As of December 31, Year 1, Flowers Company had total assets of $80,000, total liabilities of $24,000, and common stock of $40,000.The company's Year 1 income statement contained revenue of $14,000 and expenses of $8,000. The Year 1 statement of changes instockholders' equity stated that $900 of dividends were paid to investors.Requireda. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1.b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 1.c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1.d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1.f. On January 1, Year 2, Flowers Company raised $19,000 by issuing additional common stock. Immediately after the additional capitalwas raised, Flowers reported total stockholders' equity of $75,000. Are the stockholders of Flowers in a better financial position thanthey were on December 31, Year 1?Complete this question by entering your answers in the tabs below.Req A and BReq C and DReq FDetermine the before-closing balance and the after-closing balance in the Retained Earnings account on December 31, Year 1.a.Retained earnings before-closingb. Retained earnings after-closing< Reg A andBReq C and D

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Answered: As of December 31, Year 1, Flowers…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $14 par value Paid-in capital in excess of par value, common stock. Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings. Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $14 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance $ $360,000 120,000 360,000 $ $ $ Required: 2. Complete the following table showing the equity…
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end of the year, and 510 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,830 in cash (for a total at the end of the year of 840 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (840 shares) Additional paid-in capital Retained earnings Sales revenue Rent revenue Interest revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $1,380 2,320 160 1,730 2,860 15, 100 19,700 1,690 250 780 Credit $3,150 2,310 590 3,820 2,207 550…
Ayayai Corp. has these accounts at December 31: Common Stock, $10 par, 4,500 shares issued, $45,000; Paid-in Capital in Excess of Par $20,250; Retained Earnings $43,000; and Treasury Stock, 400 shares, $8,800. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Ayayai Corp. Balance Sheet (Partial) SA
Presented below is information related to a company at the beginning of the year: Common Stock, $10 par $6,700 Retained Earnings 4,700 During the year, 10 shares were reacquired at $11 per share. How much is the total stockholders' equity after the treasury stock transaction, assuming the company accounts for treasury stock under the cost method?
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31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
On December 31. Sulfur Corporation has the following data available: Net Income $140,000 Interest expense 20,000 Total assets at the beginning of the year 720,000 Toital assets at the end of the year 810,000 Total common stockholders' equity at the beginning of the year 440,000 Total common stockholders' equity at the end of the year 300,000 What is return on equity? A. 32.43% B. 27.03% C. 37.84% D. 15.69%
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Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 3. What are the dividend payout ratio and the dividend yield ratio?
Helio Co. has retained earnings at the beginning of the current year of $400,000. During the current year net income of $70,000 was earned, and a cash dividend of $1.00 per share was declared and paid on the 50,000 shares of common stock outstanding. Prepare a statement of retained earnings as of the end of the current year.
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $706,500 Paid-In Capital from Sale of Treasury Stock 29,000 Paid-In Capital in Excess of Par-Common Stock 18,840 Retained Earnings 1,109,000 Treasury Stock 14,630 Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 770 shares have been reacquired. Goodale Properties Inc. Stockholders' Equity June 30, 20хх Paid-In Capital: Total Paid-In Capital $4 Total Total Stockholders' Equity

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