On its 2019 balance sheet, Barngrover Books showed $510 million of retained earnings, and exactly that same amount was shown the following year in 2020. Assuming that no earnings restatements were issued, which of the following statements is CORRECT? A. Dividends could have been paid in 2020, but they would have had to equal the earnings for the year. B. If the company lost money in 2020, they must have paid dividends. C. The company must have had zero net income in 2020. D. The company must have paid out half of its earnings as dividends. E. The company must have paid no dividends in 2020.

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?

On 12/31/2020, Heaton Industries Inc. reported retained earnings of $675,000 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 20205. How much in dividends did Heaton pay during 2020?   Group of answer choices   A. $47,381 B. $49,875 C. $52,500 D. $55,125 E. $57,881

On 12/31/2020, Heaton Industries Inc. reported retained earnings of $500,000 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?

Conrad​ Air, Inc., reported net income of $1,360,000 for the year ended December​ 31, 2020. Show how​ Conrad's balance sheet would change from 2019 LOADING... to 2020 depending on how Conrad​ "spent" those earnings as described in the scenarios that appear below. a. Conrad paid no dividends during the year and invested the funds in marketable securities. b. Conrad paid dividends totaling $499,000 and used the balance of the net income to retire​ (pay off)​ long-term debt. c. Conrad paid dividends totaling $499,000 and invested the balance of the net income in building a new hangar. d. Conrad paid out all $1,360,000 as dividends to its stockholders.     Conrad​ Air, Inc. Balance Sheet   as of December​ 31, 2019 Assets Cash $118,000 Marketable securities 31,000 Accounts receivable 44,000 Inventories 127,000 Current assets $320,000 Equipment $2,963,000 Buildings 1,601,000 Fixed assets $4,564,000 Total assets              $4,884,000   Liabilities and​ Stockholders' Equity Accounts…

Consider the following potential events that might have occurred to Global on December 30, 2019. For each one, indicate which line items in Global's balance sheet would be affected and by how much. Also indicate the change to Global's book value of equity. a. Global used $19.6 million of its available cash to repay $19.6 million of its long-term debt. b. A warehouse fire destroyed $5.2 million worth of uninsured inventory. c. Global used $4.7 million in cash and $4.6 million in new long-term debt to purchase a $9.3 million building. d. A large customer owing $2.8 million for products it already received declared bankruptcy, leaving no possibility that Global would ever receive payment. e. Global's engineers discover a new manufacturing process that will cut the cost of its flagship product by more than 46%. f. A key competitor announces a radical new pricing policy that will drastically undercut Global's prices. d. A large customer owing $2.8 million for products it already received…

Consider the following potential events that might have occurred to Global on December 30, 2019. For each one, indicate which line items in Global's balance sheet would be affected and by how much. Also indicate the change to Global's book value of equity. a. Global used $19.6 million of its available cash to repay $19.6 million of its long-term debt. b. A warehouse fire destroyed $5.2 million worth of uninsured inventory. c. Global used $4.7 million in cash and $4.6 million in new long-term debt to purchase a $9.3 million building. d. A large customer owing $2.8 million for products it already received declared bankruptcy, leaving no possibility that Global would ever receive payment. e. Global's engineers discover a new manufacturing process that will cut the cost of its flagship product by more than 46%. f. A key competitor announces a radical new pricing policy that will drastically undercut Global's prices. a. Global used $19.6 million of its available cash to repay $19.6…

Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was $1,434,800, and cash dividends declared and paid during 2020 totaled $81,300. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,800 (net of tax) was charged to maintenance and repairs expense in 2019.

At year-end 2019, Wallace Landscaping’s total assets were $2.30 million, and its accounts payable were $430,000. Sales, which in 2019 were $2.9 million, are expected to increase by 20% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $630,000 in 2019, and retained earnings were $330,000. Wallace has arranged to sell $180,000 of new common stock in 2020 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2020. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 5%, and 50% of earnings will be paid out as dividends. What was Wallace's total long-term debt in 2019? Round your answer to the nearest dollar. $   What were Wallace's total liabilities in…

The following information is from Amos Company for the year ended December 31, 2019. Prepare a statement of retained earnings for Amos Company. ∙ Retained earnings at December 31, 2018 (before discovery of error), $1,375,000. ∙ Cash dividends declared and paid during the year, $43,000. ∙ Two years ago, it forgot to record depreciation expense of $55,500 (net of tax benefit). ∙ The company earned $126,000 in net income this year.