Question
The changes in account balances of the Rickton Corporation during 2020 are presented below: Assets $248,745...
The changes in account balances of the Rickton Corporation during 2020 are presented below:
Assets $248,745 Increase
Liabilities $95,161 Decrease
Capital stock $153,179 Increase
Additional paid-in capital $44,025 Increase
The only charge to retained earnings was for a dividend payment of $35,745.
Calculate net income for 2020.
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Increase
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Increase
(Decrease)
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$28,540
Accounts payable
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Accounts receivable (net)
(17,130)
Bonds payable
(22,600)
Inventory
51,060
Common stock
63,010
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Paid-in capital
16,480
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Increase
(Decrease) (Decrease)
Cash.....................................................
$22,000
Accounts payable............................ $28,000
Accounts receivable (net).........................
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Bonds payable................................ (14,000)
Inventory.................................................
48,000
Common shares................................ 72,000
Plant Assets (net).....................................
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The only entries in retained earnings were for net income and a
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premium 16,000
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Accounts payable
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52,000
Common stock
62,000
Plant assets (net)
57,000
Paid-in capital
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108
Beginning balance
Retirement of 6 million common shares for $37 million
6
97
Net income for the year
Declaration and payment of a $0.40 per share cash dividend
40
Declaration and distribution of a
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23
136
Ending...
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
Shown below in T-account format are the changes affecting the
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92
Beginning balance
Retirement of 5.0 million common
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3.10
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Net income for the year
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A comparative balance sheet for Carla Vista Corporation is presented below. December 31 Assets 2020 2019...
A comparative balance sheet for Carla Vista Corporation is
presented below.
December
31
Assets
2020
2019
Cash
$80,240
$25,960
Accounts receivable
96,760
77,880
Inventory
200,600
223,020
Land
83,780
129,800
Equipment
330,400
236,000
Accumulated depreciation–equipment
(87,320)
(49,560)
Total
$704,460
$643,100
Liabilities and Stockholders’ Equity
Accounts payable
$40,120
$55,460
Bonds payable
177,000
236,000
Common stock ($1 par)
193,520
193,520
Retained earnings
293,820
158,120
Total
$704,460
$643,100
Additional information:
1.
Net income for 2020 was $182,900; there were no gains or
losses.
2....
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