On December 31, 2019, the Bradshaw Corporation had $515,000 as an ending balance for its retained earnings account. During 2020, the corporation declared a $2.50/share dividend to its stockholders. The Bradshaw Corporation has 40,000 shares of common stock outstanding. When the books were closed for 2020 year-end, the corporation had a final retained earnings balance of $565,000. What was the net profit earned by Bradshaw Corporation during 2020?

On December 31, 2019, the Bradshaw Corporation had $515,000 as an ending balance for its retained earnings account. During 2020, the corporation declared a $2.50/share dividend to its stockholders. The Bradshaw Corporation has 40,000 shares of common stock outstanding. When the books were closed for 2020 year-end, the corporation had a final retained earnings balance of $565,000. What was the net profit earned by Bradshaw Corporation during 2020?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The following activities relate to Merrill Company during the years 2018 and 2019: 2018: Feb. 15 Merrill purchased 10,000 shares of Hendershot Equipment stock for $40 per share. Dec. 1 Merrill received an $0.80-per-share cash dividend from Hendershot Equipment. Dec. 31 Hendershot Equipment common stock had a closing market price of $97 per share. Hendershot’s 2018 net income was $120,000. 2019: July 1 Merrill sold all 10,000 shares of Hendershot Equipment stock for $42 per share. Additional information: Hendershot Equipment had 50,000 shares of common stock outstanding on January 1, 2018. Required: Prepare journal entries to record the transactions assuming: a.) The securities are classified as FVTOCI financial assets-equity. b.)The equity method is used. Show the amounts that would be reported on the financial statements of Merrill Company at December 31, 2018, under each assumption. Can Merrill use the equity method to account for its investment in Hendershot Equipment?
Accounting NEED ASAP PLEASE AND THANK U! Sheridan Company had 219,600 shares of common stock outstanding on December 31, 2021. During the year 2022, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2022, Sheridan Company reported net income of $265,000 after a loss from discontinued operations of $43,200 (net of tax). What earnings per share data should be reported at the bottom of its income statement? (Round answers to 2 decimal places, e.g. $2.55.) Sheridan Company Income Statement December 31, 2022
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,460,000, $152,000 in the common stock account, and $2,770,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,700,000, $162,000 in the common stock account and $3,070,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $100,000 and the company paid out $157,000 in cash dividends during 2022. The firm's net capital spending for 2022 was $1,080,000, and the firm reduced its net working capital investment by $137,000. What was the firm's 2022 operating cash flow, or OCF? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Operating cash flow Prev 9 of 10 ▬▬▬ ‒‒‒ Next >
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,470,000, $154,000 in the common stock account, and $2,790,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,720,000, $164,000 in the common stock account and $3,090,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $101,000 and the company paid out $159,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,100,000, and the firm reduced its net working capital investment by $139,000. What was the firm's 2022 operating cash flow, or OCF?
On Dec 15, 2019 the board of directors of Flexsttel declared a cash dividend. The dividend is payable on Jan 8, 2019, of $0.80 per share on the 2,000,000 common shares outstanding. On dec 15, 2019 Flexsteel should: A. Decrease retained earnings $1.6 million and increase expenses $1.6 million B. Debit dividends $1.6 million and credit dividends payable by $1.6 million C. Not prepare a journal entry because the event had no effect on the corporation's financial position until 2020. D. Decrease cash $1.6 million and decrease retained earnings $1.6 million
The Retained Earnings for Blanka Corporation at January 1, 2021 were $250,000. The corporation had 20,000 shares of common stock outstanding during the year 2021. During the year the following transactions occurred: The company discovered that it had mistakenly recorded the depreciation expense for 2020 as $24,000 while the correct amount was $22,000. Declared and paid a cash dividend of $ 1.40 per share. Declared and distributed a 5% stock dividend when the market price was $14 per share. Earned a net income of $ 150,000.
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At the beginning of the year, ABC Company had a retained earnings balance of $100,000. During the year, the company discovered that cost of goods sold was understated by $20,000 in 2018. Net income for 2020 is $40,000, the company declared $10,000 in cash dividends to common shareholders and declared a 10% stock dividend when the market price of the stock was $20. The par value of the stock is $5 a share. Assume that there are 50,000 shares of common stock outstanding all year. The company recognized an unrealized loss on available-for-sale securities. Determine the ending balance of retained earnings at December 31, 2020.
The December 31, 2021, balance sheet of Chen, Incorporated, showed $140,000 in the common stock account and $2,650,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed $150,000 and $2,950,000 in the same two accounts, respectively. The company paid out $145,000 in cash dividends during 2022. What was the cash flow to stockholders for the year? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Cash flow to stockholders

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