Clowns R Us reported the following in the statement of comprehensive income for the year ended December 31: Income from continuing operations before tax Income tax expense Net income Other comprehensive income Comprehensive income $840,000 (350,000) 490,000 130,000 600,000 During the year, the company paid $103,000 in dividends and purchased treasury stock with a par value of $20,000 at a cost of $95,000. If the balance of Retained Earnings at the beginning of the year was $470,000, what is the balance of Retained Earnings at the end of the year? A. $1,110,000 B. $1,007,000 C. $960,000 D. $857,000

Clowns R Us reported the following in the statement of comprehensive income for the year ended December 31: Income from continuing operations before tax Income tax expense Net income Other comprehensive income Comprehensive income $840,000 (350,000) 490,000 130,000 600,000 During the year, the company paid $103,000 in dividends and purchased treasury stock with a par value of $20,000 at a cost of $95,000. If the balance of Retained Earnings at the beginning of the year was $470,000, what is the balance of Retained Earnings at the end of the year? A. $1,110,000 B. $1,007,000 C. $960,000 D. $857,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8RE

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)
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Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)
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Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
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Strider Outfitters declared and paid a cash dividend of $8,900 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year Income Statement $ 225,000 98,000 127,000 59,000 6,300 $ 191,000 94,000 Sales Revenue Cost of Goods Sold Gross Profit 97,000 51,400 6,300 Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) 61,700 18,510 39,300 11,790 $ 43,190 $ 27,510 Net Income Balance Sheet $ 99,515 40,000 48,000 118,000 $ 15,000 35,000 61,000 128,000 Cash Accounts Receivable, Net Inventory Property and Equipment, Net $ 305,515 $ 65,000 $ 239,000 $ 32,700 Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) 1,575 63,000 129,575 103,800 72,140 1,650 63,000 97,350 103,800 37,850 $ 239,000 Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity $ 305,515 Required: 1. Compute the gross profit…