On the statement of financial position, Sheila Corporation had retained earnings of USD350,000, but it was disclosed in the footnotes that USD55,000 of retained earnings was restricted for building expansion and USD46,000 was restricted for bond repayments. A total of USD70,000 had been set aside for plant expansion. How much of Sheila Corporation's retained earnings are available for dividends?

On the statement of financial position, Sheila Corporation had retained earnings of USD350,000, but it was disclosed in the footnotes that USD55,000 of retained earnings was restricted for building expansion and USD46,000 was restricted for bond repayments. A total of USD70,000 had been set aside for plant expansion. How much of Sheila Corporation's retained earnings are available for dividends?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

See similar textbooks

Similar questions

Minear Company reported net income of $480,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $60,000; amortization of a patent, $32,000; income from an investment in common stock of Brett Inc., accounted for under the equity method, $48,000; and amortization of a bond discount, $12,000. Minear also paid an $80,000 dividend during the year. The net cash provided by operating activities would be reported at $344,000. $424,000. $536,000. $456,000.
Bonita Industries reported net income of $537000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $90100; amortization of a patent, $48500; income from an investment in common stock of Sandhill Co., accounted for under the equity method, $71400; and amortization of a bond premium, $18400. Bonita also paid a $123000 dividend during the year. The net cash provided by operating activities would be reported at $365500. $488500. $585800. $462800.
Crane Company reported net income of $470000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $59000; amortization of a patent, $31000; income from an investment in common stock of Blossom Company, accounted for under the equity method, $47000; and amortization of a bond discount, $11000. Crane also paid an $79000 dividend during the year. The net cash provided by operating activities would be reported at $335000. $445000. $414000. $524000.
On the statement of financial position, Hernandez Company had retained earnings of USD 650, 000, but it was disclosed in the footnotes that USD55,000 of retained earnings was restricted for building expansion and USD46,000 was restricted for bond repayments. A total cash of USD70,000 had also been set aside for plant expansion. How much of Hernandez Company's retained earnings are available for dividends?
The balance in retained earnings on January 1, 2010, for Plaza Inc., was $575,000. During the year, the corporation paid cash dividends of $60,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $40,000. Net income for 2018 was $110,000. Prepare the retained earnings statement for 2018.
The net changes in the balance sheet accounts of Amy Corporation for the year 2021 are shown below. Account Debit Credit Cash $ 103,530 Short-term investments $143,990 Accounts receivable 93,058 Allowance for doubtful accounts 15,827 Inventory 88,298 Prepaid expenses 27,132 Investment in subsidiary (equity method) 29,750 Plant and equipment 249,900 Accumulated depreciation 154,700 Accounts payable 96,033 Accrued liabilities 25,585 Deferred tax liability 18,445 8% serial bonds 83,300 Common stock, $10 par 107,100 Additional paid-in capital 178,500 Retained earnings—Appropriation for bonded indebtedness 71,400 Retained earnings—Unappropriated 45,220 $765,884 $765,884 An analysis of the Retained Earnings—Unappropriated account follows: Retained earnings unappropriated, December 31, 2020 $1,547,000 Add: Net income…
Crane Company reported net income of $487000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $59400; amortization of a patent, $31100; income from an investment in common stock of Wildhorse Co., accounted for under the equity method, $48000; and amortization of a bond discount, $11500. Crane also paid an $79900 dividend during the year. The net cash provided by operating activities would be reported at $461100. $430000. $541000. $350100.
A Company provided the following data for the current year: Gain on sale of equipment – P60,000; Proceeds from sale of equipment – P100,000; Purchase of bonds with P2,000,000 face value – P1,800,000; Amortization of bond discount – P20,000; Dividends declared – P450,000; Dividends paid – P380,000; Proceeds from sale of treasury shares (at cost P650,000) – P750,000 What amount should be reported as net cash used in investing activities? [A] 1,700,000 [B] 1,760,000 [C] 1,880,000 [D] 1,940,000
McCorey Corporation recorded the following events last year: Repurchase by the company of its own common stock Sale of long-term investment Interest paid to lenders Dividends paid to the company's shareholders Collection by McCorey of a loan made to another company Payment of taxes to governmental bodies On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be: Multiple Choice O $(156,000) $(83,000) $ 27,000 $ 46,000 $ 8,500 $ 56,000 $ 32,000 $ 18,500 $91,500 $188,000
Zoo Company began operations on January 1, 2024 with a P1,500,000 from the issuance of shares and borrowed funds of P500,000. P300,000 worth of equipment was acquired out of the initial investment. At the end of the accounting year, the company reported a net income of P400,000, and Zoo declared a P100,000 cash dividend on December 19, 2024. No additional transactions affected the owner’s equity in2024. On December 31, 2024, liabilities of the company had increased to P700,000. InZoo’s December 31, 2024 statement of financial position, how much should be reported as its total assets?
ABC Company, provided the following income and expenses for the current year. Dividend income from investments- P9,200,000 Share of profit of associate- P500,000 Interest income on deposits- P700,000 Income from bank treasury bills- P100,000 Unrealized gain on derivative contracts- P400,000 Income from dealing in securities and derivatives held for trading- P600,000 Writedown of securities and derivatives held for trading-P150,000 Other income- P250,000 Finance cost- P300,000 Administrative staff costs- P3,800,000 Selling expenses- P1,200,000 Income tax expense- P1,700,000 What is the total comprehensive income for the year?
For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?