Mahomes Company reported the following data at the end of Its first year of operations on December 31.CashAccounts receivable$ 12,00013,00015,000EquipmentLand52,0009,000Accounts payableCommon stock45,000DividendsNet income(a) Prepare Its year-end statement of retained earnings. Hint. Retained Earnings on January 1 was $0.(b) Prepare its year-end balance sheet, using retained earnings calculated in part a.Complete this question by entering your answers in the tabs below.Required A Required BPrepare its year-end balance sheet, using retained earnings calculated in part a.MAHOMES COMPANYBalance SheetDecember 31CashAccounts receivableEquipmentLand28,00066,000AssetsTotal assets$Accounts payableTotal liabilitiesCommon stockRetained earningsLiabilitiesEquityTotal equityO Total liabilities and equity< Required A$$9,00009,00045,00038,00083,00092,000Required B >

Lets understand the basics.The balance sheet is one of the financial statements which presents or…

Answered: Mahomes Company reported 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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Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $323,520 $181,920 Property, plant, and equipment 566,160 523,020 Intangible assets 121,320 53,060 Current liabilities 242,640 144,020 Long-term liabilities 333,630 242,560 Common stock 121,320 121,280 Retained earnings 313,410 250,140 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place.
On December 31. Sulfur Corporation has the following data available: Net Income $140,000 Interest expense 20,000 Total assets at the beginning of the year 720,000 Toital assets at the end of the year 810,000 Total common stockholders' equity at the beginning of the year 440,000 Total common stockholders' equity at the end of the year 300,000 What is return on equity? A. 32.43% B. 27.03% C. 37.84% D. 15.69%
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 6. What is the book value per share at the end of this year?
At the end of the year, InstaChat Corporation reported the following: Total assets = $800,000 Total liabilities = $500,000 Common stock = $220,000 Retained earnings of $80,000 How much is total stockholders' equity? Do not include commas, dollar signs or text. Answer:
Subject: accounting
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6,400; Revenue = $13,800; Dividends = $1,450; Beginning Retained Earnings = $4,450; Ending Retained Earnings = $8,400.The amount of liabilities reported on the end-of-period balance sheet was:
The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300. The amount of liabilities reported on the end-of-period balance sheet was A. $11,200. B. $10,400. C. $13,800. D. $9,200.
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 3. What are the dividend payout ratio and the dividend yield ratio?
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…
Atl Corp reports the following amounts at the end of Year 1 Operations: Common Stock $200,000 Sales Revenue $800,000 Total assets $600,000 Dividends Declared $51,000 Total Liabilities $345,000 What are the retained earnings at the end of year and what amount of expenses were incurred during the year?

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