Terrance Corporation ended Rs focal year on September 30, 2021, with cash of 576 milion, accounts receivable of $20 million, property and equipment milion The company's abbies consal of accounts payatle of 535 mition and long term notas payable of $16 milion Terrance Corporation has total stockholders equity of 596 milions 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 1 (2 millon Terrance Corporation's ending retained earnings balance is Now prepare Terrance Corporations 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 Babilties and stockholders nguty section of the statement (Enter at amounts in milions Classity the balance sheet by selecting the proper 15e on all applicable sustotal of total ines If an input field is not used in the table inave the field empty, do not select a label or enter a zero). Current assets Assets Terrance Corporation Balance Sheet September 30, 2021 (in prisons)

Terrance Corporation ended Rs focal year on September 30, 2021, with cash of 576 milion, accounts receivable of $20 million, property and equipment milion The company's abbies consal of accounts payatle of 535 mition and long term notas payable of $16 milion Terrance Corporation has total stockholders equity of 596 milions 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 1 (2 millon Terrance Corporation's ending retained earnings balance is Now prepare Terrance Corporations 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 Babilties and stockholders nguty section of the statement (Enter at amounts in milions Classity the balance sheet by selecting the proper 15e on all applicable sustotal of total ines If an input field is not used in the table inave the field empty, do not select a label or enter a zero). Current assets Assets Terrance Corporation Balance Sheet September 30, 2021 (in prisons)

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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The statement of changes in equity of Corinthian Corp. shows the following balances as of January 1, 2021: Ordinary share capital (P5 par, 250,000 shares authorized, 137,500 issued and outstanding) Share premium Unappropriated retained earnings Appropriated retained earnings Total equity The corporation had the following equity transactions for during 2021: Jan 15 Completed the building renovation for which 250,000 of retained earnings had been P 687,500 275,000 667,500 250,000 P1.880.000 restricted. Paid the contractor P242,500, all of which is capitalized. Mar 3 Issued 50,000 additional ordinary shares for P8.00 per share. May 18 Declared a dividend of P1.50 per share to be paid on July 31, 2021, to shareholders of record on June 30, 2021. June 19 Approved additional building renovation to be funded internally. The estimated cost of the project is P200,000, and retained earnings are to be restricted for that amount. July 31 Paid the cash dividend. Dec 31 Declared a property dividend…
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Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows. Bruno CorporationPost-Closing Trial BalanceDecember 31, 2020 00 Dr. 0000 Cr. Accounts payable 00 $ 310,000 Accounts receivable $ 480,000 00 Accumulated depreciation—buildings 00 185,000 Additional paid-in capital in excess of par—common 00 1,300,000 00From treasury stock 00 160,000 Allowance for doubtful accounts 00 30,000 Bonds payable 00 300,000 Buildings 1,450,000 00 Cash 190,000 00 Common stock ($1 par) 00 200,000 Dividends payable (preferred stock—cash) 00 4,000 Inventory 560,000 00 Land 400,000 00 Preferred stock ($50 par) 00 500,000 Prepaid expenses 40,000 00 Retained earnings 00 301,000 Treasury stock (common at cost) 00.170,000 00000000. 00Totals $3,290,000 $3,290,000 At December 31, 2020, Bruno had the following number of common and preferred shares. 00 0000 Common 0000 Preferred Authorized…
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:Accounts Debit CreditCash $ 42,700Accounts Receivable 44,500Supplies 7,500Equipment 64,000Accumulated Depreciation $ 9,000Accounts Payable 14,600Common Stock, $1 par value 10,000Additional Paid-in Capital 80,000Retained Earnings 45,100Totals $ 158,700 $ 158,700During January 2021, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $14,300.January 10 Purchase…
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale in years when circumstances warrant. Ornamental’s fiscal year ends on December 31 No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $480,000 at face value. Sep. 1 Acquired $1,020,000 of American Instruments’ 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 sold the Distribution Transformers bonds for $513,000. Nov. 1 Purchase $1,480,000 of M&D Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry (s) relating to the investments. The market prices of the investments are American Instruments bonds…
ine following intormation pertains tO Alpha Computing at the ena of 2021: Assets $957,500 $452,500 $270,000 $330,000 Liabilities Net Income Common Stock Alpha Computing's Retained Earnings account had a zero balance at the beginning of 2021. What amount of dividends did the company declare 2021? Multiple Choice $96,000 $97,000 $98,000 $95.000
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An entity provided the following information on December 31, 2025: 200,000 Retained earnings unappropriated, January 1 Overdepreciation of 2014 due to prior period error Net income for 2015 100,000 1,300,000 300,000 Retained earnings appropriated for treasury shares (original balance is P500,000 but reduced by P200,000 by reason of reissuance of the treasury shares) Retained earnings appropriated for contingencies 800,000 (beginning balance P700,000 but increased by current appropriation of P100,000) Cash dividends paid to shareholders 500,000 Change in accounting policy from FIFO to average - credit 150,000 adjustment What is the balance of unappropriated retained earnings on December 31, 2025?