Do fast answer of this question general accounting question On March 1, 2022, Palona Corporation's balance sheet had thefollowing information: Total Assets $600,000; Total Liabilities$450,000; Total Stockholders' Equity $150,000. During the month ofMarch, Palona Corporation earned revenues of $150,000 and incurredexpenses of $40,000. Dividends declared during March were $30,000.The dividends will be paid in April. No other capital transactionsoccurred. What amount did Palona Corporation's total stockholders'equity increase by in March?

Step 1: Define Stockholders' EquityStockholders' Equity represents the ownership interest of…

Answered: On March 1, 2022, Palona Corporation's…

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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As of December 31, 2023, Ajax Corporation reported the following: Salaries payable $25,000; Treasury stock $400,000; Paid-in capital--share repurchase $27,000; Accounts Receivable $54,000; Other paid-in capital accounts $3,600,000; Retained earnings $3,010,000; and a debit balance in Accumulated other comprehensive income of $29,000. During 2024, half of the treasury stock was resold for $240,000; net income was $714,000; cash dividends declared were $750,000; and stock dividends of $450,000 were declared and distributed (no fractional shares). Hint: Use a T-account to help you organized these facts. What would total shareholders' equity be as of December 31, 2024?
Working capital: Winston Electronics reported the following information at its annual meetings. The company had cash and marketable securities worth $1,236,761, accounts payables worth $4,159,857, inventory of $7,122,108, accounts receivables of $3,488,872, notes payable worth $1,152,718, and other current assets of $121,748. What is the company’s net working capital?
During 2019 Sasha Corporation reported a net income of $1,529,500. On January 1, 2020, Sasha had 350,000 shares of common stock outstanding, and issued an additional 210,000 shares of common stock on October 1. The company has a simple capital structure. Determine the weighted-average number of common shares outstanding and compute the earnings per share.
The below transactions are for Jenolan Ltd. for the year ended 30 June 2022. 1. Net profit for the year was $3 500 000. 2. At a meeting in May 20220, the directors resolved to transfer the amounts specified below from retained earnings to: (a) contingencies reserve, $2 000 000, and (b) general reserve, $800 000. 3. Three years ago, the company had established an exchange fluctuation reserve with $9 000 000 from its retained earnings account, but now that it had withdrawn from international trade, the directors resolved that this reserve was no longer required. 4. An interim dividend of $400 000 had been paid in January 2022. 5. At the June 2022 meeting the directors declared a final dividend of $600 000 to be paid in 3 months’ time. Note: The beginning balance of the Retained Earnings account was $3 600 000. Required: Based on the information above, show the Retained Earnings for the firm at 30 June 2022 in a narrative form.
Sandhill Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,158,300, accounts receivables of $3,469,000, short-term notes payable worth $1,128,000, and other current assets of $121,455. What is the company's net working capital?Excel Template(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.) Net working capital $enter the Net working capital in dollars
On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000. During 2020, the shareholders' equity was affected by: Adjustment to retained earnings for the overstatement of 2019 net income: P17,500 Cash dividend declared and paid in 2020: 10% Net income of 2020: P65,000 The share capital of P1,000,000 remained unchanged during the year. What is the balance of retained earnings on January 1, 2020? a. P295,000 b. P360,000 c. P260,000 d. P312,500
Nash's Trading Post, LLC issued 14800 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $36000 and issued long-term notes payable of $326000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows?
Detroit Inc reported the following ($ in thousands) as of December 31, 2021. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 2,500 Common stock 3,400 Paid-in capital—share repurchase 1,900 Treasury stock (at cost) 220 Paid-in capital—excess of par 30,300 During 2022 ($ in thousands), net income was $9,100; 25% of the treasury stock was resold for $510; cash dividends declared were $700; cash dividends paid were $450. What ($ in thousands) was shareholders' equity as of December 31, 2022?
Terrance Corporation ended its fiscal year on September 30, 2021, with cash of $76 milion, accounts receivable of $28 million, property and equipment of 529 milion, and other long-term assets of $16 million The company's labebes consist of accounts payatle of $35 mition and long-term notes payable of $10 milion Terrance Corporation has total stockholders equity of 596 millon, of this total, common stock is $34 mon Solve for the company's ending retained eamings and then prepare Terrance Corporation's balance sheet at September 30, 2021 Use a proper heading on the balance sheet (2 million Terrance Corporation's ending retained earnings balance is Now prepare Terrance Corporation's balance sheet at September 30, 2021 Use a proper heading on the balance sheet Start with the heading and then complete the assets section of the statement Finally, complete the abilities and stockholders equity section of the statement (Enter at amounts in milions Classify the balance sheet by selecting the…
Create a Balance sheet for this information given:
BI's income for the year ended December 31, 2021 was $ 4,000,000. This was earned evenly over the year. In addition BI paid dividends of $ 300,000 each on March 31, June 30, September 30 and December 31, 2021 to their shareholders of records on that date. The inventory on July 1, 2021 was 75% sold as of December 31, 2021. Required. For the investment in AI 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the journal entries for DC for all of 2021. For the investment in BI 3. Using IFRS prepare the journal entries for DC for 2021. 4. Using ASPE prepare the joumal entries for DC for 2021 for all options available under ASPE.
The December 31, 2021, balance sheet of Chen, Incorporated, showed $140,000 in the common stock account and $2,650,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed $150,000 and $2,950,000 in the same two accounts, respectively. The company paid out $145,000 in cash dividends during 2022. What was the cash flow to stockholders for the year? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Cash flow to stockholders

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