Case #6-Understanding the accumulation of retained earnings over time The following is a schedule of selected accounts and dividends for a particular company from 20x6-20x8. Revenues Expenses Gains Losses Dividends declared 20x6 $55,000 20x7 $70,000 20x8 $77,000 $20,000 $80,000 $50,000 $550 $400 $22,000 $2,000 0 If retained earnings are $66,000 at 1/1/x6, then retained earnings for 12/31/x8 must be what amount?

Case #6-Understanding the accumulation of retained earnings over time The following is a schedule of selected accounts and dividends for a particular company from 20x6-20x8. Revenues Expenses Gains Losses Dividends declared 20x6 $55,000 20x7 $70,000 20x8 $77,000 $20,000 $80,000 $50,000 $550 $400 $22,000 $2,000 0 If retained earnings are $66,000 at 1/1/x6, then retained earnings for 12/31/x8 must be what amount?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 20BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...

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10. From the following inform ation, prepare a retained earnings statement for TAY Corporation for the year ended December 31, 20X0. Net income for the year .... Dividends declared during the year Dividends pa id during the year Retained Earnings, January 1, 20X0 $30,000 12,000 6,000 60,000 TAY Corporation Retained Earnings Statement For Year Ended December 31, 20XO Retained earnings, January 1, 20XO Add: Net income $60,000 _30,000 $90,000 12,000 $78,000 Deduct: Dividends declared ... Re tained earnings, December 31, 20XO
Use the following to answer questions 11 - 14 The company reports the following amounts at the end of the year: Revenues $850,000 Dividends 50,000 Common stock 300,000 675,000 900,000 400,000 Expenses Assets Liabilities 11. $ 12. $ end of the period. 13. S earnings: 14. $ earnings: Calculate net income. Calculate stockholders' equity at the _Calculate ending retained _Calculate beginning retained
The statement of retained earnings reconciles the net income earned during a given year, and any cash dividends paid, with the change in retained earnings between the start and the end of that year Select one: O True O False Next page CHAPTER 5 - STOCK VALUATION- ies CH3 Jump to... ENG 07:09 Sunny INITL 25/072021
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I need amounts for total current assets, total assets, retained earning, dec 31, year 1, and tiotal stockholders equity:Gross profit $1,554,000Total selling expenses $885,000Total administrative expenses $267,500Total operating expenses $1,152,500Income from operations $401,500Net other expenses and income $68,000Income tax $140,500Net income $329,000Earnings per common share (rounded to the nearest cent) $2.29Retained earnings, January 1, Year 1 $9,319,725Total current assets $Investment in Dream Inc. bonds $90,000Total property, plant, and equipment $11,174,000Total assets $Total current liabilities $238,300Net long-term liabilities $519,000Total liabilities $757,300Total paid-in capital preferred 5% stock $1,750,000Total paid-in capital common stock, $20 par $2,886,800Total paid-in capital $4,649,800Retained earnings, December 31, Year 1 $Total stockholders' equity
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Use the information provided to answer the questions that follows below: Extract of Statement of Changes in Equity for the year ended 31 December 2020 Retained earnings R Balance on 01 January 2020 1500 000 Profit after tax 480 000 Dividends paid and proposed in 2020 (180 000) Balance on 31 December 2020 1 800 000 INFORMATION The information provided below was extracted from the accounting records of Harmony Limited on 31 December 2020: Harmony Limited Extract of Statement of Comprehensive Income for the year ended 31 December 2020 Sales 6 600 000 Cost of sales (3 900 000) Gross profit 2 700 000 Operating expenses (1710 000) Selling and administrative expenses 1 260 000 Depreciation 450 000 Operating profit 990 000 Interest expense (270 000) Profit before tax 720 000 Company tax (240 000) Profit after tax 480 000