HelpSave & ExitThe changes in account balances for Elder Company for 2021 are as follows:AssetsCommon stockLiabilitiesPaid-in capital-excess of par$480,000 debit250,000 credit160,000 credit30,000 creditAssuming the only changes in retained earnings in 2021 were for net income and a $50,0o00 dividend, what was net income for 2021?Multiple Choice$60,000.$70,000.$40,000.Next >27 of 39

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Description: HelpSave & ExitThe changes in account balances for Elder Company for 2021 are as follows:AssetsCommon stockLiabilitiesPaid-in capital-excess of par$480,000 debit250,000 credit160,000 credit30,000 creditAssuming the only changes in retained earnings

Retained earnings represent the income earned by the company that accumulated over a period of time.…

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The changes in account balances for Elder Company for 2021 are as follows: Assets. $480,000 debit Common stock 250,000 credit 160,000 credit 30,000 credit Liabilities Paid-in capital-excess of par

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 changes in account balances for Elder Company for 2021 are as follows: Assets $ 480,000 debit Common stock 250,000 credit Liabilities 160,000 credit Paid-in capital-excess of par 30,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a $50,000 dividend, what was net income of 2021? 1. A) $40,000. 2. B) $60,000. 3. C) $70,000. 4. D) $90,000. O A O B O D
Given the following information, what is the ratio of liabilities to stockholders’ equity?
Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC.BALANCE SHEETDECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain…
Quality Instruments had retained earnings of $320,000 at December 31, 2020. Net income for 2021 totaled $215,000, and dividends declared for 2021 were $95,000. How much retained earnings should Quality report at December 31, 2021? OA. $415,000 OB. $440,000 OC. $320,000 OD. $535,000
The following is a summary of information presented on the financial statements of a company on 31 December 2020. Account 2020 2019 Current assets $68,000 $52,000 Accounts receivable 84,000 80,000 Inventory 52,000 41,000 Current liabilities 76,000 49,000 Non-current liabilities 32,000 55,000 Share capital 51,000 42,000 Retained earnings 45,000 27,000 Sales revenue $526,000$501,000 Cost of sales 402,000 400,000 Gross profit $124,000$101,000 Selling expenses 47,000 51,000 Profit before income tax $77,000 $50,000 Income tax expense 24,000 $16,900 Profit $53,000 $33,100 What would a horizontal analysis report show with respect to Current liabilities? Select one: a. a 35.53% increase in Current Liabilities O b. Current Liabilities are 37.25% of total capital. O c. a 55.1% increase in Current Liabilities O d. a current ratio of 0.89
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The balance sheet for Munoz Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $ 235,000 762,000 $997,000 $160,000 457,000 617,000 380,000 $997,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) ace Working capital Current ratio Debt to assets ratio