority interest is $40,000 Of the Shareholders equity $100,000 belongs to the minority.

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