FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On J anuary 1, 2019, Castillo Company had a
1. Prepare a statement of retained earnings for the year ended December 31, 2019. 2. Prepare a note to disclose the restriction of retained earnings.
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- On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 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? Select the correct answer. a. $152,443 b. $152,328 c. $152,500 d. $152,385 e. $152,270arrow_forwardIvanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe reacquired 111 shares at $87 per share. On September 1, Ivanhoe reissued 60 shares at $95 per share. On November 1, Ivanhoe reissued 51 shares at $85 per share.Prepare Ivanhoe’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)arrow_forwardOn January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected transactions. 1. 2. 3. 4. Declared and paid cash dividends $126,000. Corrected overstatement of 2021 net income because of inventory error $43,000. Earned net income $348,000. Declared and paid stock dividends $63,000. Determine the retained earnings balance at the end of the year. Retained earnings $arrow_forward
- Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $126,000, Common Stock $765,600, Bonds Payable $109,700, Paid-in Capital in Excess of Par-Common Stock $208,700, Goodwill $59,300, Accumulated Other Comprehensive Loss $154,700, and Noncontrolling Interest $34,200. Prepare the stockholders' equity section of the balance sheet.arrow_forwardGrant 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?arrow_forwardSelected information from the accounts of Arch Inc. on December 31, 2021 reveals that the total income since incorporation is $42,000; the total cash dividends paid is $13,000; the total value of property dividends distributed is $3,000; and the excess of proceeds over cost of treasury shares sold is $11,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)?arrow_forward
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