QS 3-28 (Algo) Preparing a statement of retained earnings LO C2J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $23,500. During thecurrent year, the company paid $12,400 in cash dividends. Clancy Consulting reports net income of $49,100 for the current year.Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31.CLANCY CONSULTINGStatement of Retained EarningsRetained earnings, December 31 prior yearRetained earnings, Dec. 31 current year

Statement of retained earnings :— It is one of the types of financial statements that shows change…

Answered: QS 3-28 (Algo) Preparing a statement of…

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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Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January 1, 20Y3 $485,300 Net income 53,400 Cash dividends declared 9,600 Stock dividends declared 18,200 Prepare a retained earnings statement for the year ended December 31, 20Y3. Sumter Pumps Corporation Retained Earnings Statement For the Year Ended December 31, 20Y3
Question No.2 Wahid Company Limited is registered with an authorized capital of 2,000,000 divided into ordinary share of Rs.10 each. The company books showed the following balances on December 31, 2019 are as follows: Debit Credit Title of Account Rs. Rs. Cash at Bank Accounts Rec eivable Allowance for Bad Debts Prepaid Rent Merchandise Inventory (Beg) Machinery Accumulated Depreciation |(Machinery) Accounts Payable Accrued Rent Mortgage Notes Payable Share Capital Retained Earning 8,000 26,000 2,000 400 5,200 560,000 68,000 28,000 1,000 133,400 380,000 48,700 180,000 Sales Purchases Salaries Expense Transportation-in Rent Expense Auditor's Fee 180,000 22,000 18,000 17,000 4,500 841,100 841,100 Total Data for Adjustment: I. Rent Payable Rs.100 II. Merchandise Inventory Rs.88,000 III.Depreciation Expense for the year Rs.16,000 IV.Appropriate Rs, 8,000 for Plant Extension and Rs. 18,000 for Contingencies Required: A. Prepare Income Statement B. Prepare Statement of Retained Earning C.…
Retained Earnings Statement Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 $650,200 Net income 71,500 Cash dividends declared 12,900 Stock dividends declared 24,300 Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2. Pressure Pumps CorporationRetained Earnings StatementFor the Year Ended January 31, 20Y2 $Retained Earnings, February 1, 20Y1 $Net Income Dividends Declared Increase in Retained Earnings $Retained Earnings, January 31, 20Y2
QUESTION 6 Bodie Corporation reported the following amounts in its financial statements: $58,560 $113,099 $74,044 Retained earnings, Jan. 1, 2018 Retained earnings, Dec. 31, 2018 Net income, 2018 What were the dividends declared and paid in 2018? $
Computing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000 Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020). b. Operating income (2020). c. Net…
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Home work question accounting intermediate 11 stock and bonds journal entry on jan 1 2020 Thompson had 2 equity investment # of shares owned 200 cost per share $17 mkt value per share 12/31/2019 $23 what is journal entry
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Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3: Retained earnings, January 1, 20Y3 $509,400 Net income 71,300 Cash dividends declared 12,800 Stock dividends declared 24,200 Prepare a retained earnings statement for the year ended December 31, 20Y3. Retained earnings, January 1, 20Y3 Net Income Dividends Change in retained earnings Retained earnings, December 31, 20Y3
Retained Earnings Statement Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1 $650,200 Net income 71,500 Cash dividends declared 12,900 Stock dividends declared 24,300 Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2. Pressure Pumps CorporationRetained Earnings StatementFor the Year Ended January 31, 20Y2 $- Select - $- Select - - Select - - Select - $- Select -
Obj. 3, Obj. 4, 5 The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December EXCEL TEMPLATE 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Retained earnings, January 1.. Net income Total . $3,704,000 $3,264,000 600,000 550,000 $4.304,000 $3,814,000 Dividends: On preferred stock On common stock. Total dividends..... Retained earnings, December 31 $ 10,000 100,000 $ 110,000 $3,704,000 $ 10,000 100,000 § 110,000 $44,194,000 + Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Sales. $10,850,000 $10,000,000 6,000,000 .. **** Cost of goods sold. Gross profit... Selling expenses . Administrative expenses. Total operating expenses Income from operations. Other income....... 5.450,000 $ 4,850,000 $ 4,550,000 $ 2,170,000 $ 2,000,000 1,627,500 $ 3,797,500 $ 3,500,000 $1,052,500 $ 1,050,000 1,500,000…
QUESTION 4 The balances following balances are extracted from the book of MCCV Berhad at 1 January 2019. RMIssued and paid up ordinary shares capital (2,000,000 units) 2,000,000Retained earnings 900,000 The following transactions occurred during the year ended 31 December 2019: i) Profit for the year ended 31 December 2019 was RM1,500,400.ii) On 20 February, the company made a rights issue of 2 ordinary share for every 10 existingordinary shares held at RM1.50 per share. All shareholders exercised their rightiii) On 1 May 2019, the company made an additional issuance of 500,000 ordinary shares atRM1.25 per share. Total applications received were 600,000 ordinary shares. 500,000ordinary shares were allotted and the excess applicants’…

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