A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts Receivable 45,000 Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000 Unused Supplies 3,000 Net Income 29,000 No dividends were paid. Calculate retained earnings at December 31, 2019.
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A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019:
| Accounts Payable | $30,000 |
| Building | 67,000 |
| 45,000 | |
| Bank Loan | 65,000 |
| Cash | 30,000 |
| Common Stock | 5,000 |
| Equipment | 23,000 |
| Land | 13,000 |
| Unused Supplies | 3,000 |
| Net Income | 29,000 |
No dividends were paid. Calculate
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- Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land 32,960 Bonds payable 101,480 Buildings 121,480 Common stock 182,960 Equipment 92,960 Retained earnings 46,960 Accum. depr.-buildings ( 31,480 ) Total $ 482,880 Accum. depr.-equipment ( 11,000 ) Patents 41,480 Total $ 482,880 The following information is available for 2020. 1. Net income was $ 54,810. 2. Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. 3. Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. 4. Patent amortization was $ 2,500. 5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. 6. An addition to the building was completed at a cost of $ 28,480. 7. A long-term investment in…On June 30, 2021, Streeter Company reported the following account balances: Receivables $ 51,050 Current liabilities $ (11,800 ) Inventory 85,750 Long-term liabilities (52,000 ) Buildings (net) 83,400 Common stock (90,000 ) Equipment (net) 33,600 Retained earnings (100,000 ) Total assets $ 253,800 Total liabilities and equities $ (253,800 ) On June 30, 2021, Princeton Company paid $325,900 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,200 in legal fees. Princeton also agreed to pay $58,600 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,700. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $43,400 more than its…Bryant Corporation was incorporated on December 1, 2018, and began operations one week later. Before closing the books for the fiscal year ended November 30, 2019, Bryant’s controller prepared the following financial statements: BRYANT CORPORATION Balance Sheet November 30, 2019 1 Assets 2 Current Assets: 3 Cash $180,000.00 4 Accounts receivable 480,000.00 5 Less: Allowance for doubtful accounts (59,000.00) 6 Inventories 430,000.00 7 Prepaid insurance 15,000.00 8 Total current assets $1,046,000.00 9 Property, plant, and equipment 426,000.00 10 Less: Accumulated depreciation (40,000.00) 11 R&D costs 120,000.00 12 Total Assets $1,552,000.00 13 Liabilities and Shareholders’ Equity 14 Current Liabilities: 15 Accounts payable and accrued expenses $592,000.00 16 Income taxes payable 168,000.00 17 Total current liabilities…
- Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC.BALANCE SHEETDECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain…The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (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.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
- The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases in each account from 2020 to 2021. Also presented is selected income statement information for the year ended December 31, 2021, and additional information. Additional information: Accounts receivable relate to sales of merchandise. During 2021, equipment costing $60,000 was sold for cash. During 2021, bonds payable with a face value of $40,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required:Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2021. The following two responses are required for each item: Determine the amount that should be reported in Del Conte's 2021 statement of cash flows. Select the category (i.e., O - Operating activity, I - Investing activity and F - Financing activity) in which the…On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…
- Kingbird Inc., had the following condensed balance sheet at the end of operations for 2019. KINGBIRD INC.BALANCE SHEETDECEMBER 31, 2019 Cash $8,400 Current liabilities $15,100 Current assets other than cash 29,300 Long-term notes payable 25,700 Equity invesments 19,800 Bonds payable 25,000 Plant assets (net) 67,700 Common stock 75,000 Land 40,400 Retained earnings 24,800 $165,600 $165,600 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $10,000 in common stock was issued at par. 4. Dividends totaling $9,500 were paid to stockholders. 5. Net income was $30,400 after allowing depreciation of $13,600. 6. Land was purchased through the issuance of $22,600 in bonds. 7. Kingbird Inc. sold part of its investment portfolio for $12,700. This transaction resulted in a…The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Liabilities and Equity Cash and equivalents $ 20 Accounts payable $ 140 Accounts receivable 475 Accruals 310 Inventories 890 Notes payable 225 Total current assets $ 1,385 Total current liabilities $ 675 Net plant and equipment 2,560 Long-term bonds 1,500 Total liabilities $ 2,175 Common stock (100 million shares) 270 Retained earnings $ 1,500 Common equity $ 1,770 Total assets $ 3,945 Total liabilities and equity $ 3,945 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales $ 8,500 Operating costs excluding depreciation and amortization 5,650 EBITDA $ 2,850 Depreciation and amortization 500 EBIT $ 2,350 Interest 230 EBT $ 2,120…Below is the balance sheet for Glucose Control Company as of Dec. 31, 2019. The company reported an annual net income of $86,000 for the following year, 2020, but did not change its assets or liabilities, unless otherwise noted. Assets Liabilities and Equity Cash 9,000 Accounts payable 20,000 Marketable securities 2,000 Notes payable 6,000 Accounts receivable 7,000 Current liabilities 26,000 Inventory 38,000 Long-term debt 95,000 Current assets 56,000 Total liabilities 121,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 29,000 Fixed assets 114,000 Equity 49,000 Total assets 170,000 Total liab. & equity 170,000 If the company distributed its entire net income as dividends, what would be the value of total equity on Dec. 31, 2020? If the company distributed half of its net income as dividends and used the rest to invest in new machines, what would be the value of total equity on Dec. 31, 2020? If the…
