22. The retained earnings on a balance sheet are $80,000. Without seeing the rest of thebalance sheet, can you conclude that stockholders should be able to receive a dividendin the amount of $80,000 cash from the business? Justify your answer.23 On December 31, the Milers Company had $800,000 in total assets and owed $300,0

Retained earnings: Retained earnings are that portion of profits which are earned by a company but…

Answered: 22. The retained earnings on a balance…

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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On January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $37,000. 2. May 20 Provide services to customers for cash, $52,000, and on account, $47,000. 3. August 31 Pay salaries to employees for work in 2021, $40,000. 4. October 1 Purchase rental space for one year, $29,000. 5. November 17 Purchase supplies on account, $39,000. 6. December 30 Pay dividends, $3,700. The following information is available on December 31, 2021: Employees are owed an additional $5,700 in salaries. Three months of the rental space has expired. Supplies of $6,700 remain on hand. All of the services associated with the beginning deferred revenue have been performed. Record the adjusting entry for supplies…
11. The Besto Company at December 31 has cash $40,000, noncash assets $200,000, liabilities $110,000, and the following capital balances: Ridha $90,000 and Esther $40,000. The firm is liquidated, and $220,000 in cash is received for the noncash assets. Ridha and Esther income ratios are 60% and 40%, respectively. Required: a) Prepare a schedule of cash payments b) Show the journal entry for distribution of cash to both the partners.
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 cash flow to stockholders?
Vikrambhai
6. Consider the following balance sheet, for Alara Corporation. Alara has RM700,000 of retained earnings, we know that the company would be able to pay cash to buy an asset with a cost of $300,000. $ 100,000 100,000 $ 200,000 Cash 24 Accounts payable 50,000 200,000 Inventory Accruals Accounts receivable 250,000 Total CL $ 500,000 Long-term debt Common stock Retained earnings Total CA 200,000 200,000 800,000 Net fixed assets - $ 900,000 Total assets $1,400,000 Total L & E $1,400,000 a. True b. False If your answer is false, what is the correct answer: Offline Ca 32°C Ra 84
1. Answer the questions to both A and B
H2. Account
Bunny Hip and Hop Brewery has $1,710,000 in assets and $661,000 of debt. It reports net income of $102,000 a. What is its ROA? (Do not round intermediate calculations, Round the final answer to 2 decimal places.) Return on assets b. What is the return on shareholders' equity? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Return on equity c. If the firm has an asset turnover ratio of 18 times, what is the profit margin? (Round the final answer to 2 decimal places) Profit margin
1
a. a. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. b. C. Required information [The following information applies to the questions displayed below.] C. a. On March 22, purchased 880 shares of RPI Company stock at $24 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $34 per share. Assets = = = = = = Liabilities + + + + + + Equity
3
Jennifer’s Jet Skis has operating cash flow of $1,090. Depreciation is $225 and interest paid is $175. A net total of $345 was paid on long-term debt. The firm spent $900 on fixed assets and increased net working capital by $190. What is the amount of the cash flow to stockholders?

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