Jarvis began operations on January 1, Year 1 and its Retained Earnings balance on that date was $0. In its first two years of operations, it reported the following at its December 31 year-end. Net income Dividends Year 1 $ 35,100 $ 24,080 (a) Prepare the statement of retained earnings for Year 1 at its December 31 year end. (b) Prepare the statement of retained earnings for Year 2 at its December 31 year end. Required A Year 2 $58,500 $ 16,380 Complete this question by entering your answers in the tabs below. Required B Prepare the statement of retained earnings for Year 1 at its December 31 year end. JARVIS Statement of Retained Earnings For Year Ended December 31, Year 1 $ 0

Jarvis began operations on January 1, Year 1 and its Retained Earnings balance on that date was $0. In its first two years of operations, it reported the following at its December 31 year-end. Net income Dividends Year 1 $ 35,100 $ 24,080 (a) Prepare the statement of retained earnings for Year 1 at its December 31 year end. (b) Prepare the statement of retained earnings for Year 2 at its December 31 year end. Required A Year 2 $58,500 $ 16,380 Complete this question by entering your answers in the tabs below. Required B Prepare the statement of retained earnings for Year 1 at its December 31 year end. JARVIS Statement of Retained Earnings For Year Ended December 31, Year 1 $ 0

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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Given are the amounts of assets, liabilities, ownerâ€™s equity, revenues, andexpenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out bythe owners of Aqua Inc. Prepare the yearend Balance Sheet and Income Statementfor AQUA LLP at the end of the year. (Include Correct Headings)Accounts Payable $59,000 Land $78,000Accounts Receivable 15,000 UnearnedRevenue 45,000Advertising Expense13,000 UtilitiesExpense5,000Building 160,000 Rent Expense 13,000Cash 140,000 OperatingExpenses 23,000Supplies 10,000 CommonStock 240,000 Salary payable2,000 AccumulatedDepreciation 10,000Prepaid Insurance Expense 20,000 ServiceRevenue 170,000Interest Expense9,000 Retained Earnings ?
Salamon, Inc. had Retained earnings of $400,000 on 1/1/22. The company earned $250,000 forthe year ended 12/31/22. The company declared a cash dividend of $75,000 and a stockdividend of $20,000 during the year.a. Prepare the journal entries to close net income and dividends into retained earnings.b. Prepare a Retained Earnings Statement for the year ended 12/31/22.
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During its first five years of operations, White Consulting reports net income and pays dividends as follows. Required: Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. Year Net Income Dividends Retained Earnings 1 $1,200 $500 2 1,700 500 3 2,100 1,000 4 3,200 1,000 5 4,400 1,000
Subject: accounting
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Required 1A Required 1B Required 2A Required 2B Current Year: 1 Year Ago: 2 Years Ago: Complete this question by entering your answers in the tabs below. Compute the current ratio for each of the three years. Numerator: Current assets Current Year: 1 Year Ago: 2 Years Ago: I Current Year $ 27,733 83,694 104,187 9,115 259,862 $ 484,591 1 1 1…
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $601,769 $563,210 Total investments 65,586 44,794 Total property, plant, and equipment 900,358 718,232 Total current liabilities 118,903 89,845 Total long-term liabilities 309,965 233,133 Preferred 9% stock, $100 par 86,150 86,150 Common stock, $10 par 554,933 554,933 Paid-in capital in excess of par-common stock Retained earnings 63,787 433,975 63,787 298,388 Using the balance sheets for Kellman Company, if net income is $105,492 and interest expense is $44,712 for Year 2, and the market price of common shares is $47, what is the price-earnings ratio on common stock for Year 2 (rounded to two decimal places)? a. 9.85 b. 26.70 c. 10.38 d. 1.76
Golden Corporation declared and paid $4,600 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Required: 1. Complete the horizontal analyses for each item in Golden Corporation's comparative financial statements. TIP: Calculate the increase (decrease) by subtracting the previous year from the current year. Calculate the percentage by dividing the amount of increase (decrease) by the previous-year balance. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) 2-a. Use the horizontal (trend) analyses to identify the accounts where a large percentage change is accompanied by a small dollar change. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) 2-b. Use the horizontal (trend) analyses to identify the accounts…
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $605,971 $560,666 Total investments 65,017 44,141 Total property, plant, and equipment 889,919 763,728 Total current liabilities 117,075 83,405 Total long-term liabilities 283,494 227,812 Preferred 9% stock, $100 par 82,758 82,758 Common stock, $10 par 554,007 554,007 Paid-in capital in excess of par-common stock 66,056 66,056 Retained earnings 457,517 354,497 Using the balance sheets for Kellman Company, if net income is $119,549 and interest expense is $36,122 for Year 2, and the market price of common shares is $46, what is the price-earnings ratio on common stock for Year 2 (rounded to two decimal places)? a.2.02 b.10.78 c.10.63 d.22.77
The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross profit Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Long-term debt (interest rate: 10%) Common shares (6,000 shares) Retained earningst Year 2 Year 1 $367,950 $310,000 312,178 262,000 55,780 48,000 37,410 33,400 18,370 6,310 14,600 4,800 $ 12,060 $ 9,800 $ 4,270 $ 8,400 16,830 48,350 29,810 $ 99,260 $ 11,820 40,480 24,000 22,960 20,000 42,000 25,000 $ 95,400 $14,200 39,200 24,000 18,000 Required: 1 Complete the following columns for each item in the comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places, Le., 0.1243 should be…
Weat. Sub: accounting
Gerardo Company had a net income of $75,000 and other comprehensive income of $12,500 for the year. On January 1, the retained earnings balance was $525,000 and the accumulated other comprehensive income balance was $55,000. a. Determine the comprehensive income for the year. B. Determine the retained earnings balance on December 31. C. Determine the accumulated other comprehensive income on December 31.