At December 31, 2020, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common shares (no-par value; authorized 100,000 shares; issued 35,000 shares) Contributed surplus Dividends declared and paid in 2020 Retained earnings, January 1, 2020 Net income for the year was $48,000. Required: 1. Prepare the statement of retained earnings for the year that ended on December 31, 2020, and the shareholders' equity section of the balance sheet at December 31, 2020. (Amounts to be deducted should be indicated with minus sign.) BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 Retained Earnings, December 31, 2020 BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2020 Contributed capital: Total contributed capital Total Shareholders' Equity $525,000 180,000 28,000 76,000 2-a. Compute the ROE ratio for 2020, assuming total shareholders' equity on December 31, 2019 was $629,000. (Round your answer to 1 decimal place.) ROE ratio %

Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?

The following accounts appeared on the trail balance of Oriole Company at December 31, 2020. Notes Payable (short-term)   $185,000   Accounts Receivable   $560,000 Accumulated Depreciation - Bldg.   740,000   Prepaid Insurance   60,000 Supplies   35,000   Common Stock   1,025,000 Salaries and Wages Payable   29,000   Unappropriated Retained Earnings   310,000 Debt Investments (long-term)   280,000   Inventory   1,480,250 Cash   130,000   Land   410,000 Bonds Payable Due 1/1/2028   1,100,000   Trading Securities   79,000 Allowance for Doubtful Accts.   7,700   Interest Payable   5,500 Copyrights   185,000   Buildings   1,200,000 Notes Receivable (due in 6 months)   140,000   Accounts Payable   450,000 Income Taxes Payable   155,000   Additional Paid-in Capital   170,000 Preferred Stock   750,000         Appropriated Retained Earnings   290,000         Compute each of the following: 1.   Total current assets   $  2.   Total property, plant, and…

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023. Assume that the preferred shares are non-cumulative. Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Current assets $ 26,760 40,200 11,140 22,280 9,400 20,600 Required: Prepare a classified balance sheet at December 31, 2023. (Enter all amounts as positive values.) Assets 122,000 79,400 41,600 127,600 34,600 110,200 40,200 28,720 282,100 138,800 SPICER INC. Balance Sheet December 31, 2023 K

The following data were taken from the balance sheet accounts of Sage 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) (b) 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) (c) $550.000 685,000 503,000 145,000 861,000 A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $35. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. Date 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 $93,000 and a fair value of $139,000. Account Titles and Explanation Debit Credit

a) Prepare all the journal entries for the stated transactions  b) Assume that the income for the year is $13,500,000. Prepare a statement of changes in shareholders' equity c) Prepare the shareholders' equity section of the balance sheet at the end of the year