At December 31, 2020, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common shares (no-par value; authorized 100,000 shares; issued 35,000 shares) Contributed surplus Dividends declared and paid in 2020 Retained earnings, January 1, 2020 Net income for the year was $48,000. Required: 1. Prepare the statement of retained earnings for the year that ended on December 31, 2020, and the shareholders' equity section of the balance sheet at December 31, 2020. (Amounts to be deducted should be indicated with minus sign.) BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 Retained Earnings, December 31, 2020 BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2020 Contributed capital: Total contributed capital Total Shareholders' Equity $525,000 180,000 28,000 76,000 2-a. Compute the ROE ratio for 2020, assuming total shareholders' equity on December 31, 2019 was $629,000. (Round your answer to 1 decimal place.) ROE ratio %

At December 31, 2020, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common shares (no-par value; authorized 100,000 shares; issued 35,000 shares) Contributed surplus Dividends declared and paid in 2020 Retained earnings, January 1, 2020 Net income for the year was $48,000. Required: 1. Prepare the statement of retained earnings for the year that ended on December 31, 2020, and the shareholders' equity section of the balance sheet at December 31, 2020. (Amounts to be deducted should be indicated with minus sign.) BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 Retained Earnings, December 31, 2020 BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2020 Contributed capital: Total contributed capital Total Shareholders' Equity $525,000 180,000 28,000 76,000 2-a. Compute the ROE ratio for 2020, assuming total shareholders' equity on December 31, 2019 was $629,000. (Round your answer to 1 decimal place.) ROE ratio %

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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