During the current year, the total assets of Mifflinburg Corporation decreased by $60,000 and totalliabilities decreased by $300,000. The company issued $100,000 of new stock, and its net incomefor the year was $250,000. No other changes to stockholders’ equity occurred during the year.Determine the dollar amount of dividends declared by the company during the year.

Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of outstanding common stock. On April 1, 10,000 additional common shares were issued, and another 60,000 common shares were issued on August 1. The company had net income for the year of $589,375. Calculate the earnings per share of common stock. Round to two decimal points.

The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140.000 in the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 milion common shares authorized; 340,000 shares had been issued; and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account.

The following transactions occurred last year at Jost Company: Issuance of shares of the company’s own common stock $170,000 ; Dividends paid to the company’s own shareholders $7,000; Dividends received from investments in other companies’ shares $4,000; Interest paid on the company’s own bonds $11,000; Repayment of principal on the company’s own bonds $40,000; Proceeds from sale of the company’s used equipment $23,000; Purchase of land $120,000 . Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be:   a.$112,000 b. $123,000 c. $375,000 d. $19,000

Complete the missing balance sheet entries for Travers & Co.'s balance sheets for the years ending 2004 and 2005 based on the following statements: < BUDE I В H I • Travers issued $30 million of new common stock. • Travers had net income available to common shareholders of $77 million during 2005. At the end of 2005, Travers paid out $61 million in common dividends. • Travers neither issued nor retired long-term debt during 2005. • In 2005, Travers had cash flows from operating activities of $147 million, cash flow from investing activities of -$80 million, and cash flow from financing activities of -$16 million. BALANCE SHEET (Millions of dollars) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Yr 2 A 170 190 B $ 280 H Yr 1 $ 10 140 210 $360 $ 250 $ 610 Accounts payable Notes payable Accrued liabilities Total current liabilities Long-term debt Total liabilities Preferred stock Common stock Retained earnings Total common equity Total liabilities…

Terrance Company reported $20,000 retained earnings at the beginning of the year. The company repurchased 200 shares at $50 per share during the year for the first time. Later, during the year the company sold 100 shares of these treasury shares for $45 per share. Terrance earned $15,000 net income during the year. The company also declared and paid dividends on 500 outstanding 4% preferred stock with $100 par value. Based on this information alone, compute the retained earnings balance at the end of the year. O $34,500 O $35,000 O $32,500 O $32,000 O $37,500