3,550 Salaries expense 8,000 Telephone expense 1,880 Utilities expenses Prepare a November statement of changes in equity for 860 13:54 EXTRAORDINARY STUDIOS Statement of Changes in Equity For Month Ended November 30, 2023 Jean Higgins, capital, November 1 Total Jean Higgins, capital, November 30
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- Please show all work and computations for answers in the liability and stockholders equity section. Please make sure it is in good form and include all disclosures in good form!!!! Instructions are below. Problem 1 Cleves Corporation Post-Closing Trial Balance December 31, 2020 Account Debit Credit Accounts Payable $ 310,000 Accounts Receivable $ 480,000 Accumulated Depreciation - Buildings 185,000 Additional Paid-in Capital in Excess of Par - Common 1,300,000 Additional Paid-in Capital from Treasury Stock 160,000 Allowance for Doubtful Accounts 30,000 Bonds Payable, 8% due 2025 300,000 Buildings 1,450,000 Cash 190,000 Common Stock ($1 par) 200,000 Discount on Bonds Payable 12,000 Dividends Payable (preferred stock - cash) 4,000 Inventory 560,000 Land 400,000 Other Comprehensive Income (Loss) 19,000 Preferred Stock ($50 par) 500,000 Prepaid Expenses 40,000 Retained Earnings 332,000 Treasury Stock (Common, at Cost) 170,000 Totals 3,321,000 3,321,000 At December 31,2020, Cleves had he…Balance Sheet of A and B as on April 1, 2020 Liabilities Amount (OMR) Assets Amount (OMR) Sundry creditors 20,000 Cash in hand 13,000 Capitals A 50,000 B 20,000 70,000 Debtors 22,000 Stock 15,000 Furniture 20,000 Plant & Machinery 20,000 90,000 90,000 a. The value of plant and machinery is appreciated by 20% b. A provision for doubtful debts is to be created on sundry debtors at 15%. 1.Pass the journal entry to record the appreciation of plant and machinery in Revaluation accountM4 Engineering, Inc. Debit Credit Cash 40,000 Accounts Receivable 44,000 Allowance for Doubtful Accounts 22,000 Equipment 80,000 Accum. Depreciation 4,000 Accounts Payable 5,200 Notes Payable 52,000 Common Stock 20,000 Retained Earnings 10,000 Dividends 3,200 Sales 102,000 Cost of Goods Sold 26,000 Salary Expense 8,000 Supplies Expense 12,000 Depreciation Expense 2,000 Total 215,200 215,200
- A summary of B's capital account for the year ended December 31, 2022 is as follows: Balance, Jan. 1, 2022 Additional investment, May 1 Withdrawal, Sept 2 Balance, Dec. 31, 2022 Compute for the weighted average capital. 1,200,000 230,000 (100,000) 1,330,000Computing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000 Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020). b. Operating income (2020). c. Net…Exercise 12: Marcus corp earned P645,000 during the year ended June 30, 2021. It paid dividends amounting to P310,000 and the balance went into retained earnings. Total earnings at the end of the year 2021 = P925,280 Find the company's retained earnings on its balance sheet on July 1,2020
- View Policies Current Attempt in Progress Wildhorse Company reported retained earnings at December 31, 2021, of $318,500. Wildhorse had 198,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022. 1. 2. 3. A cash dividend of $0.70 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price per share was $14 per share. Net income was $283,000. Compute the ending balance in retained earnings at the end of 2022. Retained earnings SAView Policies Current Attempt in Progress The stockholders' equity accounts of Splish Company have the following balances on December 31, 2020. Common stock, $10 par, 293,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings (a) Shares of Splish Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (b) (c) $2,930,000 1.190,000 5,310,000 A stock dividend of 5% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A2-for-1 stock split is (1) declared and (2) issued. -71 ERetained earnings, December 31, 2021 Cost of buildings purchased during 2022 Net loss for the year ended December 31, 2022 Dividends declared and paid in 2022 Increase in cash balance from January 1, 2022 to December 31, 2022 Increase in long-term debt in 2022 $ 313, 200 46,000 4,050 13, 600 10, 900 15, 600 Required: From the above data, calculate the retained earnings balance as of December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2022