Assume that the retained earnings of Horizon Industries increased by $76,250 from December 31 of year 1 to December 31 of year 2. During year 2, the company declared and paid cash dividends totaling $18,500. Compute the net income for year 2.

Assume that the retained earnings of Horizon Industries increased by $76,250 from December 31 of year 1 to December 31 of year 2. During year 2, the company declared and paid cash dividends totaling $18,500. Compute the net income for year 2.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Related questions

Q: Hello tutor please help me with accounting questions

A: Step 1: Definition of Initial Markup PercentageThe initial markup percentage represents the…

Q: Meric Mining Inc. recently reported $16,300 of sales, $7,900 in operating costs other than…

A: Concept of Sales: Sales represent the total revenue generated from goods or services provided to…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Overhead VarianceOverhead variance is the difference between the standard…

Q: What was the firm's cash flow to creditors during 2021?

A: Given:Long-term debt (2020) = $4.5 millionLong-term debt (2021) = $5.1 millionInterest expense =…

Q: Paw Gallery and Shell Portraits both offer downloadable photographs to their customers. Paw Gallery…

A: The correct answer is C. Over access duration At access code delivery because revenue needs to be…

Q: Provide correct option

A: The incorrect answer are:(a) The return on equity ratio is 1The Return on Equity (ROE) is calculated…

Q: What is the net income for the year?

A: Step 1: Definition of Retained EarningsRetained earnings refer to the cumulative portion of a…

Q: need help this question

A: The entire amount a business makes after deducting all of its costs from its revenues is known as…

Q: PLEASE HELP ME

A: Step 1:First, calculate the compensation expense for each period: The fair value of stock on the…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Joint Cost AllocationJoint cost allocation refers to the process of…

Q: Compute the manufacturing overhead rate for the year of this financial accounting question

A: Step 1: Definition of Manufacturing Overhead RateThe manufacturing overhead rate is a predetermined…

Q: A product has a selling price of $63, variable costs of $55, and fixed costs are $72,000. How many…

A: To calculate the break-even point, we need to use the following formula:Break-Even Point (units) =…

Q: What is the adjusting journal entry on September 30, 2022 on these financial accounting question?

A: Step 1: Definition of Adjusting Journal Entry for Accrued InterestAn adjusting journal entry for…

Q: Answer?

A: Concept of Sales RevenueSales Revenue is the total amount a company earns from selling its goods or…

Q: At the beginning of the year, manufacturing overhead for the year was estimated to be $800,000. At…

A: Concept of Estimated Manufacturing Overhead: Estimated manufacturing overhead is the projected…

Q: Eagle Corporation has the following financial data

A: Calculate Earnings Per Share (EPS):EPS = Earnings / Number of Shares OutstandingEPS = $240,000 /…

Q: What is the thus option?

A: Step 1: Define Pension LiabilityA pension liability represents the shortfall between a company's…

Q: Champ Corporation bases its predetermined overhead rate on the estimated labor-hours for the…

A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is calculated at the…

Q: Compute the total variable cost per unit

A: Explanation of Direct Materials: These are the raw materials that can be directly traced to and are…

Q: Answer? Financial accounting question

A: Step 1: Define Conversion PriceThe conversion price is the stock price at which a convertible…

Q: hi expert please solve questions.

A: Substituting GPM = 50% (or 0.50 in decimal form): Markup on Cost = (0.50/1 - 0.50) * 100 Markup on…

Q: not use ai please don't

A: Calculations Length of ContractIncome recorded in 2024Income recorded in 202512 months59,200…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Net Operating IncomeNet Operating Income (NOI) is the company's profit after…

Q: Need help with this financial accounting question not use ai and chatgpt

A: Step 1: Definition of Rate of ReturnThe rate of return is the percentage gain or loss on an…

Q: PROVIDE CORRECT ANSWER

A: Step 1: Definition of Net IncomeNet income is the profit a company earns after deducting all…

Q: Bond premium discount? Provide answer

A: Step 1: Determine Bond Discount or PremiumA bond is issued at a **discount** if the **issue price**…

Q: Need help with this question solution general accounting

A: Step 1: Introduction to balance sheetBalance sheet is referred to as the financial statement…

Q: Accumulated other comprehensive income?

A: Explanation of Accumulated Other Comprehensive Income (AOCI): This represents all unrealized gains…

Q: !??

A: Concept of Estimated Manufacturing Overhead: Estimated manufacturing overhead is the projected…

Q: provide correct answer

A: Step 1: Definition of Net IncomeNet income is the final amount earned by a company after deducting…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Sales Excluding Sales TaxSales excluding sales tax represent the actual…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Activity-Based Costing (ABC)Activity-Based Costing (ABC) is a costing method…

Q: I want to correct answer general accounting question

A: Step 1: Calculate the cost ratio If the selling price is the basis, the sales ratio is 100%. Cost…

Q: 3 PTS

A: Explanation of Mixed Cost:A mixed cost contains both a fixed component and a variable component. The…

Q: Please give me true answer this financial accounting question

A: Step 1: Define Required Rate of ReturnThe required rate of return is the minimum annual return an…

Q: 4 PTS

A: Formula for Return on Equity (ROE):ROE=Total EquityNet Income×100 Step 1: Calculate Net IncomeNet…

Q: provide correct answer

A: Step 1: Definition of Manufacturing Overhead CostsManufacturing overhead costs include all indirect…

Q: What is the current stock price of this financial accounting question?

A: Step 1: Definition of Current Stock PriceThe current stock price is the present value of expected…

Q: Yejun works for New & Old Apparel, which pays employees on a semimonthly basis. Yejun's annual…

Q: Beta Corporation began operations on January 1

A: Concept of Cash: Cash refers to the immediate, liquid assets that a business holds and can use to…

Q: MCQ

A: Days Sales in Inventory (DSI) measures how many days, on average, a company takes to sell its…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Days' Sales in InventoryDays' Sales in Inventory (also referred to as…

Q: The choice of reworking the unit would be

A: Explanation of Incremental Net Income (Loss):Incremental net income (loss) refers to the additional…

Q: Do fast answer of this general accounting question

A: Variable costing is a cost accounting method that includes only variable manufacturing costs (direct…

Q: ??

A: Capital gain = (Selling price-Purchase price)*No. of sharesCapital gain = (82.18-77.25)*380Capital…

Q: Help

A: Calculate Average Total Assets Average Total Assets = Total Assets at Beginning + Total Assets at…

Q: Wrong ANSWER WILL GET UNHELPFUL RATE

A: Question : 1 Solution Step 1: Definition of Over/Under-Applied OverheadOverhead is applied using a…

Q: Kindly help me with accounting questions

A: Step 1: Information givenOverhead application rate = 145% or 1.45 in decimal formDirect materials…

Q: Sales for Strength Corp are $725,000, cost of goods sold are $543,000, and interest expenses are…

A: Concept of Gross ProfitGross profit is the difference between a company's total revenue (sales) and…

Q: need this subjects solutions

A: Step 1: Definition of Cost-Volume-Profit (CVP) AnalysisCost-Volume-Profit (CVP) analysis is used to…

Question

Need true answer general Accounting question

Assume that the retained earnings of Horizon Industries increased by $76,250
from December 31 of year 1 to December 31 of year 2. During year 2, the company
declared and paid cash dividends totaling $18,500. Compute the net income for
year 2.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Compute the net income for the year
Cain Corp. reported accrued investment interest receivable of 38,000 and 46,500 at January 1 and December 31, year 1, respectively. During year 1, cash collections from the investments included the following: Capital gains distributions= 145,000; Interest= 152,000. What amount should Cain Corp report as interest revenue from investments for year 1? *
Please provide answer this financial accounting
Compute the net income for the year?
Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 69,000 Marketable securities $ 25,900 Accounts receivable, net $ 347,600 Inventory $ 457,400 Prepaid expenses $ 7,800 Accounts payable $ 198,200 Notes due within one year $ 98,000 Accrued liabilities $ 59,100 During the year, Denna Company completed the following transactions: Paid a cash dividend previously declared, $29,000. Issued additional shares of common stock for cash, $198,000. Sold inventory costing $69,200 for $99,000, on account. Wrote off uncollectible accounts in the amount of $9,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $29,000. Paid accounts payable, $98,400. Borrowed cash on a short-term note with the bank, $58,500. Sold inventory costing $19,800 for $13,200 cash. Purchased inventory on account, $49,250. Paid off all short-term notes due, $156,500. Purchased equipment for cash, $74,200. Sold marketable securities…
Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 69,000 Marketable securities $ 25,900 Accounts receivable, net $ 347,600 Inventory $ 457,400 Prepaid expenses $ 7,800 Accounts payable $ 198,200 Notes due within one year $ 98,000 Accrued liabilities $ 59,100 During the year, Denna Company completed the following transactions: Paid a cash dividend previously declared, $29,000. Issued additional shares of common stock for cash, $198,000. Sold inventory costing $69,200 for $99,000, on account. Wrote off uncollectible accounts in the amount of $9,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $29,000. Paid accounts payable, $98,400. Borrowed cash on a short-term note with the bank, $58,500. Sold inventory costing $19,800 for $13,200 cash. Purchased inventory on account, $49,250. Paid off all short-term notes due, $156,500. Purchased equipment for cash, $74,200. Sold marketable securities…
Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 64,000 Marketable securities $ 27,400 Accounts receivable, net $ 335,600 Inventory $ 444,400 Prepaid expenses $ 6,800 Accounts payable $ 189,200 Notes due within one year $ 88,000 Accrued liabilities $ 54,600 During the year, Denna Company completed the following transactions: Ex. Paid a cash dividend previously declared, $24,000. Issued additional shares of common stock for cash, $188,000. Sold inventory costing $65,200 for $94,000, on account. Wrote off uncollectible accounts in the amount of $7,600, reducing the accounts receivable balance accordingly. Declared a cash dividend, $24,000. Paid accounts payable, $90,400. Borrowed cash on a short-term note with the bank, $51,000. Sold inventory costing $21,300 for $14,200 cash. Purchased inventory on account, $45,500. Paid off all short-term notes due, $139,000. Purchased equipment for cash, $70,200. Sold…
Create a Balance sheet for this information given:
Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
The income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31 before considering the following: During the year the company purchased available-for-sale securities. At year end, the fair value of the investment portfolio was $2,100 more than cost. The balance of Retained Earnings was $83,000 on January 1. . Dodson Corporation paid $9,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31. 51,600
I want to this question answer general Accounting
The income statement for Delta-tec Inc. for the year ended December 31, Year 2, was as follows: Please see the attachment for details: The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $825,000. During Year 2, the company purchased trading investments for the first time at a cost of $346,000. In addition, trading investments with a cost of $66,000 were sold at a gain during Year 2. The company paid $65,000 in dividends during Year 2.a. Determine the December 31, Year 2, Retained Earnings balance.b. Provide the December 31, Year 2, balance sheet presentation for Trading Investments.