FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018,
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- On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020? Select the correct answer. a. $152,443 b. $152,328 c. $152,500 d. $152,385 e. $152,270arrow_forwardOn January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected transactions. 1. 2. 3. 4. Declared and paid cash dividends $126,000. Corrected overstatement of 2021 net income because of inventory error $43,000. Earned net income $348,000. Declared and paid stock dividends $63,000. Determine the retained earnings balance at the end of the year. Retained earnings $arrow_forwardTamarisk 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.arrow_forward
- 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?arrow_forwardHaresharrow_forwardThe 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.arrow_forward
- The below transactions are for Jenolan Ltd. for the year ended 30 June 2022. 1. Net profit for the year was $3 500 000. 2. At a meeting in May 20220, the directors resolved to transfer the amounts specified below from retained earnings to: (a) contingencies reserve, $2 000 000, and (b) general reserve, $800 000. 3. Three years ago, the company had established an exchange fluctuation reserve with $9 000 000 from its retained earnings account, but now that it had withdrawn from international trade, the directors resolved that this reserve was no longer required. 4. An interim dividend of $400 000 had been paid in January 2022. 5. At the June 2022 meeting the directors declared a final dividend of $600 000 to be paid in 3 months’ time. Note: The beginning balance of the Retained Earnings account was $3 600 000. Required: Based on the information above, show the Retained Earnings for the firm at 30 June 2022 in a narrative form.arrow_forwardOn January 1, 2020, Cave Corporation had retained earnings of $7,900,000. During 2020, Cave reported net income of $1,380,000m declared dividends of $380,000 and issued common stock for $1,090,000. What were Cave's retained earnings balance on December 31, 2020?arrow_forward
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