The foilowing information pertains to Alpna Computing at the ena OT 2021: Assets $957,500 $452,500 $270,000 $330,000 Liabilities Net Income Common Stock Alpha Computing's Retained Earnings account had a zero balance at the beginning of 2021. What amount of dividends did the company declare 2021? Multiple Choice $96,000 $97,000 $98,000 $95.000

The foilowing information pertains to Alpna Computing at the ena OT 2021: Assets $957,500 $452,500 $270,000 $330,000 Liabilities Net Income Common Stock Alpha Computing's Retained Earnings account had a zero balance at the beginning of 2021. What amount of dividends did the company declare 2021? Multiple Choice $96,000 $97,000 $98,000 $95.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 310 $ 420 Current liabilities $ 210 $ 240 Net fixed assets 1,200 1,420 Long-term debt 830 920 Required: a&b. What was shareholders’ equity at the end of 2021 and 2022? c. If Newble paid dividends of $100 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $300 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $200 million of new long-term debt, how much debt must have been paid off during the year
Presented below is X Corporation's selected data for 2020: Retained earnings January 1.2020 Pretax Income Stock dividends declared During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a $6,000,000 2,000,000 330,000 40.000 pretax increase in income by: Cash dividends de clared During 2020. the company discovered that the 2019 depreciation expense were overstated by a net of tax am ount of: Tax rate 225.000 70.000 30% CIEO to
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On 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 $
Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are shown below. Softech pays no dividends and instead reinvests all earnings for future growth. Comparative Balance Sheets ( $ in thousands) December 31 2021 2020 Assets: Cash $ 89 $ 66 Accounts receivable 165 185 Short-term investments 76 66 330 218 Inventory Property, plant, and equipment (net) 860 745 $1,520 $1,280 Liabilities and Shareholders' Equity: Current liabilities $ 370 $ 275 Bonds payable Paid-in capital Retained earnings 225 225 595 595 330 185 $1,520 $1,280 Required: 1. Determine the return on shareholders' equity for 2021. (Round your answer to 2 decimal places.) Return on shareholders' equity
Balance Sheet Nicole Corporation's year-end 2019 balance sheet lists current assets of $753,000, fixed assets of $603,000, current liabilities of $542,000, and long-term debt of $697,000. What is Nicole's total stockholders' equity? Multiple Choice О о $117,000 $1,356,000 There is not enough information to calculate total stockholder's equity. $1,239,000
Use the following to answer the four questions below: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the from FIFO to LIFO which had resulted in a net of tax year, the company changed its inventory method 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had
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Lowell reports retained earnings at the end of fiscal 2019 of $41115 and retained earnings at the end of fiscal 2018 of $35180. The company reported dividends of $5026. How much net income did the firm report in fiscal 2019? (Round your answer to zero decimal places and omit the "$" sign. Add a minus sign if needed. For example, if your answer is $1,000.2, type in "1000") 1
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