general accounting question Blue Sky Company had the following transactions during 2023, its first year of operations:1. Issued common stock for $1,2002. Obtained bank loan of $5003. Earned revenues of $8004. Paid expenses of $3005. Paid dividends of $75During 2024:1. Issued additional stock for $4002. Repaid $250 of bank loan3. Earned revenues of $9004. Paid expenses of $4505. Paid dividends of $125What is Blue Sky's retained earnings balance before closing in 2023?A. $425B. $500C. $800D. None of the above

Step 1: Define Retained EarningsRetained earnings represent the cumulative amount of net income…

Answered: Blue Sky Company had the following…

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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XYZ Corp. reported the following activity and balance sheet data for fiscal 2019: • The company declared cash dividends of $90. • The company issued bonds to raise cash in order to redeem bonds with a face value of $300 and to raise additional capital for expansion. • The company raised cash by issuing 50 shares of stock. • The company purchased treasury shares at a cost of $90. • Fiscal 2019 net income was $220. Dividends Payable Bonds Payable Common Stock, $1 Paid In Capital Retained Earnings Treasury Stock 12/31/19 30 1,700 550 1,770 1,670 140 1/1/19 20 1,500 500 1,350 1,540 50 Cash flow from/used in financing activities was: Enter a positive number for a cash inflow or a negative number for a cash outflow.
Crane Corporation reported the following information (in thousands) at December 31, 2024: Dividends payable Bank loan payable-current portion Bank loan payable-non-current portion Common shares Retained earnings Additional information: 1. 2. 3. 4. The Net income for the year was $410 2024 $20 240 e Textbook and Media 470 630 790 2023 $10 240 270 The bank loan was increased by additional borrowings of $380 to partially finance the purchase of new equipment that cost $520. The bank loan was decreased by repayments. Common shares were issued during the year. None were repurchased. company paid dividends during the year. 480 540 Prepare the financing activities section of Crane's statement of cash flows for the year. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) CRANE CORPORATION Statement of Cash Flows (Partial) ($ in thousands) Note X to the Statement of Cash Flows: During the year, the company purchased equipment costing $520 by…
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
On January 1 2020 the Happy Corporation had a credit balance in the retained earnings account of $1,000,000. During 2020 the following occurred: 1. Net income for the year was $500,000. 2. It was discovered the 2019 net income was understated by $100,000. 3. The following dividends were declared: On preferred stock... $ 120,000 On common stock: Cash dividends. 20,000(only 15,000 paid in 2021) Stock dividends.. 60,000 Instructions: On the worksheet provided, prepare a retained earnings statement in good form.
Could you please calculate a1 and a2. I was able to calculate $910,000 for the retained earnings as a credit. I could not get the correct answer for the remainder of A1 and A2. Thank you.
Please help me with this (:
At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a balance in retained earnings of $68,000. During the year, the company issued additional shares of stock for $58,000, earned net income of $48,000, and paid dividends of $11,800. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,400 Accounts payable $15,600 Supplies 12,700 Utilities payable 6,000 Prepaid rent 33,000 Salaries payable 5,300 Land 290,000 Notes payable 33,000 Required: Prepare a statement of stockholders’ equity.
Financial Accounting
At the beginning of 2024, Ellingham Academy reported a balance in common stock of $164,000 and a balance in retained earnings of $64,000. During the year, the company issued additional shares of stock for $54,000, earned net income of $44,000, and paid dividends of $11,400. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,000 Accounts payable $13,600 Supplies 12,300 Utilities payable 5,200 Prepaid rent 31,000 Salaries payable 4,900 Land 270,000 Notes payable 29,000 Required: Prepare a statement of stockholders' equity. Prepare a balance sheet.
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
General Accounting
Sheridan Company started the year with $50400 in its Common Stock account and a credit balance in Retained Earnings of $37000. During the year, the company earned net income of $40300, and declared and paid $16800 of dividends. In addition, the company sold additional common stock amounting to $23500. The amount reported for ending retained earnings on the retained earnings statement would be O $110900. O $84000 O $60500. O $134400

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