Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 5, Problem 5.16BE
Computation of Contributed Capital. Using the information from BE5-17 what is the amount of Taxi Cabs contributed capital at the end of the year?
BE5-17 Computation of
Retained Comings | $1,250,000 |
Common Stock, $1 Par (200,000 Shares) | $ 200,000 |
Additional Paid-in-Capital in Excess of Par-Common | $ 775,000 |
Accumulated other Comprehensive Income | $ 345,000 |
It reported the following information for the current year | |
Net Income | $140,000 |
Unrecognized Pension Costs | $ (67,000) |
Dividends Declared | $ 10,000 |
Issued 50.000 Shares of Common Stock for $125,000 | $125,000 |
Unrealized Losses on Available-for-Sale Investments | $(22,000) |
Foreign Currency Translation Adjustments—Gain | $ 13,000 |
What is the balance in the retained earnings account at the end of the year?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Create a Balance sheet for this information given:
Subject: accounting
Calculate the retained income for the year.
Chapter 5 Solutions
Intermediate Accounting
Ch. 5 - What are the three limitations of the income...Ch. 5 - In what way is the income statement useful for...Ch. 5 - Prob. 5.3QCh. 5 - Prob. 5.4QCh. 5 - What management behavior does the term earnings...Ch. 5 - What is the difference between permanent and...Ch. 5 - Prob. 5.7QCh. 5 - Prob. 5.8QCh. 5 - Prob. 5.9QCh. 5 - Prob. 5.10Q
Ch. 5 - What are the six key items to be reported on the...Ch. 5 - Explain why operating income is an important...Ch. 5 - Prob. 5.13QCh. 5 - Prob. 5.14QCh. 5 - What items are included in net income?Ch. 5 - Are items of other comprehensive income included...Ch. 5 - What two choices must companies make when...Ch. 5 - Prob. 5.18QCh. 5 - Prob. 5.19QCh. 5 - Are companies reporting under U.S. GAAP required...Ch. 5 - What accounts are summarized on the statement of...Ch. 5 - What is financial statement analysis?Ch. 5 - Prob. 5.23QCh. 5 - What are comparative financial statements and why...Ch. 5 - What is the difference between vertical and...Ch. 5 - Prob. 5.26QCh. 5 - Explain the difference between return on equity...Ch. 5 - How is a companys profit margin calculated?Ch. 5 - Prob. 5.1MCCh. 5 - Moore Furniture Inc., a public company, has...Ch. 5 - Beach and Poole, CPA is reviewing income statement...Ch. 5 - Prob. 5.4MCCh. 5 - Allison Corporations current year income from...Ch. 5 - Prob. 5.6MCCh. 5 - Chili Co. had the following balances at December...Ch. 5 - Szuba Corporation reported the following...Ch. 5 - Prob. 5.9MCCh. 5 - Prob. 5.1BECh. 5 - Prob. 5.2BECh. 5 - Advantages and Disadvantages of the Income...Ch. 5 - Identify each of the earnings items as primarily...Ch. 5 - Income Statement Presentation. Place the...Ch. 5 - Statement of Net Income Presentation, IFRS. Which...Ch. 5 - Single-Step Statement of Net Income. Carr...Ch. 5 - Statement of Net Income, IFRS. Using the...Ch. 5 - Multiple-Step Statement of Net Income. Using the...Ch. 5 - Condensed Statement of Net Income. Using the...Ch. 5 - Prob. 5.11BECh. 5 - Prob. 5.12BECh. 5 - Prob. 5.13BECh. 5 - Prob. 5.14BECh. 5 - Computation of Retained Earnings. Taxi Cabs, Inc...Ch. 5 - Computation of Contributed Capital. Using the...Ch. 5 - Prob. 5.17BECh. 5 - Prob. 5.18BECh. 5 - Prob. 5.19BECh. 5 - Ratio Analyses. Green Grasshopper Incorporated is...Ch. 5 - Multiple-Step and Single-Step Statements of Net...Ch. 5 - Condensed Statement of Net Income. Using the trial...Ch. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Multiple-step Statement of Net Income. The current...Ch. 5 - Condensed Statement of Net Income. Using the...Ch. 5 - Multiple-step income Statement. Ciara s Cookie...Ch. 5 - Prob. 5.8ECh. 5 - Prepare Statement of Stockholders' Equity. Dane...Ch. 5 - Prepare Statement of Stockholders Equity. Ciaras...Ch. 5 - Prepare a Statement of Stockholders' Equity....Ch. 5 - Prob. 5.12ECh. 5 - Multiple-Step and Single-Step income Statement,...Ch. 5 - Condensed Income Statement. Using the information...Ch. 5 - Multiple-step, Single-step, and Condensed...Ch. 5 - Statement of Net Income Presentation. IFRS....Ch. 5 - Income Statement Presentation, Classification, and...Ch. 5 - Multiple-step, Single-step, and Condensed...Ch. 5 - Statement of Comprehensive Income Single-and...Ch. 5 - Prepare Statement of Stockholders Equity. Use the...Ch. 5 - Prob. 5.9PCh. 5 - Prob. 1JCCh. 5 - Prob. 1FSACCh. 5 - Prob. 2FSACCh. 5 - Prob. 1SSCCh. 5 - Surfing the Standards Case 2: Amounts Paid by...Ch. 5 - Prob. 1BCCCh. 5 - Prob. 2BCC
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
- The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.arrow_forwardQuestion: Calculate the weights of capital components based on the book value balance sheet. (answer in excel format and show input for spreadsheets)arrow_forwardAt the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current yeararrow_forward
- The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description CurrentYear PreviousYear Accounts payable $184,000 $162,000 Current maturities of serial bonds payable 240,000 240,000 Serial bonds payable, 10% 1,190,000 1,430,000 Common stock, $1 par value 60,000 60,000 Paid-in capital in excess of par 590,000 600,000 Retained earnings 2,040,000 1,630,000 The income before income tax expense was $400,400 and $350,400 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 3 Previous year…arrow_forwardHow much is the retained earnings - December 31, 2021? For the computation in your worksheet - Prepare a Statement of Changes in Equity for the year ended December 31, 2021 for Shalimar Corporation with the following columns - Share Capital, Reserves, Retained Earnings, Treasury Shares, and Total.arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forward
- a. What is the amount of total shareholders' equity?b. What is the balance of retained earnings at year-end?arrow_forwardSFP accounts of Sandhill Inc., which follows IFRS, follow: Debit accounts Cash FV-NI investments Accounts receivable Merchandise inventory Machinery Buildings Land Credit accounts Sandhill Inc. Comparative Statement of Financial Position Accounts December 31, 2023 and 2022 Allowance for expected credit losses Accumulated depreciation-machinery Accumulated depreciation-buildings Accounts payable Accrued liabilities Income taxes payable Long-term note payable-non-trade Common shares Retained earnings Additional information: 1 2 3. 4. 2023 $44,900 22,660 67,390 30,430 29,400 67,420 7,500 $269,700 $1,290 5,795 13,350 29,590 2,405 910 26,300 150,000 40,060 $269,700 2022 $33,400 40,000 59,900 24,400 Sandhill's 2023 statement of income is as follows: 18,250 56,250 7,500 $239,700 $540 2,420 8,850 24,350 1,160 1,410 Sandhill has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. 31,300 125,000 44,670 $239,700 Cash dividends…arrow_forwardCompute the amount of liabilities for Company E at the beginning of the year. End of Year $ Assets Equity, beginning of year Add: Stock issuances Add: Net income 115,920 Less: Cash dividends Equity, end of year Beginning of Year Assets $ = = = 101,010 = $ $ $ Liabilities + 91,576 + 6,500 8,642 15,142 11,000 24,344 Liabilities 101,010 + + GA $ Equity 24,344 Equityarrow_forward
- The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $175,000 $274,000 Current maturities of serial bonds payable 360,000 360,000 Serial bonds payable, 10% 1,890,000 2,250,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,070,000 1,070,000 Retained earnings 3,690,000 2,930,000 The income before income tax expense was $832,500 and $728,400 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have and the times interest…arrow_forwardThe following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous Year Accounts payable $145,000 $226,000 Current maturities of serial bonds payable 310,000 310,000 Serial bonds payable, 10% 1,590,000 1,900,000 Common stock, $1 par value 80,000 110,000 Paid-in capital in excess of par 900,000 900,000 Retained earnings 3,110,000 2,470,000 The income before income tax was $456,000 and $399,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current Year: _________ Previous Year: ________ b. Determine the times interest earned ratio for both years. Round to one decimal place. Current Year: _________ Previous Year: ________ c. The ratio of liabilities to stockholders' equity has ______ (improved/deteriorated) and the times interest earned ratio has _______…arrow_forwardFrom the following balance sheet of S Ltd as on 31st March, 2008 and 2009, prepare cash flow statement. ParticularsNote no. 31st March, 200831st March, 2009 I. Equity & Liabilities 1. Shareholder's Funds (a) Share Capital 400000700000 (b) Reserve & Surplus (bal. in statement of profit & loss) -50000-320000 2. Non-current Liabilities Long-term Borrowings (9% debentures) 200000400000 3. Current Liabilities (a)Trade Payables (creditors) 110000150000 (b)Other Current Liabilities (expenses) 1000020000 Total 670000950000 II. Assets 1. Non-current Assets (a) Fixed Assets 300000500000 (b) Non-current Investments 200000140000 2. Current Assets (a)Inventories (stock) 50000100000 (b)Trade Receivables (Debtors) 100000170000 (c) Cash & Cash Equivalents 2000040000 Total 670000950000 Additional InformationI. Included in fixed assets was a piece of machinery costing Rs 70,000 on which depreciation charged was Rs 40,000 and it was sold for Rs 30,000.II. During the year,…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License