Rolt Company began 2016 with a $130,000 balance in retained
earnings. During the year, the following...
Rolt Company began 2016 with a $130,000 balance in retained
earnings. During the year, the following events occurred: The
company earned net income of $76,000. A material error in net
income from a previous period was corrected. This error correction
increased retained earnings by $10,360 after related income taxes
of $4,440. Cash dividends totaling $11,000 and stock dividends
totaling $18,500 were declared. One thousand shares of callable
preferred stock that originally had been issued at $105 per share
were recalled...
Retained Earnings Statement Rolt Company began 2016 with a
$145,000 balance in retained earnings. During the...
Retained Earnings Statement Rolt Company began 2016 with a
$145,000 balance in retained earnings. During the year, the
following events occurred: The company earned net income of
$90,000. A material error in net income from a previous period was
corrected. This error correction increased retained earnings by
$10,150 after related income taxes of $4,350. Cash dividends
totaling $12,500 and stock dividends totaling $19,500 were
declared. One thousand shares of callable preferred stock that
originally had been issued at $105 per...
1. Prepare a retained earnings statement for the year.
Ending balance $566,000
2. Prepare a stockholders'...
1. Prepare a retained earnings statement for the year.
Ending balance $566,000
2. Prepare a stockholders' equity section at December 31,
2017.
Total stockholders' equity
$2,898,000
The stockholders' equity accounts of Karp Company at January 1,
2017, are as follows.
Preferred Stock, 6%, $50 par
$600,000
Common Stock, $5 par
800,000
Paid-in Capital in Excess of Par—Preferred Stock
200,000
Paid-in Capital in Excess of Par—Common Stock
300,000
Retained Earnings
800,000
There were no dividends in arrears on preferred stock. During...
Ritz Company had the following stock outstanding and Retained
Earnings at December 31, 2015: Common stock...
Ritz Company had the following stock outstanding and Retained
Earnings at December 31, 2015: Common stock (par $1; outstanding,
570,000 shares) $ 570,000 Preferred stock, 9% (par $10;
outstanding, 21,700 shares) 217,000 Retained earnings 907,000 On
December 31, 2015, the board of directors is considering the
distribution of a cash dividend to the common and preferred
stockholders. No dividends were declared during 2013 or 2014. Three
independent cases are assumed: Case A: The preferred stock is
noncumulative; the total amount...
Carlos Company had the following stock outstanding and Retained
Earnings at December 31, 2015: Common Stock...
Carlos Company had the following stock outstanding and Retained
Earnings at December 31, 2015: Common Stock (par $1; outstanding,
400,000 shares) $ 400,000 Preferred Stock, 9% (par $10;
outstanding, 18,100 shares) 181,000 Retained Earnings 957,000 On
December 31, 2015, the board of directors is considering the
distribution of a cash dividend to the common and preferred
stockholders. No dividends were declared during 2013 or 2014.
Three independent cases are assumed:
Case A: The preferred stock is noncumulative; the total amount...
The post-closing trial balance of Blossom Corporation at
December 31, 2020, contains the following stockholders’ equity...
The post-closing trial balance of Blossom Corporation at
December 31, 2020, contains the following stockholders’ equity
accounts. Preferred Stock (14,000 shares issued) $700,000 Common
Stock (240,000 shares issued) 2,400,000 Paid-in Capital in Excess
of Par—Preferred Stock 240,000 Paid-in Capital in Excess of
Par—Common Stock 380,000 Common Stock Dividends Distributable
240,000 Retained Earnings 966,500 A review of the accounting
records reveals the following. 1. No errors have been made in
recording 2020 transactions or in preparing the closing entry for
net...
Carlos Company had the following
stock outstanding and Retained Earnings at December 31, 2015:
Common Stock...
Carlos Company had the following
stock outstanding and Retained Earnings at December 31, 2015:
Common Stock (par
$1; outstanding, 480,000 shares)
$
480,000
Preferred Stock, 7%
(par $10; outstanding, 18,900 shares)
189,000
Retained
Earnings
965,000
On December 31, 2015, the board of directors
is considering the distribution of a cash dividend to the common
and preferred stockholders. No dividends were declared during 2013
or 2014. Three independent cases are assumed:
Case A:
The preferred stock is noncumulative; the total amount...
1. Morris Corporation began operations on January 1, 2021. The
firm was authorized to issue 600,000...
1. Morris Corporation began operations on January 1, 2021. The
firm was authorized to issue 600,000 shares of $1 par common stock.
During 2021, Morris had the following transactions relating to
shareholders’ equity: January 1, issued 8,000 shares of common
stock at $9 per share July 9, issued 18,000 shares of common stock
at $10 per share Net income for the year was $110,000. Dividends
paid was $30,000. Treasury shares purchased: 6,000 shares at $11
each (these shares were part...
XYZ Corporation reported the following selected amounts on its
comparative balance sheet:
Current Assets 2019
2020...
XYZ Corporation reported the following selected amounts on its
comparative balance sheet:
Current Assets 2019
2020
Trading Securities $9,000 $5000
Available-for-Sale Securities $28,000 $14,000
Current Liabilities
Dividends Payable $35,021 $20,604
Accounts Payable $30,000 $52,000
Stockholders' Equity
Common Stock ($1 par) $53,262 $148,462
Paid-in Capital in Excess of Par $150,441 $203,135
Paid-in Capital - Share Repurchase $9,555 $12,166
Retained Earnings $315,000 $400,000
Accumulated Other Comprehensive Income:
Unrealized Gain on Available-for-Sale Securities $32,340
$50,605
The 2020 income statement of XYZ Corporation reports:...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...