On January 1, Payson Incorporated had a retained earnings balance of $36,000. During the year, Payson reported net income of $31,600 and paid cash dividends of $18,600. Calculate the retained earnings balance at its December 31 year-end. Ending retained earnings
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- On January 1, 2020, Windsor, Inc. had retained earnings of $498,000. During the year, Windsor had the following selected transactions. 1. Declared cash dividends $116,000. 2. Earned net income $343,000. 3. Declared stock dividends $58,000. Determine the retained earnings balance at the end of the year. (List items that increase retained earnings first.) Windsor, Inc.Retained Earnings Statement $ : : $ $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 $629,337 $589,332 Total investments 60,228 40,363 Total property, plant, and equipment 861,159 681,074 Total current liabilities 102,094 83,445 Total long-term liabilities 323,402 228,617 Preferred 9% stock, $100 par 95,941 95,941 Common stock, $10 par 559,966 559,966 Paid-in capital in excess of par-common stock 66,297 66,297 Retained earnings 403,024 276,503 Using the balance sheets for Kellman Company, if net income is $119,929 and interest expense is $36,940 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? Oa. 10.96% Ob. 7.73% Oc. 9.15% Od. 11.29%Kk85.
- Farmington Corporation began the year with a retained earnings balance of $15,000. The company paid a total of $3,500 in dividends and earned a net income of $56,000 this year. What is the ending retained earnings balance?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.The opening balance of retained earnings for a company was $1328424. During the year it earned a net income of $509389 and shareholders invested an additional $613909 for shares. The ending balance of retained earnings was $1645010. How much did the company pay out in dividends during the year? Select one: a. $192803 b. $0 c. $806712 d. $104520
- Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid a total of $3,000 in dividends and earned a net income of $60,000 this year. What is the ending retained earnings balance?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 $ € Required A 0 10 Required B >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
- At the beginning of the year, paid-in capital was $164 and retained earnings were $94. During the year, the shareholders invested $48 and dividends of $12 were declared and paid. Retained earnings at the end of the year were $104. Net income for the year was: A.$20 B. $22 C. $30 D. $40The 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.22.77The 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 $624,712 $551,139 Total investments 69,973 46,077 Total property, plant, and equipment 893,649 725,691 Total current liabilities 110,178 81,814 Total long-term liabilities 316,843 246,928 Preferred 9% stock, $100 par 85,948 85,948 Common stock, $10 par 586,945 586,945 Paid-in capital in excess of par-common stock 67,781 67,781 Retained earnings 420,639 253,491 Using the balance sheets for Kellman Company, if net income is $112,376 and interest expense is $42,384 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? a.10.63% b.7.08% c.8.49% d.10.43%
