On January 1, 2013, Sam invested capital of $500,000 into his newly formed corporation. That year, the corporation generated $70,000 of net income. In 2014, the corporation generated $90,000 of net income and paid out $30,000 in dividends. Determine the ending stockholders' equity balance at the end of 2014. a. $630,000 b. $600,000 c. $650,000 d. $660,000
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On January 1, 2013, Sam invested capital of $500,000 into his newly formed corporation. That year, the corporation generated $70,000 of net income. In 2014, the corporation generated $90,000 of net income and paid out $30,000 in dividends. Determine the ending
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- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Harrison Company owns 20,000 of the 50,000 outstanding shares of Taylor, Inc. common stock. During 2015, Taylor earns $1,200,000 and pays cash dividends of $1,000,000. If the beginning balance in the investment account was $625,000. the balance at December 31, 2015, should be A. $1,025,000 B. $825,000 C. $705,000 D. $625,000
- Belton, Inc. had the following transactions in 2018, its first year of operations: Issued 37,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $21.00 per share. Earned net income of $72,000. Paid no dividends. At the end of 2018, what is the total amount of paid-in capital? A. $777,000 B. $37,000 C. $849,000 D. $72,000Prince Corporation's accounts provided the following information at December 31, 2019: Total income since incorporation $840,000 Total cash dividends paid 260,000 Total value of stock dividends distributed 60,000 Additional paid-in capital from treasury stock 140,000 What should be the current balance of retained earnings? a.$670,000 b.$580,000 c.$610,000 d.$520,000In 2023, Chen Corporation purchased treasury stock with a cost of $54,000. During the year, the company declared and paid dividends of $12,000 and issued bonds payable for $900,000. Net cash provided by financing activities for 2023 is: A. $834,000. B. $900,000. C. $846,000. D. $888,000.
- dont uplode any imagesDo not give image format5 On January 1, 2018 ,Herron Corporation purchased 5,000 shares of treasury stock. Other information regarding Herron Corporation is provided as follows. Compute (a) return on common stockholders' equity for each year, and (b) discuss the changes in each. 2018 2017 Net income $100,000 $110,000 Dividends on preferred stock $ 30,000 $ 30,000 Dividends on common stock $ 25,000 $ 15,000 Weighted-average number of common shares outstanding 45,000 50,000 Common stockholders' equity beginning of year $750,000 $685,000 Common stockholders' equity end of year $795000 $750,000 [2017 (Net inc. − Pref. stk.) ÷ Ave. com. stkhldrs’ equity] [2017 ($110,000 − $30,000) ÷ (($685,000 + $750,000) ÷ 2)]
- 1.How much is the Retained earnings, end - UNAPPROPRIATED? 2.How much is the total shareholders' equity at year-end?Deerborn Manufacturing Co. completed the following transactions during 2024: (Click the icon to view the transactions. Read the requirements. Nov. 30 Cash Paid-In Capital from Treasury Stock Transactions Retained Earnings Treasury Stock-Common Sold treasury stock below cost. Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity 1,200 1,000 200 Deerborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity 2,400 Requirements 1. Record the transactions in Deerborn's general journal. 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000. Requirement 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume…1. How much is the Retained earnings, end - UNAPPROPRIATED? 2. How much is the total shareholders' equity at year-end? 3. What is the number of outstanding ordinary shares?
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