Norris Company experienced the following transactions during 2013, its first year in operation. 1) Issued $6,000 of common stock to stockholders. 2) Provided $2,300 of services on account. 3) Paid $1,600 cash for operating expenses. 4) Collected $1,900 of cash from accounts receivable. 5) Paid a $100 cash dividend to stockholders. The amount of net income recognized on Norris Company's 2013 income statement is: a. $500. b. $400. c. $700. d. $600.

Krogen Grocer's 2016 balance sheet shows average stockholders’ equity of $12,000 million, net operating profit after tax of $1,140million, net income of $380 million, and common shares issued of $1,916 million.The company has no preferred shares issued. Krogen Grocer’s return on common stockholders’ equity for the year is:

Smith Corporation is reviewing the following transactions for its year-ended December 31, 2015. For each item listed, indicate the: Name of the account to use. Whether it is current or long-term, asset or liability. The amount.   On December 15, 2015 the company declared a $2.00 per share dividend on 40,000 shares of common stock outstanding, to be paid on January 5, 2013 Credit sales for year amounted to $10,000,000. Smith estimates its Allowance for Doubtful Accounts as 3% of credit sales. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,000,000 every September 30. Bonuses to key employees based on net income for 2015 are estimated to be $150,000. Included in long-term investments are 10-year U.S. Treasury bonds that mature March 31, 2016. The bonds were purchased November 20, 2015. The accounts receivable account includes $20,000 due in three years from employees. The property, plant,…

Oriole Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2016, retained earnings of $ 322,525. During the year ended March 31, 2017, the company produced net income after taxes of $ 713,175 and paid out 41 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. (Round answers to 2 decimal places, e.g. 15.25. List items that increase retained earnings first.) Oriole Paper Mill, Inc.Retained Earnings for 2017

Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses for 2017 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017.

Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses for 2017 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky's tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issues and outstanding during 2017. Calculate Brisky's Earnings Per Share.

The 2017 income statement of Marin Company showed net income of $555,200 and a gain from discontinued operations of $46,400. Marin had 40,000 shares of common stock outstanding all year. Prepare Marin’s income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 15.25.)

Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses for 2017 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Brisky Corporation

An analyst compiled the following information for Universe, Inc., for the year ended December 31, 2016: • Net income was $850,000. • Depreciation expense was $200,000. • Interest paid was $100,000. • Income taxes paid were $50,000. • Common stock was sold for $100,000. • Preferred stock (8% annual dividend) was sold at par value of $125,000. • Common stock dividends of $25,000 were paid. • Preferred stock dividends of $10,000 were paid. • Equipment with a book value of $50,000 was sold for $100,000. Using the indirect method, what was Universe, Inc.’s net cash flow from operating activities for the year ended December 31, 2016? a. $1,000,000 b. $1,015,000 c. $1,040,000 d. $1,050,000

Presented below are the comparative incomes and retained earnings statements for Blue Inc. for the years 2017 and 2018.     2018   2017 Sales   $353,000     $276,000   Cost of sales   195,000     150,000   Gross profit   158,000     126,000   Expenses   89,600     49,100   Net income   $68,400     $76,900   Retained earnings (Jan. 1)   $121,500     $69,900   Net income   68,400     76,900   Dividends   (30,800 )   (25,300 ) Retained earnings (Dec. 31)   $159,100     $121,500   The following additional information is provided: 1.   In 2018, Blue Inc. decided to switch its depreciation method from sum-of-the-years’ digits to the straight-line method. The assets were purchased at the beginning of 2017 for $102,500 with an estimated useful life of 4 years and no salvage value. (The 2018 income statement contains depreciation…