The changes in account balances for Elder Company for 2021 are as follows:Assets$ 480,000 debitCommon stock250,000 creditLiabilities160,000 creditPaid-in capital-excess of par30,000 creditAssuming the only changes in retained earnings in 2021 were for net income and a $50,000 dividend, what was net income of2021?1. A) $40,000.2. B) $60,000.3. C) $70,000.4. D) $90,000.O AO BO D

Change in Retained earnings = Changes in Assets - changes in common stock - Change in Liabilities -…

danges in aC Iht baläñčes for Elder Company for 2021 are as follows: ES $ 480,000 debit mon stock 250,000 credit ilities 160,000 credit -in capital-excess of par 30,000 credit uming the only changes in retained earnings in 2021 were for net income and a $50,000 dividend, what wa 21? A) $40,000. B) $60,000. C) $70,000. . D) $90,000.

danges in aC Iht baläñčes for Elder Company for 2021 are as follows: ES $ 480,000 debit mon stock 250,000 credit ilities 160,000 credit -in capital-excess of par 30,000 credit uming the only changes in retained earnings in 2021 were for net income and a $50,000 dividend, what wa 21? A) $40,000. B) $60,000. C) $70,000. . D) $90,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
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Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
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What is the net income in the current year?
The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a $39,000 dividend, what was net income for 2021? Multiple Choice • S27,000. • $22,000. • 551,000. • $12,000. %24
Help Save & Exit The changes in account balances for Elder Company for 2021 are as follows: Assets Common stock Liabilities Paid-in capital-excess of par $480,000 debit 250,000 credit 160,000 credit 30,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a $50,0o00 dividend, what was net income for 2021? Multiple Choice $60,000. $70,000. $40,000. Next > 27 of 39
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