These financial statement items are for Wildhorse Co. at year-end, July 31, 2017.Salaries and wages payable$ 3,880Salaries and wages expense59,200Supplies expense17,000Equipment20,300Accounts payable4,100Service revenue67,800Rent revenue9,900Notes payable (due in 2020)2,900Common stock16,000Cash30,900Accounts receivable10,880Accumulated depreciation-equipment7,600Dividends4,000Depreciation expense5,600Retained earnings (beginning of the year)35,700 Prepare a retained earnings statement for the year. Wildhorse Co. did not issue any new stock during the year.Wildhorse Co.Retained Earnings Statement$1

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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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Retained Earnings Tigress Manufacturing had beginning retained earnings of $650,000. During the year, Tigress paid cash dividends of $70,000 to preferred stockholders and $55,000 to common stockholders. Net income for the year was $340,000. Required: 1. Reproduce the Retained Earnings T-account for the year starting with the beginning balance. Retained Earnings Beginning balance fill in the blank e10d4df99074f8a_1 Preferred dividends fill in the blank e10d4df99074f8a_2 Common dividends fill in the blank e10d4df99074f8a_3 Net income fill in the blank e10d4df99074f8a_4 Ending balance fill in the blank e10d4df99074f8a_5 2. Determine what Tigress's ending retained earnings is assuming that during the year it discovers that net income was overstated by $13,000 in prior years due to an error. The error was corrected and the current year's net income is correct. Ending Retained Earnings $fill
13. Accounts receivable turnover (assume all sales are on account) 14. Average collection period
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $35,000 income from continuing operations and an $7,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 7,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include earnings per share information. Round earnings per share computations to PALLEST CORPORATION > Income Statement (Partial) For Year Ended December 31, Current Year Pretax income from continuing operations Income tax expense Income from continuing operations Loss from discontinued operations (net of taxes) Net Income Components of Income. Income from continuing operations Loss from discontinued operations Net income Check My Work 00000-000 -10,500 3 more Check My Work uses remaining nearest…
Total assets Notes payable (6% interest) Common stock Preferred 2.5% stock, $100 par (no change during year) Retained earnings 20Y7 $5,200,000 2,500,000 250,000 Return on total assets December 31 20Y6 $5,000,000 2,500,000 250,000 500,000 1,222,000 500,000 1,574,000 < The 20Y7 net income was $411,000, and the 20Y6 net income was $462,500. No dividends on common stock were declared between 201 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. 20Y7 a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. Round percentages to one decimal place. 19.13 % X % 20Y5 $4,800,000 2,500,000 250,000 Return on stockholders' equity Return on common stockholders' equity h The profitability ratios indicate that the company's profitability has deteriorated % 500,000 750,000 20Y6 94.0 X % % % ✓. Because the return on common
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
Question - Calculates the weighted average numbers of common shares for the year do not give solution in image
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The total assets and liabilities of Robot Company at January 1 and December 31, 2020 are presented below. January 1 December 31 Assets $76,000 $112,000 Liabilities 26,000 28,800 Question: a.) Assume dividends of $10,800 were paid and no additional stock was issued during the year. Revenues were $110,000. Compute (a) net income, and (b) expenses. b.) Assume additional stock was issued for $4,800 and no dividends were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues. c.) Assume additional stock was issued for $62,000 and dividends of $15,600 were paid during the year. Compute net income. d.) Assume additional stock was issued for $6,000, and net income was…
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…
selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 10,000 depreciation expense were overstated by a pretax amount of Tax rate 30% Based on the data above, Retained Earnings at December 31, 2020 was: * $951,920 $952,220 $948,920
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
View Policies Current Attempt in Progress The shareholders' equity accounts of Sandhill Inc. at December 31, 2023, are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 5,000 issued Common shares, unlimited number authorized, 140,000 issued Retained earnings Accumulated other comprehensive loss Sandhill has a 35% income tax rate. During the following fiscal year ended December 31, 2024, the company had the following transactions and events: Feb. July Dec. 1 Repurchased 10,000 common shares for $40,000. Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. 12 1 $500,000 700,000 550,000 (48,000) Dec. 18 Dec. 31 Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2025, payable on January 31, 2025, Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12. 2025. The fair value of the common…

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