College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 21, Problem 8SPA
To determine
Journalize the given transactions in the books of Company B.
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The income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31 before considering the following:
During the year the company purchased available-for-sale securities.
At year end, the fair value of the investment portfolio was $2,100 more than cost.
The balance of Retained Earnings was $83,000 on January 1.
. Dodson Corporation paid $9,000 in cash dividends during the year.
Calculate the balance of Retained Earnings on December 31.
51,600
The income statement for Blue Ocean reported net income of $22,400 for the year ended December 31 before considering the following:
During the year, the company purchased available-for-sale securities
At year end, the fair value of the investment portfolio was $2,100 more than the cost
The balance of Retained Earnings was $83,000 on January 1
Blue Ocean paid $9,000 in cash dividends during the year
Required
:
What is the balance of Retained Earnings as of December 31?
Calculate it:
Denna Company’s working capital accounts at the beginning of the year follow:
Cash
$ 69,000
Marketable securities
$ 25,900
Accounts receivable, net
$ 347,600
Inventory
$ 457,400
Prepaid expenses
$ 7,800
Accounts payable
$ 198,200
Notes due within one year
$ 98,000
Accrued liabilities
$ 59,100
During the year, Denna Company completed the following transactions:
Paid a cash dividend previously declared, $29,000.
Issued additional shares of common stock for cash, $198,000.
Sold inventory costing $69,200 for $99,000, on account.
Wrote off uncollectible accounts in the amount of $9,600, reducing the accounts receivable balance accordingly.
Declared a cash dividend, $29,000.
Paid accounts payable, $98,400.
Borrowed cash on a short-term note with the bank, $58,500.
Sold inventory costing $19,800 for $13,200 cash.
Purchased inventory on account, $49,250.
Paid off all short-term notes due, $156,500.
Purchased equipment for cash, $74,200.
Sold marketable securities…
Chapter 21 Solutions
College Accounting, Chapters 1-27
Ch. 21 - Income taxes are a unique expense of the corporate...Ch. 21 - Prob. 2TFCh. 21 - Prob. 3TFCh. 21 - Prob. 4TFCh. 21 - Prob. 5TFCh. 21 - Prob. 1MCCh. 21 - Prob. 2MCCh. 21 - Prob. 3MCCh. 21 - Prob. 4MCCh. 21 - Prob. 5MC
Ch. 21 - Prob. 1CECh. 21 - Prob. 2CECh. 21 - Teway Company declared and paid dividends in the...Ch. 21 - Prob. 4CECh. 21 - Prob. 5CECh. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQCh. 21 - Prob. 11RQCh. 21 - CORPORATE INCOME TAX Stanton Company estimates...Ch. 21 - CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED...Ch. 21 - Prob. 3SEACh. 21 - STOCK DIVIDENDS Kaufman Company currently has...Ch. 21 - STOCK SPLIT Goldstein Company has 100,000 shares...Ch. 21 - Prob. 6SEACh. 21 - STATEMENT OF RETAINED EARNINGS McGregor Company...Ch. 21 - Prob. 8SPACh. 21 - Prob. 9SPACh. 21 - Prob. 10SPACh. 21 - Prob. 11SPACh. 21 - Prob. 1SEBCh. 21 - CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED...Ch. 21 - COMMON AND PREFERRED CASH DIVIDENDS Ramirez...Ch. 21 - STOCK DIVIDENDS Martinez Company currently has...Ch. 21 - Prob. 5SEBCh. 21 - Prob. 6SEBCh. 21 - Prob. 7SEBCh. 21 - Prob. 8SPBCh. 21 - CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT...Ch. 21 - Prob. 10SPBCh. 21 - Prob. 11SPBCh. 21 - Prob. 1MYWCh. 21 - Prob. 1ECCh. 21 - MASTRY PROBLEM On January 1, 20--, Dover Companys...Ch. 21 - CHALLENGE PROBLEM This problem challenges you to...
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