Consider each of the following independent situations: Required: For each situation, calculate the missing amount. a. b. C. d. S $ $ SA Beginning Retained Earnings Net Income for Dividends for the Year the Year 357,000 $ 149,000 $ 557,000 $ 242,000 315,000 $ $ 163,000 $ 28,000 Ending Retained Earnings $ 59,000 $ 40,000 $ 713,000 383,000 406,000

Consider each of the following independent situations: Required: For each situation, calculate the missing amount. a. b. C. d. S $ $ SA Beginning Retained Earnings Net Income for Dividends for the Year the Year 357,000 $ 149,000 $ 557,000 $ 242,000 315,000 $ $ 163,000 $ 28,000 Ending Retained Earnings $ 59,000 $ 40,000 $ 713,000 383,000 406,000

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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For each situation, calculate the missing amount. Beginning Retained Earnings a. b. C. d. $ 69 69 Net Income for Dividends for the Year the Year 320,000 $ 540,000 $ 290,000 120,000 $ 230,000 69 $ 170,000 $ 20,000 Ending Retained Earnings $ 50,000 $ 30,000 $ 700,000 360,000 490,000
You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…
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Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
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Revenues $115,300$Enter a dollar amount. E Expenses Enter a dollar amount.A162,100 Net earnings 37,90081,300 Dividends declared Enter a dollar amount.B20,900 Retained earnings: Beginning of year 293,100293,100 End of year 319,200Enter a dollar amount.F Total assets: Beginning of year 403,500565,800 End of year Enter a dollar amount.C679,850 Total Liabilities: Beginning of year 9,500220,400 End of year 371,000247,900 Common shares: Beginning of year 100,90052,300 End of year 151,350Enter a dollar amount.G Proceeds from common shares issued during the year Enter a dollar amount.DEnter a dollar amount.H
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Exercise 10-9 (Static) Find missing amounts for retained earnings (LO10-5) Consider each of the following independent situations: Required: For each situation, calculate the missing amount. a. b. C. d. 69 69 69 $ $ Beginning Retained Earnings Net Income for Dividends for the Year the Year 320,000 $ 120,000 $ 540,000 $ 230,000 290,000 S LA 69 170,000 $ 20,000 $ 50,000 $ 30,000 69 Ending Retained Earnings 700,000 360,000 490,000