Dividends and treasury stockеВook5. PE.13.05A.BLANKSHEET6. PE. 13.05BRetained Earnings StatementPressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2:7. PE.13.06ARetained earnings, February 1, 20Y1$29,842,0008. PE.13.06BNet income4,082,000Cash dividends declared500,0009. PE.13.07A.BLANKSHEETStock dividends declared1,301,00010. PE.13.07BPrepare a retained earnings statement for the fiscal year ended January 31, 20Y2.11. EX.13.13Pressure Pumps CorporationRetained Earnings Statement12. EX.13.14For the Year Ended January 31, 20Y2Retained Earnings, February 1, 20Y1Net Income13. EX.13.1529,842,0004,082,00014. EX.13.17Dividends Declared1,301,000 x15. EX.13.18Increase in Retained Earnings500,000 x32,123,00016. EX.13.19Retained Earnings, January 31, 20Y217. EX.13.20Feedback18. EX.13.22V Check My WorkRecall the statement of owner's equity and items that caused a change in value of the owner.19. PR.13.03A.BLANKSHEETCheck My WorkPreviousNext>Progress: 17/19 items

The income statement (retained earnings statement) is a financial statement that summarizes a…

Answered: Retained Earnings Statement Pressure…

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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Noric Cruises Inc. reported the following results for the year ended October 31, 20Y9:Retained earnings, November 1, 20Y8 $12,400,000Net income 2,350,000Cash dividends declared 175,000Stock dividends declared 300,000Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.
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…
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year $300,630 $170,750 Current assets 510,160 478,100 Property, plant, and equipment 100,210 34,150 Intangible assets 191,310 116,110 Current liabilities 373,510 280,030 Long-term liabilities Common stock 81,990 75,130 Retained earnings 264,190 211,730 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Alvaraz Company Comparative Balance Sheet For the Years Ended December 31 Previous year Previous year Current year Percent Current year Amount Amount Percent Current assets $300,630 $170,750 Property, plant, and equipment 510,160 478,100 100,210 34,150 Intangible assets Total assets $911,000 $683,000 Current liabilities…
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
Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. (Amounts to be deducted should be indicated by a minus sign.) Cash dividends declared and paid in current year Retained earnings at December 31, prior year Net income in current year Tidal Company Statement of Retained Earnings For Current Year Ended December 31 $ 8,800 61,600 34,600
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
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 -
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $289,000 $172,260 Property, plant, and equipment 467,500 427,460 Intangible assets 93,500 38,280 Current liabilities 204,000 114,840 Long-term liabilities 306,000 229,680 Common stock 76,500 82,940 Retained earnings 263,500 210,540 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Alvaraz Company Comparative Balance Sheet For the Years Ended December 31 CurrentyearAmount CurrentyearPercent PreviousyearAmount PreviousyearPercent Current assets $289,000 fill in the blank 1% $172,260 fill in the blank 2% Property, plant, and equipment…
Retained Earnings Statement Willow Wanderer Cameras Inc. reported the following results for the year ended October 31, 20Y9: Retained earnings, November 1, 20Y8 $2,331,000 Net income 979,000 Cash dividends declared 85,000 Stock dividends declared 219,000 Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9. Willow Wanderer Cameras Inc. Retained Earnings Statement For the Year Ended October 31, 20Y9 %24
View Policies Current Attempt in Progress Wildhorse Company reported retained earnings at December 31, 2021, of $318,500. Wildhorse had 198,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022. 1. 2. 3. A cash dividend of $0.70 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price per share was $14 per share. Net income was $283,000. Compute the ending balance in retained earnings at the end of 2022. Retained earnings SA
Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $618,000 $300,000 Current maturities of serial bonds payable 550,000 550,000 Serial bonds payable, 10% 2,480,000 3,030,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,000,000 1,010,000 Retained earnings 3,470,000 2,750,000 The income before income tax expense was $757,500 and $662,800 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have improved and the…
Retained Earnings Statement Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows: Net income for November $93,500 Cash dividends paid during November 7,000 Retained earnings, November 1, 2018 2,940,000 a. Prepare a retained earnings statement for the month ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Healthy Products Company Retained Earnings Statement For the Month Ended November 30, 2018 $fill in the blank 0079c8fa300c05b_2 $fill in the blank 0079c8fa300c05b_4 fill in the blank 0079c8fa300c05b_6 fill in the blank 0079c8fa300c05b_8 $fill in the blank 0079c8fa300c05b_10 b. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet? To arrive at the number of shares outstanding. To calculate the net income for the year. To calculate the ending…

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