Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. OnJanuary 1, 2024, the corporation had outstanding 104 million common shares, $1 par per share.Retained Earnings ($ in millions)DebitRetirement of 4 million common shares for$28 millionDeclaration and payment of a $0.31 pershare cash dividendDeclaration and distribution of a5% stock dividend2Required 1 Required 231269983123Complete this question by entering your answers in the tabs below.CreditBeginning balanceNet income for the yearRequired:1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year forthese transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or netloss.)2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024.Ending balanceFrom the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude'sretained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions.(Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.)Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers inmillions (i.e., 10,000,000 should be entered as 10).Show less A

Journal Entries Journal entries are used to record all the financial transactions in a business. It…

Answered: Shown below in T-account format are the…

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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On January 1, 2023, Sunland Ltd. had 498,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Mar. 1 May 1 June 1 Oct. 1 Issued 180,000 shares Issued a 10% stock dividend Acquired 195,000 common shares and retired them Issued a 2-for-1 stock split Issued 74,000 shares The company's year end is December 31. Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to 0 decimal places, e.g. 5,275.) Weighted average number of shares outstanding eTextbook and Media Assume that Sunland earned net income of $3,164,460 during 2023. In addition, it had 110,000 of 8%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2…
Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares orized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Balance, January 1 Balance, December 31 Next Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued during 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.) INFINITY MINERALS CORP. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Shares $ $1,075,000 121,000…
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The following balances were taken from the records of Cullumber Company: Common stock (1/1/20 and 12/31/20) $724, 200 Retained earnings 1/1/20 $ 161,000 Net income for 2023 181,000 Dividends declared in 2023 (41,000) Retained earnings, 12/31/20 301,000 Total stockholders' equity on 12/31/20 $ 1,025, 200 Marigold Company purchased 75% of Cullumber Company's common stock on January 1, 2021 for $901,500. The difference between implied value and book value is attributable to assets with a remaining useful life on January 1, 2023 of ten years. (a) Compute the difference between cost/(implied) and book value applying: Difference 1. Parent company theory $ 2. Economic unit theory $
SW Company provides the Equity & Liability information below for analysis. SW Company had net income of $365, 700 in 2023 and $335,800 in 2022. Equity and Liabilities 2023 2022 Share capital-common (137,700 shares issued) $ 1,417,500 $ 1,417,500 Retained earnings (Note 1) 417,700 311, 300 Accrued liabilities 10,300 6,500 Notes payable (current) 82,700 65,500 Accounts payable 59,500 179,000 Total equity and liabilities $1,987,700 $ 1,979,800 Note 1: Cash dividends were paid at the rate of $1 per share in 2022 and $2 per share in 2023. Required: 1. Calculate the return on common share equity for 2022 and 2023. (Assume total equity was $1,454,000 at December 31, 2021.) (Round your answers to 1 decimal place.) 2. Calculate the book value per shares for 2022 and 2023. (Round your answers to 2 decimal places.)
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Skysong Company's ledger shows the following balances on December 31, 2025. 6% Preferred stock-$10 par value, outstanding 20,100 shares Common stock-$100 par value, outstanding 30,300 shares Retained earnings Assuming that the directors decide to declare total dividends in the amount of $362,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. a. The preferred stock is cumulative and fully participating. (Round the rate of participation to 6 decimal places, eg0.014278. Round answers to O decimal places, e.g. 38,487.) Preferred Preferred 158,870 Preferred b. The preferred stock is noncumulative and nonparticipatine. (Round answers to 0 decimal places, eg. 38,487.) 12060 Common 76712 Common 203130 $201.000 3,030,000 664,000 c. The preferred stock is noncumulative and is participating in distributions in excess of a 8% dividend rate on the common stock. (Round the rate of…
Centipede Ltd. reported $1,558,200 net income for the year ended December 31, 2023 and paid preferred dividends of $45,800 on December 31, 2023. The following changes in common shares outstanding occurred during the year: 1-Jan 1-Apr 1-Jul 1-Sep 1-Nov 213,000 common shares were outstanding Issued 50,000 common shares Declared and issued a 10% common share dividend Repurchased and retired 12,000 common shares Issued a 3:1 stock split Required: Show all of your calculations in this spreadsheet EPS Question 2.xlsx so that you may be awarded part marks. Save your URL below part b. a) What is the weighted average number of common shares (WACS) outstanding during 2023? (5 marks) Round WACS to nearest unit (no mal places). WACS = b) What is the company's earnings per share for the year ended December 31, 2023? (2 marks) Round EPS to 2 decimal places. PS = $ A/
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 105 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 105,000 624,000 840,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.60 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $1.9 million, but were purchased two years previously for $1.7 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2025, the…
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
Haresh

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