i want to answer of this Question of Accounting Subject please solve it fast as posible Grant Company engaged in the following transactions during 2010, its first year in operations:1. Acquired $950 cash from the issue of common stock.2. Borrowed $420 from a bank.3. Earned $500 of revenues.4. Paid expenses of $250.5. Paid a $50 dividend.During 2011, Grant engaged in the following transactions:1. Issued an additional $325 of common stock.2. Repaid $220 of its debt to the bank.3. Earned revenues of $750.4. Incurred expenses of $360.5. Paid dividends of $100.The total in Grant's retained earnings account before closing in 2010 is:A. $0B. $200C. $250D. None of the above

Step 1: Define Retained EarningsRetained earnings are the amount of income that companies do not…

Answered: Grant Company engaged in 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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ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
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.
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. Use the drop-downs below to select the accounts that should be properly included on the balance sheet. MANGO, INC. Balance Sheet At September 29, 2018 (in millions) Assets Current assets: Total current assets 0 Total assets $0 Liabilities…
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. QUESTION: Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current Ratio:
Moore Company is preparing its statement of cash flows for the current year. During the year, the company retired two issuances of debt and properly recorded the transactions. These transactions were as follows: Paid cash of $12,700 to retire bonds payable with a face value of $15,000 and a book value of $13,300. Paid cash of $48,000 to retire bonds payable with a face value of $45,000 and a book value of $47,000. Required: Record, in journal entry form, the entries that Moore would make for the preceding transactions on its spreadsheet to prepare its statement of cash flows. If an amount box does not require an entry, leave it blank.
Malco Enterprises issued $12,00 of common stock when the company was started. In addition, Malco borrowed $38,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $74,700 of revenue on account in Year 1 and $87,200 of revenue on account in Year 2. Cash collections of accounts receivable were $63,300 in Year 1 and $73,500 in Year 2. Malco paid $40,800 of other operating expenses in Year 1 and $47,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Based on this information given above, record the events in the accounting equation then answer the following questions. Enter any decreases to account balances with a minus sign. a. what amount of interest expense would Malco report on the Year 1 income statement? b. what amount of net cash flow from operating activites would Malco report on the Year 1 statement of cash flows? c. what amount of…
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $32,000 cash from the issue of common stock. Borrowed $38,000 cash from National Bank. Earned cash revenues of $50,000 for performing services. Paid cash expenses of $46,000. Paid a $1,200 cash dividend to the stockholders. Acquired an additional $22,000 cash from the issue of common stock. Paid $10,000 cash to reduce the principal balance of the bank note. Paid $55,000 cash to purchase land. Determined that the market value of the land is $77,000. F. Determine the percentage of assets that were provided by investors, creditors, and earnings.
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The following transactions apply to Hooper Co. for Year 1, its first year of operations: 1. Issued $130,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Collected $88,000 cash from accounts receivable. 4. Loaned $11,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percen interest rate. 5. Paid $34,000 of salaries expense for the year. 6. Paid a $2,000 dividend to the stockholders. 7. Recorded the accrued interest on December 31, Year 1 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible. Problem 5-26A (Algo) Part b b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1.
Ashvinn
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…
Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Organize the information in accounts under an accounting equation. What amount of net cash flow from operating activities would be reported on the Year 1 cash flow statement? What amount of interest expense would be reported on the Year 1 income statement?

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