FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Zahid's cafe net income of $1280. During the year the company sold $50 worth of common stock and paid dividends of 40$. What is the amount of
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- The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Record the preceding transactions in general journal form. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account…arrow_forwardNelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $10,000 cash by issuing common stock. 2. Provided $6,300 of services on account. 3. Paid $2,600 cash for operating expenses. 4. Collected $3,900 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $300 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $13,400 $11,300 $3,400 $3,700arrow_forwardpeggy greys cookies has a net income of $410. the firm pays out 37 percent of the net income to its shareholders as dividends. during the year, the company sold $86 worth of common stock. what is the cash flow to stakeholders?arrow_forward
- Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: Cash $8,900 Common stock 5,200 Accounts receivable 6,600 Accounts payable 2,000 Additional paid-in capital 3,500 Prepaid insurance 5,200 Unearned revenue 3,500 Retained earnings 6,000 What is the total ending balance as reported on the company’s Statement of Stockholder’s Equity? $fill in the blank 1arrow_forwardZarooda Inc. has the following balances on its balance sheet: total assets of $50,000 (including cash of $6,000), total liabilities of $42,000, common stock of $5,000 and retained earnings of $3,000. What is the maximum amount of cash dividends that the company can pay? a. $50,000 b. $6,000 c. $3,000 d. $8,000arrow_forwardAt the beginning of the year, Vendors, Inc., had owners' equity of $50,825. During the year, net income was $7,025 and the company paid dividends of $4,725. The company also repurchased $9,075 in equity. What was the cash flow to stockholders for the year? Multiple Choice -$4,350 -$13,800 $13,800 $4,350 $11,375arrow_forward
- please help mearrow_forwardThe financial statements of Colorado Outfitters include the following selected data ($ in millions): sales, $9,543; net income, $320; beginning stockholders’ equity, $3,219; and ending stockholders’ equity, $2,374. Calculate the return on equity.arrow_forwardOn Jan 1, Yag Co. started the year with 492,000 balance in Retained Earnings and 605,000 in Common stock. During the year, the company earned net income of 92,000, paid a dividend of 15,200 and issued more common stock for 27,500. What's the total stockholders' equity at the end of the year? Answer is 1,201,300. What is the process to get to this answer.arrow_forward
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