Argyle Corporation has a net loss of $-69,650 in 2019.A review of its accounts for 2019 reveals:Dividends declared and paid = $43,800Depreciation Expense = $40,000Increase in Accounts Payable = $20,000Issuance (sale) of shares = $250,000Retirement of Long Term Debt = $75,000No other event took place in 2019 and no other account reports a genuine change in its balance except for Retained Earnings. Ignoretax implications.Required 1: what is the amount of cash provided (used) by operating activities? $Required 2: what is the amount of cash provided (used) by financing activities? $Required 3: Assume the opening balance of Retained Earnings was $150,000, what is the ending balance at the end of Year 2019? $

The cash flow statement is one of the important financial statement of the business. It records the…

Answered: Argyle Corporation has a net loss of…

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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Builders Company Inc. sells heavy-construction equipment. It has 10,000 common shares outstanding and its fiscal year ends on December 31. The adjusted trial balance was taken from the general ledger on December 31, 2020: Account Titles Cash Accounts receivable (net) Inventory Property, plant, and equipment Accumulated depreciation Liabilities Common shares Retained earnings, January 1, 2020 Sales revenue Sales returns and allowances Cost of sales Selling expenses Administrative expenses Bad debt expense Sales discounts Income tax expense Totals Debit $33,600 14,400 52,000 40,000 5,600 78,400 13,600 14,400 1,600 6,400 7,680 $267,680 Credit $ 16,800 24,000 72,000 9,280 145,600 $267,680 Required: 1. Prepare a multiple-step statement of earnings (showing both gross profit and earnings from operations). Treat sales discounts as contra revenues. 2. The beginning balance of accounts receivable (net) was $16,000. Compute the gross profit percentage and receivables turnover ratio and explain…
The 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.
At January 1, 2021, Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $39 million, 10% unsecured note. The note was signed January 1, 2018, and was due December 31, 2024. Annual interest was last paid on December 31, 2019. Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare all journal entries by Rothschild Chair Company, Inc., to record the restructuring and any remaining transactions relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $35 million but carried on Rothschild Chair Company's books at $30.1 million. 2. First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four…
Selected information from the accounts of Jay Co. at December 31, 2021 reveals that the total income since incorporation is $42,000; the total cash dividends paid is $13,000; the total value of property dividends distributed is $3,000; and the excess of proceeds over cost of treasury shares sold is $11,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)?
On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020? Select the correct answer. a. $152,443 b. $152,328 c. $152,500 d. $152,385 e. $152,270
Rothschild Chair Company, Incorporated, was indebted to First Lincoln Bank under a $20 million, 10% unsecured note. The note was signed January 1, 2014, and was due December 31, 2027. Annual interest was last paid on December 31, 2022. At January 1, 2024, Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Note: Use appropriate factor(s) from the tables provided. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Prepare all journal entries by First Lincoln Bank to record the restructuring and any remaining transactions, for current and future years, relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $16 million but carried on Rothschild Chair Company's books at $13 million. 2. First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b)…
On January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected transactions. 1. 2. 3. 4. Declared and paid cash dividends $126,000. Corrected overstatement of 2021 net income because of inventory error $43,000. Earned net income $348,000. Declared and paid stock dividends $63,000. Determine the retained earnings balance at the end of the year. Retained earnings $
C. Reither Co. reports the following information for 2025: sales revenue $700,000 cost of goodssold $500,000, operating expenses $80,000, and an unreliazed holding loss on available-for-sale debt securities of 2025 of $60,000. It declared and paid a cash dividend of $10,000 in 2025. C. Reither Co. has Janaury 1, 2025, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2025. Prepare a statement of stockholders' equity. (Ignore income taxes).
Grant Inc. reported retained earnings of $287,000 on its balance sheet on 12/31/2020, and it had $66,000 of net income during the year. The year before, on 12/31/2019, the company had reported $238,000 of retained earnings. No shares were issued or repurchased during 2020. How much dividends did the firm pay in 2020?
Womack Corporation ended its fiscal year on September 30, 2021, with cash of $72 million, accounts receivable of $21 million, property and equipment of $30 million, and other long-term assets of $20 million. The company's liabilities consist of accounts payable of $35 million and long-term notes payable of $16 million Womack Corporation has total stockholders' equity of $92 million, of this total, common stock is $30 million. Solve for the company's ending retained earnings and then prepare Womack Corporation's balance sheet at September 30, 2021. Use a proper heading on the balance sheet. Now prepare Womack Corporation's balance sheet at September 30, 2021. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Enter all amounts in millions. Classify the balance sheet by selecting the proper title on all applicable subtotal or total…
The December 31, 2021, balance sheet of Chen, Incorporated, showed $140,000 in the common stock account and $2,650,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed $150,000 and $2,950,000 in the same two accounts, respectively. The company paid out $145,000 in cash dividends during 2022. What was the cash flow to stockholders for the year? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Cash flow to stockholders
Given the following information below, prepare a proper Statement of Changes in Equity (SCE) For Frank and Ernest Inc. for the year 2020. Capital stock (1,000,000 authorized, 100,000 outstanding) $1,400,000 Dividends paid $140,000. The change in dividends payable account is zero. Beginning Retained Earnings -$540,000 Prior period error that reduced earnings by 600,000 before tax is still not corrected for Ending Retained Earnings $835,000 Accumulated Other comprehensive income ending $400,000 Accumulated Other comprehensive income belonging to minority interest is $40,000 Of the Shareholders equity $100,000 belongs to the minority.

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