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Acct 102
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- Which of the following events or transactions has NO effect on retained earnings? a. Net income. b. Dividends declared. c. Other accumulated comprehensive income. d. Earnings adjustment from previous periods. Prior period adjustmentsHow would a Dividend that is declared but not yet paid be treated at year end for financial statements? Would it be placed on both the income statement and balance sheet, or just the balance sheet?A statement of retained earnings is used to explaind the change in the amount of retained earnings between two successive balance sheet dates. True ir false?
- The equity method of accounting for investments requires a.the investment to be increased by the reported net income of the investee b.the investment to be reported at its original cost c.a year-end adjustment to revalue the stock to lower of cost or market d.the investment to be increased by the dividends paid by the investeeWhich of the following shows how the year-end adjustment to recognize supplies expense will affect a company's financial statements? A. B. C. D. Assets = + - + Multiple Choice O O Balance Sheet Stockholders' Liabilities + Equity n/a n/a n/a n/a Option A Option D Option B Option C n/a n/a Revenue n/a n/a n/a n/a Income Statement Expense = Net Income n/a n/a + n/a + n/a Statement of Cash Flows n/a n/a -Operating Activity -Operating ActivityRecording of next year's sales as sales of the current year will Group of answer choices a.overstate net income of next year b.not affect retained earnings at the end of next year c.understate retained earnings at the end of the current year d.understate net income of the current year
- A company declared a cash dividend on its common stock in December 2020, payable in January 2021. Retained Earnings would Choices; increase on the date of declaration. not be affected on the date of declaration. not be affected on the date of payment. decrease on the date of payment.TRUE OR FALSE?Dividends declared is an addition to retained earnings beginning to compute for the retained earnings ending.Required information [The following information applies to the questions displayed below.] Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: • 830,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $17.00 per share. • 210,000 shares of $110 par value, 8.50% cumulative, preferred stock were authorized; 57,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1,380,000 and $2,570,000, respectively. • No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,750,000, payable on February 12, 2021, to holders of record as of January 19, 2021. Required: 1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a…
- Which one of the following equations represents retained earnings activity at the end of the year? a. Beginning Balance + Net Income + Dividends b. Beginning Balance + Cash Inflows - Dividends c. Beginning Balance + Dividends - Net Income d. Beginning Balance - Dividends + Net IncomeI need help with these please. A. Record transfer of net loss to retained earnings. B. Record transfer of net income to retained earnings. C. Record repurchase of shares for retirement. D. Record declaration of cash dividend. E. Record payment of cash dividend.How is the year-end balance of the NCI in Net Assets (NCINA) account calculated? A) Beginning-of-year NCINA + NCI's% of S's reported net income - NCI's % of Amort of Differential - NCI's% of S's dividends. B) Beginning-of-year NCINA – P's % of S's reported net income + P's % of Amort of Differential + P's % of S's dividends. C) Beginning-of-year NCINA – NCI's% of S's reported net income + NCI's % of Amort of Differential - NCI's% of S's dividends. D) Beginning-of-year NCINA + P's% of S's reported net income - P's % of Amort of Differential - P's% of S's dividends.