Pall 2021 - Connect Saved Help Save & Exit For Year 2, the Sacramento Corporation had beginning and ending Retained Earnings balances of $173,967 and $211,900, respectively. Also during Year 2, the board of directors declared cash dividends of $25,500, which were paid during Year 2. The board also declared a stock dividend, which was issued and required a transfer in the amount of $15,500 to paid-in capital. Total expenses during Year 2 were $40,916. Based on this information, what was the amount of total revenue for Year 2? Submit Multiple Choice $145,484 $119,849 $104.349 $148,467 Ne 40 of 40 < Prev aw

Pall 2021 - Connect Saved Help Save & Exit For Year 2, the Sacramento Corporation had beginning and ending Retained Earnings balances of $173,967 and $211,900, respectively. Also during Year 2, the board of directors declared cash dividends of $25,500, which were paid during Year 2. The board also declared a stock dividend, which was issued and required a transfer in the amount of $15,500 to paid-in capital. Total expenses during Year 2 were $40,916. Based on this information, what was the amount of total revenue for Year 2? Submit Multiple Choice $145,484 $119,849 $104.349 $148,467 Ne 40 of 40 < Prev aw

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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Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $119,000 during the current year. The comparative balance sheet indicates dividends payable of $32,100 at the beginning of the year and $28,900 at the end of the year. What was the amount of cash payments to stockholders during the year?$
On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.
10 Shareholders' Equity Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $130,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Other Comprehensive Income, $23,000. Prepare the shareholders' equity section of Tinman's year-end balance sheet. Tinman Corporation Partial Balance Sheet December 31 Shareholders' Equity Contributed Capital: Common stock, $5 par Additional paid-in capital on common stock Total contributed capital Retained earnings Accumulated other comprehensive income Total Shareholders' Equity SA $ tA
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Current Attempt in Progress The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.) Sales Revenue SUNLAND CORPORATION Income Statement For the Year Ended December 31, 2022 Cost of Goods Sold tA 840,000 91,000
Denna Company's working capital accounts at the beginning of the year follow: Cash $ 50,000 Marketable securities $ 30,000 Accounts receivable, net Inventory Prepaid expenses Accounts payable $ 10,000 $ 150,000 $ 30,000 $ 20,000 During the year, Denna Company completed the following transactions: Notes due within one year Accrued liabilities x. Paid a cash dividend previously declared, $12,000. a. Issued additional shares of common stock for cash, $100,000. b. Sold inventory costing $50,000 for $80,000, on account. c. Wrote off uncollectible accounts in the amount of $10,000, reducing the accounts receivable balance accordingly. d. Declared a cash dividend, $15,000. e. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35,000. g. Sold inventory costing $15,000 for $10,000 cash. h. Purchased inventory on account, $60,000. i. Paid off all short-term notes due, $30,000. j. Purchased equipment for cash, $15,000. k. Sold marketable securities costing…
4 minutes Gross Company has 300,000 common shares outstanding on 1/1/21. During 2021, Gross undertook the following stock transactions: April 1 issued a 20% stock dividend, October 1 reacquired 10,000 shares for the treasury. Determine the weighted-average number of common shares outstanding for Gross Company. O 357,500. O 350,000. 360,000. 362,500.
A corporation has $91,000 in total assets, $30, 500 in total liabilities, and a $18,600 credit balance in retained earnings. What is the balance in the contributed capital accounts? Multiple Choice $79, 100 $49, 100 $60,500 $41,900
On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.
Silowing is selected financial information for Osmond Dental Laboratories for 2021 and 2022: 2021 2022 Retained earnings, January 1 $57,000 35,000 42,000 10,000 20,000 75,000 Net income Dividends Common stock ? Osmond issued 4,000 shares of additional common stock in 2022 for $27,000. There were no other stock transactions. Prepare a statement of stockholders' equity for the year ended December 31, 2022. (Amounts to be deducted should be indicated with minus sign.) OSMOND DENTAL LABORATORIES Statement of Stockholders' Equity For the Year Ended December 31, 2022 Total Stockholders' Common Retained Stock Earnings Equity Balance, January 1, 2022 Balance, December 31, 2022
A company issues 50,000 shares of common stock to retire 15-year bonds payable. This transaction would be reported on the statement of cash flows in O a. the cash flows from investing activities section O b. the cash flows from operating activities section O c. a separate section at the bottom O d. the cash flows from financing activities section
On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.