provide correct answer general accounting question At the start of 2024, Sterling Industries' balance sheetshowed assets of $480,000 and liabilities of $195,000.During the year, liabilities increased by $15,000. NetIncome for the year was $35,000, and net assets at year-end were $295,000. The paid-in capital balance remainedconstant at $120,000. What amount of dividends, if any,were declared during the year?A. $80,000B. $95,000C. $110,000D. $125,000E. None of the above

Compute the beginning balance of equity.Beginning Assets = Beginning Liabilities + Beginning…

Answered: At the start of 2024, Sterling…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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As of December 31, 2023, Ajax Corporation reported the following: Salaries payable $25,000; Treasury stock $400,000; Paid-in capital--share repurchase $27,000; Accounts Receivable $54,000; Other paid-in capital accounts $3,600,000; Retained earnings $3,010,000; and a debit balance in Accumulated other comprehensive income of $29,000. During 2024, half of the treasury stock was resold for $240,000; net income was $714,000; cash dividends declared were $750,000; and stock dividends of $450,000 were declared and distributed (no fractional shares). Hint: Use a T-account to help you organized these facts. What would total shareholders' equity be as of December 31, 2024?
The below transactions are for Jenolan Ltd. for the year ended 30 June 2022. 1. Net profit for the year was $3 500 000. 2. At a meeting in May 20220, the directors resolved to transfer the amounts specified below from retained earnings to: (a) contingencies reserve, $2 000 000, and (b) general reserve, $800 000. 3. Three years ago, the company had established an exchange fluctuation reserve with $9 000 000 from its retained earnings account, but now that it had withdrawn from international trade, the directors resolved that this reserve was no longer required. 4. An interim dividend of $400 000 had been paid in January 2022. 5. At the June 2022 meeting the directors declared a final dividend of $600 000 to be paid in 3 months’ time. Note: The beginning balance of the Retained Earnings account was $3 600 000. Required: Based on the information above, show the Retained Earnings for the firm at 30 June 2022 in a narrative form.
At year-end 2018, Wallace Landscaping's total assets were $2.17 million, and its accounts payable were $470,000. Sales, which in 2018 were $2.2 million, are expected to increase by 30% in 2019. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $505,000 in 2018, and retained earnings were $345,000. Wallace has arranged to sell $60,000 of new common stock in 2019 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2019. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 7%, and 45% of earnings will be paid out as dividends. a. What was Wallace's total long-term debt in 2018? Do not round intermediate calculations. Round your answer to the nearest dollar. $ What…
In 2023, Chen Corporation purchased treasury stock with a cost of $54,000. During the year, the company declared and paid dividends of $12,000 and issued bonds payable for $900,000. Net cash provided by financing activities for 2023 is: A. $834,000. B. $900,000. C. $846,000. D. $888,000.
In 2023, Chen Corporation purchased treasury stock with a cost of $47,000. During the year, the company declared and paid dividends of $14,000 and issued bonds payable for $1,100,000. Net cash provided by financing activities for 2023 is: A $1,086,000.B. $1,053,000.C. $1,039.000.D. $1,100,000.
Home Depot entered fiscal 2017 with a total capitalization of $21,904 million. In 2017, debt investors received interest income of $877 million. Net income to shareholders was $8,654 million. (Assume a tax rate of 21%.) Calculate the economic value added assuming its cost of capital is 10%. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)
An analyst compiled the following information for U Inc. for the year ended December 31, 2021: . Net income was $1,960,000. Depreciation expense was $530,000. . Interest paid was $265,000. Income taxes paid were $132,500. . . . Common stock was sold for $226,000. Preferred stock (8% annual dividend) was sold at par value of $276,000. . Common stock dividends of $76,000 were paid. Preferred stock dividends of $22,080 were paid. Equipment with a book value of $126,000 was sold for $252,000. • . . Using the indirect method, what was U Inc.'s net cash flow from operating activities for the year ended December 31, 20213 Multiple Choice
Windsor Corporation has retained earnings of $706,000 at January 1, 2020. Net income during 2020 was $1,643,000, and cash dividends declared and paid during 2020 totaled $82,100. Prepare a retained earnings statement for the year ended December 31, 2020. (List items that increase retained earnings first.) WINDSOR CORPORATION Retained Earnings Statement
The 2025 income statement of Sheridan Corporation showed net income of $518,000 and a loss from discontinued operations of $130,000. Sheridan had 100,000 shares of common stock outstanding all year. Prepare Sheridan's income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 3.55.) SHERIDAN CORPORATION Income Statement LA
Concord Inc. had net income for 2020 of $5,920,000. The company had 2,200,000 of common shares outstanding throughout the year. During 2020, Concord paid dividends on the common shares of $0.12 per share. Average common shareholder equity was $39,600,000, and the market value of the shares on December 31, 2020 was $27 per share.Concord Inc. also had 100,000 shares outstanding of cumulative, $7, no-par value preferred shares. The shares were outstanding for the full year, and dividends had been kept current for the past several years.Calculate the following ratios for Concord Inc.: (Round answers to 2 decimal places, e.g. 25.15 or 25.15%. Round earnings per share to 3 decimal places for intermediate calculations, e.g. 1.253.) Rate of return on common shareholders’ equity%, Payout ratio%Price earnings ratio, timesBook value per share$ per share Please share how to do in Excel
Create a Balance sheet for this information given:
Robbin Corporation ended its fiscal year on September 30, 2018, with cash of $77 million, accounts receivable of $25 million, property and equipment of $31 million, and other long-term assets of $19 million. The company's liabilities consist of accounts payable of $33 million and long-term notes payable of $23 million. Robbin Corporation has total stockholders' equity of $96 million; of this total, common stock is $26 million. Solve for the company's ending retained earnings and then prepare Robbin Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Begin by solving for the company’s ending retained earnings. (Enter your answer in millions.) Robbin Corporation’s ending retained earnings balance is $ million.

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