Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 8, Problem 20SEB
To determine
Determine the balance in retained earnings on December 31, 2010.
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. The following are the amounts of Care Corporation’s assets and liabilities at May 31, 2010 and its revenue and expenses for the year ended on that date, listed in alphabetical order. Care Corporation had share capital of P50,000 and accumulated profits of P87,390 on June 1, the beginning of the fiscal year. During the year, the corporation paid cash dividends of P25,000.
Accounts payable P 48,320
Accounts receivable 68,840
Advertising expense 14,600
Cash 40,150
Insurance expense 12,000
Land 150,000
Miscellaneous expense 3,140
Notes payable 22,000
Prepaid insurance 2,000
Rent…
In its recent income statement, Smith Software Inc. reported $19 million of net
income, and in its year-end balance sheet, Smith reported $425 million of retained
earnings. The previous year, its balance sheet showed $417 million of retained
earnings. What were the total dividends paid to shareholders during the most recent
year? (Answers are in $ millions.)
O $6.00
$8.00
$19.00
$11.00
On 12/31/18, Hite Industries reported retained earnings of $475,000 on its balance sheet, and it reported that it had $135,000 of net income during the year. On
its previous balance sheet, at 12/31/17, the company had reported $445,000 of retained earnings. No shares were repurchased during 2018. How much in
dividends did the firm pay during 2018?
O a. $82,950
O b. $111,300
O c. $127,050
d. $124,950
e. $105,000
Chapter 8 Solutions
Financial Accounting
Ch. 8 - Prob. 1YTCh. 8 - Prob. 2YTCh. 8 - Prob. 3YTCh. 8 - Prob. 4YTCh. 8 - 1. Compare a stock split and a stock dividend. 2....Ch. 8 - Prob. 6YTCh. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - Prob. 4Q
Ch. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10QCh. 8 - Prob. 11QCh. 8 - Would treasury stock be considered authorized,...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - What are the two sections of the shareholders...Ch. 8 - Prob. 17QCh. 8 - Prob. 18QCh. 8 - Prob. 19QCh. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Treasury stock is a. a companys own stock that it...Ch. 8 - Prob. 4MCQCh. 8 - Prob. 5MCQCh. 8 - Prob. 6MCQCh. 8 - The number of shares of stock designated as issued...Ch. 8 - Prob. 8MCQCh. 8 - Prob. 9MCQCh. 8 - Prob. 10MCQCh. 8 - Prob. 1SEACh. 8 - Prob. 2SEACh. 8 - Prob. 3SEACh. 8 - Prob. 4SEACh. 8 - Prob. 5SEACh. 8 - Prob. 6SEACh. 8 - Prob. 7SEACh. 8 - Prob. 8SEACh. 8 - Prob. 9SEACh. 8 - Calculate retained earnings balance. (LO 5)....Ch. 8 - Prob. 11SEACh. 8 - Prob. 12SEBCh. 8 - Prob. 13SEBCh. 8 - Prob. 14SEBCh. 8 - Prob. 15SEBCh. 8 - Prob. 16SEBCh. 8 - Prob. 17SEBCh. 8 - Prob. 18SEBCh. 8 - Prob. 19SEBCh. 8 - Prob. 20SEBCh. 8 - Prob. 21SEBCh. 8 - Prob. 22SEBCh. 8 - Prob. 23EACh. 8 - Prob. 24EACh. 8 - Prob. 25EACh. 8 - Prob. 26EACh. 8 - Prob. 27EACh. 8 - Prob. 28EACh. 8 - Prob. 29EACh. 8 - Prob. 30EACh. 8 - Prob. 31EACh. 8 - Analyze equity accounts. (LO 1, 2, 3, 5). The...Ch. 8 - Prob. 33EACh. 8 - Prob. 34EACh. 8 - Prob. 35EACh. 8 - Prob. 36EACh. 8 - Prob. 37EACh. 8 - Prob. 38EACh. 8 - Prob. 39EBCh. 8 - Prob. 40EBCh. 8 - Prob. 41EBCh. 8 - Prob. 42EBCh. 8 - Prob. 43EBCh. 8 - Prob. 44EBCh. 8 - Prob. 45EBCh. 8 - Prob. 46EBCh. 8 - Prob. 47EBCh. 8 - Prob. 48EBCh. 8 - Prob. 49EBCh. 8 - Prob. 50EBCh. 8 - Prob. 51EBCh. 8 - Prob. 52EBCh. 8 - Prob. 53EBCh. 8 - Prob. 54EBCh. 8 - Prob. 55PACh. 8 - Prob. 56PACh. 8 - Prob. 57PACh. 8 - Prob. 58PACh. 8 - Prob. 59PACh. 8 - Prob. 60PACh. 8 - Prob. 61PACh. 8 - Prob. 62PACh. 8 - Prob. 63PBCh. 8 - Prob. 64PBCh. 8 - Prob. 65PBCh. 8 - Prob. 66PBCh. 8 - Prob. 67PBCh. 8 - Prob. 68PBCh. 8 - Prob. 69PBCh. 8 - Prob. 70PBCh. 8 - Prob. 1FSACh. 8 - Prob. 2FSACh. 8 - Prob. 3FSACh. 8 - Prob. 1CTPCh. 8 - Prob. 2CTPCh. 8 - Prob. 1IECh. 8 - Prob. 2IECh. 8 - Prob. 3IECh. 8 - Prob. 4IECh. 8 - Prob. 5IE
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- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Required: 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.arrow_forwardErrol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?arrow_forwardFor 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?arrow_forward
- Sheridan Company started the year with $50400 in its Common Stock account and a credit balance in Retained Earnings of $37000. During the year, the company earned net income of $40300, and declared and paid $16800 of dividends. In addition, the company sold additional common stock amounting to $23500. The amount reported for ending retained earnings on the retained earnings statement would be O $110900. O $84000 O $60500. O $134400arrow_forwardWildhorse Co. started the year with $64800 in its Common Stock account and a credit balance in Retained Earnings of $47500. During the year, the company earned net income of $51800, and declared and paid $21600 of dividends. In addition, the company sold additional common stočk amounting to $30200. As a result, the balance in retained earnings at the end of the year would be O $77700. O $142500. O $107900. O $172700.arrow_forwardThe 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.arrow_forward
- On December 31, 2014, Bradshaw Corporation had $485,000 as an ending balance for its retained earnings account. During 2015, the corporation declared a $3.50/share dividend to its stockholders. The company has 35,000 shares of common stock outstanding. When the books were closed for 2015 year end, the corporation had a final retained earnings balance of $565,000. What was the net profit earned by Bradshaw Corporation during 2015?arrow_forwardFinn, Inc. began the year with a balance in retained earnings of $16,800 and 32,000 shares of $1 par common stock outstanding. During the year, the company reported sales of $98,000, expenses of $80,800, and declared and paid a $0.20 per share cash dividend. How much is the balance in the Retained Earnings account at the end of the year? Select one: a. $10,800 b. $27,600 c. $43,600 d. $34,000arrow_forwardLandisville Company started the year with $60000 in its Common Stock account and a credit balance in Retained Earnings of $50000. During the year, the company earned net income of $50000 and declared and paid $20000 of dividends. In addition, the company sold additional common stock amounting to $28000. As a result, the amount of its retained earnings at the end of the year would be O $160,000. O $ 78,000. $132,000. $ 80,000.arrow_forward
- The 2017 income statement of Marin Company showed net income of $555,200 and a gain from discontinued operations of $46,400. Marin had 40,000 shares of common stock outstanding all year. Prepare Marin’s income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 15.25.)arrow_forwardFor 2009, Flamingo Products had net income of $1,000,000. At 1 January 2009, there were 1,000,000 shares outstanding. On 1 July 2009, the company issued 100,000 new shares for $20 per share. Th e company paid $200,000 in dividends to common shareholders. What is Flamingo’s basic earnings per share for 2009? B . $0.91.arrow_forwardCompany Zeta had retained earnings balance of $4 million in the previous year. In the current year, its net Income is $2.7 million. If it pays $1.1 million in ordinary dividends in the current year, what is the resulting earnings balance?arrow_forward
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Earnings per share (EPS), basic and diluted; Author: Bionic Turtle;https://www.youtube.com/watch?v=i2IJTpvZmH4;License: Standard Youtube License