Applying Financial Statement Relations to Compute Dividendsa. Fill in the amounts for the Norfolk Southern statement of changes in retained earnings.Note: Use negative signs with your answers, when appropriate.Norfolk Southern Inc.Consolidated Statements of Changes in Retained IncomeBeginning Balance at Dec. 31, 2015$10,191Net incomeDividends on Common StockShare repurchasesOtherEnding Balance at Dec. 31, 2016Net incomeDividends on Common StockShare repurchasesOtherEnding Balance at Dec. 31, 2017NetDividends on Common StockShare repurchasesOtherEnding Balance at Dec. 31, 20180(695)(731)(8)10,4255,4040(945)(5)14,1762,666(844)081$13,440b. Is it true (or false) that Norfolk Southern purchased its own shares back during each year from 2016 to 2018?◆

Changes in retained earnings :- Ending balance = Beginning balance + net income - dividend on common…

Answered: Applying Financial Statement Relations…

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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Changes in current operating assets and liabilities-indirect method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable $25,400 $24,400 Inventory 59,400 60,100 Accounts payable 17,100 15,600 Dividends payable 19,000 18,000 Adjust net income of $80,500 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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Current Assets Non-Current Assets Total Assets Current Liabilities Non-Current Liabilities Stockholder's Equity Total Liabilities & Stockholder's Equity Required: Patikim Corporation Comparative Financial Condition For the Years Ended Dec. 31, 2017, 2016, & 2015 P P 2017 1,105,500 5,583,120 6,688,620 1,664,415 1,500,000 3,524, 205 6,668,620 P P 2016 1,025,500 P 1. Prepare Comparative Statement 2017, 2016 & 2015 (Increase, Decrease) 2. Prepare Horizontal Analysis 3. Prepare Vertical Analysis 2015 5,822,710 6,848,210 952,918 1,500,000 4,395,293 6,848,210 7,018,600 955,900 6,062,700 7,018,600 1,147,528 1,500,000 4,371,073
Im the context of Imfilation Accountimg System adjust the ffollowing Statement of Pudfit und LOES and Balance Sheet under the "Current Purchasing Power' (or CPP) method tto ascertain fhe changes in Net Profit and Reserve. STATEMENT OF PROFIT AND LOSS ffor the year ended 31st December, 2015 $ ('000) 500 Sales 80 Opening Stock Purchases 420 500 70 430 Less : Closing Stock 70 Gross Profit Depreciation (buildings) Admünüstration 25 30 40 Net Profit BALANCE SHEET as at 31st December, 2015 $ ('O00) Share Capital 200 Reserve 200 400 Land 140 200 Building Less : Depreciation 45 155 Stock Debtors 70 40 Cash 30 140 Less : Creditors 35 105 400 Following data are given : (1) Closing stock was acquired during last quarter of 2015 and opening stock during the last quarter of 2014. (2) The land and buildings were acquired and the capital issued during 1992. The buildings are depreciated straight lime over 40 years. ((3) The relevant retail price indices are (@) 2007 average (b) 2014 last quarter…
In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $61,00O in both 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 35%. The error was made only for financial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be no change in taxes payable. Additional information: 20X6 20X5 Beginning retained earnings Earnings (includes error in 20X5) Dividends declared $450,000 84,600 61,800 $427,600 95,100 72,700 Required: 1. Record the entry in 20X6 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry for 20X6 to correct the error.
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Retained Earnings Statement Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows: Net income for November $93,500 Cash dividends paid during November 7,000 Retained earnings, November 1, 2018 2,940,000 a. Prepare a retained earnings statement for the month ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Healthy Products Company Retained Earnings Statement For the Month Ended November 30, 2018 $fill in the blank 0079c8fa300c05b_2 $fill in the blank 0079c8fa300c05b_4 fill in the blank 0079c8fa300c05b_6 fill in the blank 0079c8fa300c05b_8 $fill in the blank 0079c8fa300c05b_10 b. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet? To arrive at the number of shares outstanding. To calculate the net income for the year. To calculate the ending…
4. An entity provided the following information on December 31, 2015:Total reported income since incorporation 1,700,000Total cash dividends paid ( 800,000)Unrealized holding loss on trading investment ( 120,000)Total share dividends distributed ( 200,000)Prior period adjustment recorded January 1, 2015 - credit 75,000What amount should be reported as retained earnings on December 31, 2015?
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a. Fill in the amounts for the Norfolk Southern statement of changes in retained earnings. Note: Use negative signs with your answers, when appropriate. Norfolk Southern Inc. Consolidated Statements of Changes in Retained Income Beginning Balance at Dec. 31, 2015 $16,306 Net income Answer Dividends on Common Stock (1,112) Share repurchases (1,170) Other (13) Ending Balance at Dec. 31, 2016 16,680 Net income 8,646 Dividends on Common Stock Answer Share repurchases (1,512) Other (8) Ending Balance at Dec. 31, 2017 22,682 Net income 4,266 Dividends on Common Stock (1,350) Share repurchases Answer Other 130 Ending Balance at Dec. 31, 2018 $21,504 b. Is it true (or false) that Norfolk Southern purchased its own shares back during each year from 2016 to 2018?Answer
Suppose the following historical data is from the consolidated income statements filed by a media corporation. *chart attached* A): Prepare a horizontal analysis of the net income comparing 2012 and 2013. (Round percentages to one decimal place.) (how to answer chart is attached)

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