Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 11, Problem 11.17EX
To determine
To prepare: The retained earnings statement for the fiscal year ended January 31, 2016.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Retained Earnings Statement
Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2:
Retained earnings, February 1, 20Y1
$416,400
Net income
54,100
Cash dividends declared
9,700
Stock dividends declared
18,400
Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2.
earnings statement for the fiscal year ended January 31, 20Y2.
Pressure Pumps Corporation
Retained Earnings Statement
For the Year Ended January 31, 20Y2
Retained Earnings, February 1, 20Y1
$
Net Income
$
Dividends Declared
Increase in Retained Earnings
Retained Earnings, January 31, 20Y2
$
Retained Earnings Statement
Willow Wanderer Cameras Inc. reported the following results for the year ended October 31, 20Y9:
Retained earnings, November 1, 20Y8
$2,331,000
Net income
979,000
Cash dividends declared
85,000
Stock dividends declared
219,000
Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.
Willow Wanderer Cameras Inc.
Retained Earnings Statement
For the Year Ended October 31, 20Y9
%24
Statement of retained earnings Hayes Enterprises began 2021 with a retained earnings balance of $923,000.
During 2021, the firm earned $379,000 after taxes. From this amount, preferred stockholders were paid $45,900 in
dividends. At year-end 2021, the firm's retained earnings totaled $1,044,000. The firm had 143,000 shares of common
stock outstanding during 2021.
a. Prepare a statement of retained earnings for the year ended December 31, 2021, for Hayes Enterprises. (Note: Be
sure to calculate and include the amount of cash dividends paid in 2021.)
b. Calculate the firm's 2021 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during 2021?
a. Prepare a statement of retained earnings for the year ended December 31, 2021, for Hayes Enterprises. (Note: Be
sure to calculate and include the amount of cash dividends paid in 2021.)
The cash dividends paid on common stock are $
(Round to the nearest dollar.)
Chapter 11 Solutions
Financial & Managerial Accounting
Ch. 11 - Of two corporations organized at approximately the...Ch. 11 - A stockbroker advises a client to buy preferred...Ch. 11 - A corporation with both preferred stock and common...Ch. 11 - An owner of 2,500 shares of Simmons Company common...Ch. 11 - Prob. 5DQCh. 11 - A corporation reacquires 60,000 shares of its own...Ch. 11 - The treasury stock in Discussion Question 7 is...Ch. 11 - What are the three classifications of restrictions...Ch. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Dividends per share National Furniture Company has...Ch. 11 - Dividends per share Zero Calories Company has...Ch. 11 - Entries for issuing stock On August 26, Mountain...Ch. 11 - Entries for issuing stock On January 22, Zentric...Ch. 11 - Entries for cash dividends The declaration,...Ch. 11 - Prob. 11.3BPECh. 11 - Entries for stock dividends Olde Wine Corporation...Ch. 11 - Entries for stock dividends Antique Buggy...Ch. 11 - Entries for treasury stock On January 31,...Ch. 11 - Entries for treasury stock On May 27, Hydro...Ch. 11 - Reporting stockholders equity Using the fallowing...Ch. 11 - Reporting stockholders equity Using the following...Ch. 11 - Retained earnings statement Rockwell Inc. reported...Ch. 11 - Retained earnings statement None Cruises Inc....Ch. 11 - Earnings per share Financial statement data for...Ch. 11 - Earnings per share Financial statement data for...Ch. 11 - Dividends per share Triple Z Inc., a developer of...Ch. 11 - Dividends per share Lightfoot Inc., a software...Ch. 11 - Entries for issuing par stock On April 20,...Ch. 11 - Entries for issuing no-par stock On May 15, Helena...Ch. 11 - Issuing stock for assets other than cash On July...Ch. 11 - Selected stock transactions Alpha Sounds Corp., an...Ch. 11 - Issuing stock Willow Creek Nursery, with an...Ch. 11 - Prob. 11.8EXCh. 11 - Entries for cash dividends The declaration,...Ch. 11 - Entries for stock dividends Senior Life Co. Is an...Ch. 11 - Treasury stock transactions Mystic Lake Inc....Ch. 11 - Prob. 11.12EXCh. 11 - Prob. 11.13EXCh. 11 - Reporting paid-in capital The following accounts...Ch. 11 - Stockholders Equity section of balance sheet The...Ch. 11 - Stockholders Equity section of balance sheet...Ch. 11 - Prob. 11.17EXCh. 11 - Prob. 11.18EXCh. 11 - Prob. 11.19EXCh. 11 - Prob. 11.20EXCh. 11 - Effect of cash dividend and stock split Indicate...Ch. 11 - Selected dividend transactions, stock split...Ch. 11 - Prob. 11.23EXCh. 11 - Prob. 11.24EXCh. 11 - Prob. 11.25EXCh. 11 - Dividends on preferred and common stock Sunbird...Ch. 11 - Stock transactions for corporate expansion On...Ch. 11 - Selected stock transactions The following selected...Ch. 11 - Entries for selected corporate transactions Morrow...Ch. 11 - Entries for selected corporate transactions...Ch. 11 - Prob. 11.1BPRCh. 11 - Stock transaction for corporate expansion Pulsar...Ch. 11 - Selected stock transactions Diamondback Welding ...Ch. 11 - Prob. 11.4BPRCh. 11 - Prob. 11.5BPRCh. 11 - Prob. 11.1CPCh. 11 - Prob. 11.2CPCh. 11 - Issuing stock Epstein Engineering Inc. began...Ch. 11 - Prob. 11.4CPCh. 11 - Prob. 11.5CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Statement of Retained Earnings Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Required Prepare a statement of retained earnings for the year ended December 31, 2016.arrow_forwardRetained Earnings Statement Willow Wanderer Cameras Inc. reported the following results for the year ending October 31, 20Y9: Retained earnings, November 1, 20Y8 $2,120,000 Net income 720,800 Cash dividends declared 61,000 Stock dividends declared 156,000 Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9. cash/net income/retained earning, oct 31 20y9/retained earnings, nov 1 20y8/accounts receivable/dividends declared/ Willow Wanderer Cameras Inc. Retained Earnings Statement For the Year Ended October 31, 20Y9 $ $ $arrow_forwardmi.0arrow_forward
- Retained Earnings Statement Rolt Company began 2016 with a $150,000 balance in retained earnings. During the year, the following events occurred: 1. The company earned net income of $74,000. 2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $8,470 after related income taxes of $3,630. 3. Cash dividends totaling $15,000 and stock dividends totaling $20,000 were declared. 4. One thousand shares of callable preferred stock that originally had been issued at $110 per share were recalled and retired at the beginning of 2016 for the call price of $120 per share. 5. Treasury stock (common) was acquired at a cost of $16,000. State law requires a restriction of retained earnings in an equal amount. The company reports its retained earnings restrictions in a note to the financial statements. Required: 1. Prepare a statement of retained earnings for the year ended December 31, 2016. ROLT COMPANY Statement of Retained…arrow_forwardDetermine the Retained Earnings balance on December 31, 2015 based on the following: 2014 Revenues: $1,500,000 2016 Revenues: $1,800,000 Retained Earnings Balance (December 31, 2014): $380,000 2015 Expenses: $1,200,000 Total Liabilities: $285,000 Total Current Asset: $900,000 Dividend rate: 20% of net income. A : $620,000 B : $1,280,000 C : $500,000 D : $860,000arrow_forwardWhat is the retained earnings balance on January 1,2019 before restatement? AL Company provided the following information for the year ended December 31, 2019 PROFIT 2,000,000 TOTAL ASSESTS 14,950,000 SHARE CAPITAL 5,600,000 SHARE PREMIUM 2,400,000 DIVIDENDS EARNED 1,200,000 PRIOR PERIOD ADJUSTMENT FOR 2018 OVER DEPRECIATION 500,000 The debt to equity ration is 30% at December 31,2019arrow_forward
- Prepare a statement of retained earnings for 2019arrow_forwardComputing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000 Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020). b. Operating income (2020). c. Net…arrow_forwardForecast an Income Statement Following is the income statement for Medtronic PLC for the year ended April 29, 2016. Consolidated Statements of Income Apr. 29, 2016 Net sales $29,721 Costs and expenses Cost of products sold 9,214 Research and development expense 2,224 Selling, general, and administrative expense 9,469 Special charges (gains), net 70 Restructuring charges, net 290 Certain litigation charges, net 26 Acquisition-related items 283 Amortization of intangible assets 1,931 Other expense, net 107 Operating profit 6,107 Interest expense, net 955 Income from operations before income taxes 5,152 Provision for income taxes 979 Net income $4,173 Use the following assumptions to prepare a forecast of the company's income statement for FY2017. Net sales increase 18% Cost of products sold 31.7% of net sales Research and development expense 7.7% of net sales Selling, general, and administrative expense 32.8% of net sales…arrow_forward
- what is the return in assets for each year?arrow_forwardFinancial Accountingarrow_forwardNet income Dividends Addition to retained earnings $ 86,110 $ 26,694 59,416 CROSBY, INCORPORATED Balance Sheet as of December 31, 2023 Assets Current assets Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory Total $ 21,840 44,780 103,960 Accounts payable Notes payable $ 170,580 Fixed assets Net plant and equipment $ 435,000 Total assets Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total $ 56,000 15,200 $ 71,200 $ 142,000 $ 120,500 271,880 $ 392,380 $ 605,580 Total liabilities and owners' equity $ 605,580 If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 20 percent growth rate in sales? Note: Do not round intermediate calculations. EFNarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Dividend explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=Wy7R-Gqfb6c;License: Standard Youtube License