Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 4, Problem 4.7BE
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The Retained Earnings balance was $64,120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14,560 was issued during the year, what was the amount of dividends declared during the year?
HUD, Co, had a beginning retained earnings of $29,240. For the year, the company had net income of $6,015 and paid dividends of $2,265. The company also issued $4,015 in new stock during the year. What is the ending retained earnings balance?
ABC Corporation reported retained earnings of $1,250 on its year-end balance sheet. During the next
year, the company reported $620 in net income, and in that next year it paid out a dividend of $200.
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O $ 1,050
O $ 1,570
O $1,470
O $1,670
Chapter 4 Solutions
Intermediate Accounting (2nd Edition)
Ch. 4 - Prob. 4.1QCh. 4 - ShoeBuy uses reversing entries for events such as...Ch. 4 - What is equity? What are the three components of...Ch. 4 - Prob. 4.4QCh. 4 - Will all transactions have a dual effect on the...Ch. 4 - Prob. 4.6QCh. 4 - What is meant by the term normal balance? Provide...Ch. 4 - Why is the general journal referred to as the book...Ch. 4 - Are account balances found in the general ledger?...Ch. 4 - What is the purpose of an unadjusted trial...
Ch. 4 - Explain the difference between the accrual basis...Ch. 4 - Under the accrual basis of accounting when do...Ch. 4 - Why are adjusting journal entries made? When do...Ch. 4 - What is a deferred revenue? When will the full...Ch. 4 - What is the purpose of the adjusted trial...Ch. 4 - Which statements can be prepared from the adjusted...Ch. 4 - Prob. 4.17QCh. 4 - Jefferson, CPAs provides accounting services for a...Ch. 4 - Gates Accounting Services (GAS), a sole...Ch. 4 - Prob. 4.3MCCh. 4 - State University sold all of its basketball...Ch. 4 - Prob. 4.5MCCh. 4 - Sampson Manufacturing Company (SMC) has an empty...Ch. 4 - On July 15, Year 1, Southeastern University hired...Ch. 4 - Embree Corp. purchased a four-year insurance...Ch. 4 - The Cougars football team sells season tickets in...Ch. 4 - Prob. 4.10MCCh. 4 - Prob. 4.1BECh. 4 - Transaction Analysis. Florences Floral...Ch. 4 - Journal Entries. Using the information provided in...Ch. 4 - Transaction Analysis; Journal Entries. Cals...Ch. 4 - Transaction Analysis; Journal Entries. Using the...Ch. 4 - Journal Entries; T-accounts. Using the information...Ch. 4 - Retained Earnings. In its first year of...Ch. 4 - Retained Earnings. Using the information provided...Ch. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Closing Entries. Using the information provided in...Ch. 4 - Closing Entries. At year-end Nelsons Nursery, Inc...Ch. 4 - Closing Entries. Readers, Inc., an online...Ch. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.20BECh. 4 - Adjusting Journal Entries. Gerhard News collects...Ch. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - Transaction Analysis. The following transactions...Ch. 4 - Prob. 4.2ECh. 4 - Transaction Analysis; Journal Entries. Master Mind...Ch. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Posting to the General Ledger. Using the...Ch. 4 - Preparing Journal Entries in the General Journal....Ch. 4 - Preparing the T-accounts. Using the information...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Prob. 4.11ECh. 4 - Adjusting Journal Entries: T-accounts. Fanatical...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Adjusting Journal Entries; Adjusted Trial Balance....Ch. 4 - Preparing Financial Statements. Using the adjusted...Ch. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Closing Entries. Diane s Dairy Sales Delivery...Ch. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Journal Entries; Post to the General Ledger;...Ch. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Journal Entries; Post to the General Ledger;...Ch. 4 - Preparing the Trial Balance; Adjusting Journal...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Closing Process. Using the information in P4-6 and...Ch. 4 - Closing Process. Sherlock Locksmiths, Inc has the...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.arrow_forwardFor the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?arrow_forwardFarmington Corporation began the year with a retained earnings balance of $20,000. The company paid a total of $3,000 in dividends and earned a net income of $60,000 this year. What is the ending retained earnings balance?arrow_forward
- Stosch Company's balance sheet reported assets of $132,000, liabilities of $33,000 and common stock of $30,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $90,000 and Stosch paid a $32,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following?arrow_forwardSalamon, Inc. had Retained earnings of $400,000 on 1/1/22. The company earned $250,000 forthe year ended 12/31/22. The company declared a cash dividend of $75,000 and a stockdividend of $20,000 during the year.a. Prepare the journal entries to close net income and dividends into retained earnings.b. Prepare a Retained Earnings Statement for the year ended 12/31/22.arrow_forwardSeismic Inc. reported the following results for the year ended June 30, 20Y5: Retained earnings, July 1, 20Y4 $1,700,000 Net income 311,000 Cash dividends declared 44,000 Stock dividends declared 22,000 Required: Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A decrease to retained earnings should be entered as a negative amount.arrow_forward
- For the year ended December 31, 2006, the financial records of Planet Corp. reported the ff.: Total revenues - P801,400; total expenses - P601.100: Dividends declared - P25,600. What is the entry to close Income Summary to Retained Earnings?arrow_forwardSheridan Company started the year with $50400 in its Common Stock account and a credit balance in Retained Earnings of $37000. During the year, the company earned net income of $40300, and declared and paid $16800 of dividends. In addition, the company sold additional common stock amounting to $23500. The amount reported for ending retained earnings on the retained earnings statement would be O $110900. O $84000 O $60500. O $134400arrow_forwardWildhorse Co. started the year with $64800 in its Common Stock account and a credit balance in Retained Earnings of $47500. During the year, the company earned net income of $51800, and declared and paid $21600 of dividends. In addition, the company sold additional common stočk amounting to $30200. As a result, the balance in retained earnings at the end of the year would be O $77700. O $142500. O $107900. O $172700.arrow_forward
- For the year ending December 31, 2022, Vaughn Inc. reports net income $139,000 and cash dividends $84,500. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2022, was $219,500. Balance in retained earnings LA $arrow_forwardOn January 1, 2020, Windsor, Inc. had retained earnings of $498,000. During the year, Windsor had the following selected transactions. 1. Declared cash dividends $116,000. 2. Earned net income $343,000. 3. Declared stock dividends $58,000. Determine the retained earnings balance at the end of the year. (List items that increase retained earnings first.) Windsor, Inc.Retained Earnings Statement $ : : $ $arrow_forwardPuff Company began the year with a retained earnings balance of $50,000, reported net income for the year of $45,000, and reported ending retained earnings of $60,000. How much dividends didarrow_forward
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