Current Attempt in ProgressPharoah Company recorded journal entries for the issuance of common stock for $206000, the payment of $66000 on accountspayable, and the payment of salaries expense of $103500. What net effect do these entries have on stockholders' equity?increase of $36500O increase of $140000

STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…

Answered: Current Attempt in Progress Pharoah…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Based on the following data and assuming that the common stock account balance is $63000, what is the balance in retained earnings? Accounts payable $88000 Accounts receivable 51000 Cash 87000 Inventory 155000 Buildings 166000 Bonds payable 517000 Supplies 10300 Notes payable 66000 Equipment 351000 $149300 $240300 $86300 $174300
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
please answer it with complete and correct working and steps answer in text
View Policies Current Attempt in Progress Wildhorse Company reported retained earnings at December 31, 2021, of $318,500. Wildhorse had 198,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022. 1. 2. 3. A cash dividend of $0.70 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price per share was $14 per share. Net income was $283,000. Compute the ending balance in retained earnings at the end of 2022. Retained earnings SA
Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $618,000 $300,000 Current maturities of serial bonds payable 550,000 550,000 Serial bonds payable, 10% 2,480,000 3,030,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,000,000 1,010,000 Retained earnings 3,470,000 2,750,000 The income before income tax expense was $757,500 and $662,800 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have improved and the…
Please answer complete
The following events occurred Gargantuan's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Adjusting Entries information 9. There was $310 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period.
A9
Current Attempt in Progress On January 1, Bramble Corporation had 72000 shares of $10 par value common stock outstanding On March 17, the company declared a 15% stock dividend to stockholders of record on March 20. Market value of the stock was $12 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a O credit to Cash for $108000. O debit to Stock Dividends for $21600. O credit to Paid-in Capital in Excess of Par for $21600. O debit to Common Stock Dividends Distributable for $108000
Statement of stockholders’ equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows: Common Stock May 1 (20Y4) 10,000 July 1 7,500 Retained Earnings Dividends Apr. 30 31,200 May 1 (20Y4) 475,500 July 31 (20Y4) 1,250 Apr. 30 5,000 Apr. 30 5,000 Oct. 31 1,250 Jan. 31 1,250 Apr. 30 (20Y4) 1,250 Prepare a statement of stockholders’ equity for the year ended April 30, 20Y5. Restoration Arts Statement of Stockholders’ Equity For the Year Ended April 30, 20Y5 Common Stock Retained Earnings Total $ $ $ $ $ $

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS