BE13.11 (LO 5) AP For the year ended December 31, 2024, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31, 2023, was $248,000. Record closing entries and post to Betained Earnings
Q: For the year ending December 31, 2020, Oriole Inc. reports net income $142,000 and cash dividends…
A: Retained Earning: Retained Earning are the undistributed income that belongs to the owner of the…
Q: D The 2025 income statement of Crane Corporation showed net income of $476,000 and a loss from…
A: EARNINGS PER SHAREEarnings per share refers to the profit earned by each shareholder after paying…
Q: At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a…
A: Common Stock : Ending balance = Beginning balance + Issuance of common stock Retained earnings :…
Q: The 2020 income statement of Blossom Corporation showed net income of $1,271,000, which included a…
A: Earnings per share (EPS) which states that how much money which company could make for each and…
Q: On jan. 1, 2019, Bacardi Limited had retained earnings of $8,000,000. During 2019, the corporation…
A: Retained earnings are the free reserves that are attributable to the owners of the entity. Profits…
Q: The following information pertains to Luna Company as at September 30, 2020: a. Notes payable –…
A: The balance sheet is a statement on the financial position of an enterprise at a given date. It is…
Q: Retained earnings $ tA
A: Retained earnings are the remaining net income that belongs to the company after dividends have been…
Q: BE4.9 Portman corporation has retained earnings of $675000 at January 1, 2020. net income during…
A: Statement of Retained Earnings is a financial statement that represents changes in earnings over a…
Q: The table below presents the statements of retained earnings for Labelle Corporation for 3…
A: Statement of retained earnings represents earnings of the company that has been accumulated over a…
Q: On December 31, 2022 the balance sheet of DIYON Co. disclosed total assets of P8,000,000, current…
A: As per accounting equation of the business, total assets must be equal to total liabilities and…
Q: Kingbird Corporation has retained earnings of $710,000 at January 1, 2020. Net income during 2020…
A: Retained Earnings are the amount of a business's profits left to the company after the distribution…
Q: On January 1 2020 the Happy Corporation had a credit balance in the retained earnings account of…
A: Statement of retained earning is an essential part of the financial statement. It indicates the…
Q: At the beginning of 2024, Norton Academy reported a balance in common stock of $156,000 and a…
A: The statement of stockholders’ equity indicates the formatted statement that helps in determining…
Q: For the year ending December 31, 2022, Sheridan Inc reports net income Ss147,000 and cash dividends…
A: Retained earnings: Retained earnings is the accumulation of the profit earned by the organization…
Q: What is the retained earnings balance on January 1,2019 before restatement? AL Company provided…
A: Retained earnings are the accumulated earnings in the business, which belongs to the owners and…
Q: For the year ending December 31, 2022. Sheridan Inc reports net income S147,000 and cash dividends…
A: Retained earnings: Retained earnings mean the cumulative balance of earnings/net profit after tax of…
Q: Brantly, Inc. had beginning retained earnings of $140,000 on January 1, 2024. During the year,…
A: Ending retained earnings = Beginning retained earnings + Net income- Dividend declared
Q: Bodie Corporation reported the following amounts in its financial statements: Retained earnings,…
A: STATEMENT OF RETAINED EARNINGS Statement of Retained Earnings is one of the important financial…
Q: Prepare the retained earning statement for the year assuming the balance in retained earnings on…
A: Statement of Retained Earnings shows the movement of retained earnings within the period.
Q: 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the…
A: Dear student, as per Bartleby guidelines, in case of multiple questions we are only allowed to…
Q: At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: For the year ending December 31, 2022, Sheridan Inc. reports net income $147,000 and cash dividends…
A: Formula: Ending Retained earnings balance = Beginning retained earnings + Net income - Dividends…
Q: What is the total assets for the EverBlue company for accounting period 2021? note: write the number…
A: Solution:- Total Assets means the total utilization of funds of funds of an entity. So, Total Assets…
Q: The stockholders' equity of Diakovsky Company at the beginning and end of 2021 totaled $119,000 and…
A: Stockholders' equity means the net assets available to shareholders after deducting all the…
Q: For the year ending December 31, 2022, Vaughn Inc. reports net income $139,000 and cash dividends…
A: STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…
Q: Prepare a retained earnings statement for the year ended December 31, 2021 in proper format: Ladila…
A: Retained earnings statement is the statement created as notes to the financial statement that shows…
Q: For the year ending December 31, 2022, Sheridan Inc. reports net income $147,000 and cash dividends…
A: Retained earnings is the balance of net income which is left after paying dividend to the…
Q: Blossom Ltd. reported the following balances at January 1, 2023: Common shares Retained earnings…
A: Lets understand the basics. Statement of changes in equity is as name suggest shows the how much…
Q: Blossom Ltd. has retained earnings of NT$ 677,300 at January 1, 2022. Net income during 2022 was NT$…
A: Solution:- Calculation of the retained earnings statement for the year ended December 31, 2022 as…
Q: Randall Corporation reported the following revenue data:Year Net revenues (in…
A: Answer: Option c.
Q: Hancock Company reported the following account balancesat December 31, 2027:Sales revenue .. $97,…
A: Intangible assets are assets that can not be seen or touched. From these assets, only benefits…
Q: Concord Corporation has retained earnings of $713,600 at January 1, 2025. Net income during 2025 was…
A: Retained earnings are the unallocated profits available for distribution to the shareholders. It is…
Q: On January 1, 2020, Windsor, Inc. had retained earnings of $498,000. During the year, Windsor had…
A: Given that, January 1, 2020, Windsor, Inc. had retained earnings of $498,000 transactions for the…
Q: On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 on its balance sheet,…
A: Answer:- Dividend meaning:- The amount of profit that the business distributes to its shareholders…
Q: On January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah…
A: Cash dividends reduce retained earnings because dividends are paid out of retained earnings.…
Q: For the year ending December 31 2022. Sheridan Inc reports net income $147,000 and cash dividends…
A: Formula: Ending retained earnings balance = Beginning retained earnings + net income - dividends
Q: At the beginning of its fiscal year on April 1, 2018, Extra Vienna Oil Corp, had a balance of…
A: Retained earnings (RE) is the amount of net income left over for the business after it has paid out…
Step by step
Solved in 2 steps with 2 images
- Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. In addition, Reinhardt paid of dividends during 2019. On December 31, 2019, Reinhardt prepared closing entries. The net effect of the closing entries on retained earnings was a(n): a. decrease of $4,000. b. increase of $35,000. c. increase of $39,000. d. decrease of $87,000.Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
- Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet: The following stock transactions occurred during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 225,000).
- Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?PLEASE SHOW SOLUTION IN GOOD ACCOUNTING FORM. What is the retained earnings balance ending December 31, 2021? ANSWER IS 3, 212,500