Anderson Corporation had a credit balance of $43,000 in its
Retained Earnings account on December 31,...
Anderson Corporation had a credit balance of $43,000 in its
Retained Earnings account on December 31, 2018. Net income of
$6,000 was reported on its income statement for the year ended
December 31, 2019. Dividends in the amount of $5,625 were declared
on December 31, 2018; the dividends are payable to the company's
stockholders on February 1, 2019. The balance in its Retained
Earnings account on December 31, 2019 equals _____.
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total L&E
$5,240,000...
Grizzly Company had Retained Earnings at December 31, 2018 of
$202,000. During 2019, the company had...
Grizzly Company had Retained Earnings at December 31, 2018 of
$202,000. During 2019, the company had revenues of $402,000 and
expenses of $351,000, and the company declared and paid dividends
of $11,200. Retained earnings on the balance sheet as of December
31, 2019 will be:
$253,000.
$39,800.
$241,800.
$292,800.
Turnball Ltd. is developing financial statements for the year
ended December 31, 2019. The average income...
Turnball Ltd. is developing financial statements for the year
ended December 31, 2019. The average income tax rate is 40 percent.
The following pre-tax data are available:
Revenues
$420,000
Expenses
360,000
Gain from Discontinued Operations (pre-tax)
24,000
Unrealized foreign exchange loss on translation of foreign
subsidiary (net of tax)
10,000
Required:
Assuming all of the above items are subject to the average tax rate
of 40%, prepare a statement of Comprehensive Income (in proper
form) for the year ended December...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31,...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total...
The comparative statement of financial position of Flint
Corporation as at December 31, 2020, follows:
FLINT...
The comparative statement of financial position of Flint
Corporation as at December 31, 2020, follows:
FLINT
CORPORATION
Statement of Financial Position
December 31
December
31
Assets
2020
2019
Cash
$
50,000
$
1,400
Accounts receivable
89,200
88,800
Equipment
26,200
22,200
Less: Accumulated depreciation
(5,400
)
(11,300
)
Total
$
160,000
$
101,100
Liabilities and Shareholders’
Equity
Accounts payable
$
20,000
$
10,000
Common shares
100,000
75,700
Retained earnings
40,000
15,400
Total
$
160,000
$
101,100
Net income of $37,100 was...
3. Jet Corporation had the following balances in its
stockholders' equity accounts at December 31, 2019:...
3. Jet Corporation had the following balances in its
stockholders' equity accounts at December 31, 2019: Common Stock $5
par, 900,000 shares authorized, 80,000 shares issued, 75,000 shares
outstanding $400,000 Paid-in Capital in Excess of Par, Common Stock
1,600,000 Retained Earnings 900,000 Treasury Stock, 5,000 shares
(125,000) Total stockholders’ equity $2,775,000 The following
transactions occurred during 2020: January 2 Issued 20,000 shares
of common stock for $20 per share. May 10 Declared dividends at
$0.75 per share. June 10 paid...
As of December 31,
2018, Warner Corporation reported the following:
Dividends
payable
$
34,000
Treasury...
As of December 31,
2018, Warner Corporation reported the following:
Dividends
payable
$
34,000
Treasury
stock
740,000
Paid-in
capital—share repurchase
34,000
Other paid-in
capital accounts
5,400,000
Retained
earnings
4,400,000
During 2019, half of the treasury stock was resold for $268,000;
net income was $740,000; cash dividends declared were $1,640,000;
and stock dividends declared were $640,000.
What would shareholders' equity be as of December 31, 2019?
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31,...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31, 2019
Sales $4,000,000
Operating costs 3,200,000
EBIT $ 800,000
Interest 120,000
Pre-tax earnings $ 680,000
Taxes (25%) 170,000
Net income 510,000
Dividends $ 190,000
Balance Sheet as of December 31, 2019
Cash $ 160,000
Accounts payable $ 360,000
Receivables 360,000
Line of credit 0
Inventories 720,000
Accruals 200,000
Total CA $1,240,000
Total CL $ 560,000
Fixed assets 4,000,000
Long-term bonds 1,000,000
Total Assets $5,240,000...
Pronghorn Corp.’s statement of financial position at the end of
2019 included the following items:
Current...
Pronghorn Corp.’s statement of financial position at the end of
2019 included the following items:
Current assets
$1,275,000
Current liabilities
$994,200
Land
30,700
Bonds payable
1,281,000
Buildings
1,150,000
Common shares
192,000
Equipment
322,000
Retained earnings
189,000
Accumulated depreciation—buildings
(149,000
)
Accumulated depreciation—equipment
(12,600
)
Intangible assets—patents
40,100
Total
$2,656,200
Total
$2,656,200
The following information is available for the 2020 fiscal
year:
1.
Net income was $398,000. Interest
paid is classified as operating activities.
2.
Equipment (cost of $21,200 and
accumulated...