Homework Help is Here – Start Your Trial Now!
Business
Accounting
The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Net income Deduct: Cash dividend. Retained earnings, December 31 i View transaction list i No 1 Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held as a short-term investment) Sale of treasury stock (cost $52 million) Required: For the transactions that affected Larson's retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 2 4 5 Event 1 2 4 5 View Journal entry worksheet Net income Retained earnings Retained earnings Short-term investments. Preferred stock Cash Retained earnings Treasury stock $215 88 General Journal (24) (12) (9) (12) $246 Debit 88 Credit 88 52 ******** i

The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Net income Deduct: Cash dividend. Retained earnings, December 31 i View transaction list i No 1 Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held as a short-term investment) Sale of treasury stock (cost $52 million) Required: For the transactions that affected Larson's retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 2 4 5 Event 1 2 4 5 View Journal entry worksheet Net income Retained earnings Retained earnings Short-term investments. Preferred stock Cash Retained earnings Treasury stock $215 88 General Journal (24) (12) (9) (12) $246 Debit 88 Credit 88 52 ******** i

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Solve all question
Please give workings
Do not give solution in image
The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings. For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Net income Deduct: Cash dividend Retained earnings, December 31 i 1 View transaction list View Journal entry worksheet No 1 Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held Required: For the transactions that affected Larson's retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 2 as a short-term investment) Sale of treasury stock (cost $52 million) i 4 5 Event 1 2 4 5 Net income Retained earnings Retained earnings Short-term investments Preferred stock Cash Retained earnings. Treasury stock $215 88 (24) (12) General Journal (9) (12) $246 Debit 88 Credit 88 52 Ⓒ
Transcribed Image Text:The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings. For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Net income Deduct: Cash dividend Retained earnings, December 31 i 1 View transaction list View Journal entry worksheet No 1 Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held Required: For the transactions that affected Larson's retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 2 as a short-term investment) Sale of treasury stock (cost $52 million) i 4 5 Event 1 2 4 5 Net income Retained earnings Retained earnings Short-term investments Preferred stock Cash Retained earnings. Treasury stock $215 88 (24) (12) General Journal (9) (12) $246 Debit 88 Credit 88 52 Ⓒ
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS