before closing entries: Cash Supplies Prepaid Rent Salaries Expense Equipment Service Revenue Miscellaneous Expense Dividends Accounts Payable Common Stock Retained Earnings What is the amount of total shareholders' equity? $80,600 None of the options listed. O $80,900 $86,700 O $82,700 $ 12,700 5,200 2,700 5,200 65,700 32,800 20,700 3,700 5,700 68,700 8,700

before closing entries: Cash Supplies Prepaid Rent Salaries Expense Equipment Service Revenue Miscellaneous Expense Dividends Accounts Payable Common Stock Retained Earnings What is the amount of total shareholders' equity? $80,600 None of the options listed. O $80,900 $86,700 O $82,700 $ 12,700 5,200 2,700 5,200 65,700 32,800 20,700 3,700 5,700 68,700 8,700

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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Question Content Area Entries for cash dividends The declaration, record, and payment dates in connection with a cash dividend of $30,800 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Question 8 - Equity Huntless Ltd has the following items in its accounting records for the current year: 1. 50,000 $3 issued and paid up ordinary shares 2. Dividends declared and paid during the year $35,000 3. Transfer from Retained earnings to General reserve $12,000 4. Net profit for the year $35,000 5. Opening Retained earnings $50,000 Required: Prepare journal entries to record items 1,2 and 3. Date / Accounts Debit Credit Show the note to the financial statements providing details of the movements in the Retained Earnings account during the year.
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These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash Accounts receivable D Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense O $900 777891 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year. 1,900 O W
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 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 $ 420,000 100,000 380,000 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, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Debit 70,000 70,000 75,000 36,000 210,000 Credit 70,000 70,000 36,000 39,000 36,000 210,000
Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land SHEFFIELD CORPORATION Post-Closing Trial Balance December 31, 2025 Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at cost) Totals Authorized Issued Outstanding Common 585,000 195,000 Dr. 164,000 $513,000 1,489,000 203,000 579,000 392,000 42,000 181,000 $3,399,000 Preferred 66,000 11,000 Cr. $405,100 At December 31, 2025, Sheffield had the following number of common and preferred shares. 11,000 195,000 1,310,000 150,000 27,000 292,000 195,000 3,900 550,000 271,000 $3,399,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders' equity section of Sheffield's balance…
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