Pall 2021 - Connect Saved Help Save & Exit For Year 2, the Sacramento Corporation had beginning and ending Retained Earnings balances of $173,967 and $211,900, respectively. Also during Year 2, the board of directors declared cash dividends of $25,500, which were paid during Year 2. The board also declared a stock dividend, which was issued and required a transfer in the amount of $15,500 to paid-in capital. Total expenses during Year 2 were $40,916. Based on this information, what was the amount of total revenue for Year 2? Submit Multiple Choice $145,484 $119,849 $104.349 $148,467 Ne 40 of 40 < Prev aw

Pall 2021 - Connect Saved Help Save & Exit For Year 2, the Sacramento Corporation had beginning and ending Retained Earnings balances of $173,967 and $211,900, respectively. Also during Year 2, the board of directors declared cash dividends of $25,500, which were paid during Year 2. The board also declared a stock dividend, which was issued and required a transfer in the amount of $15,500 to paid-in capital. Total expenses during Year 2 were $40,916. Based on this information, what was the amount of total revenue for Year 2? Submit Multiple Choice $145,484 $119,849 $104.349 $148,467 Ne 40 of 40 < Prev aw

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 7E: Basic Income Statement The following are selected account balances of Rule Corporation at the end of...

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The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule.
The Board of Directors declared a 5% cash dividend on January 1, 2021, to shareholders of record as of January 15, 2021, payable on February 15, 2021. The pro-forma entry on January 1 would be Select the correct response: O No Entry Dr. Retained Earnings; Cr. Cash O Dr. Retained Earnings; Cr. Dividends Payable O Dr. Dividends Payable; Cr. Retained Earnings
View Policies Current Attempt in Progress The shareholders' equity accounts of Sandhill Inc. at December 31, 2023, are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 5,000 issued Common shares, unlimited number authorized, 140,000 issued Retained earnings Accumulated other comprehensive loss Sandhill has a 35% income tax rate. During the following fiscal year ended December 31, 2024, the company had the following transactions and events: Feb. July Dec. 1 Repurchased 10,000 common shares for $40,000. Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. 12 1 $500,000 700,000 550,000 (48,000) Dec. 18 Dec. 31 Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2025, payable on January 31, 2025, Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12. 2025. The fair value of the common…
Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1,249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apг. 16 Oct. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically…
Prepare entries to record the following transactions of Garcia Company. 2019 Jan. 1 Purchased 400 shares of Lopez Co. common stock for $3,000 cash. Lopez has 1,000 shares of common stock outstanding, and its policies will be significantly influenced by Garcia. Aug. 1 Lopez declared and paid a cash dividend of $2 per share. Dec. 31 Lopez reported net income for the year of $2,500. 2020 Aug. 1 Lopez declared and paid a cash dividend of $2.25 per share. Dec. 31 Lopez reported net income for the year of $2,750. 2021 Jan. 1 Garcia sold 100 shares of Lopez for $1,300 cash.
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Prince Corporation's accounts provided the following information at December 31, 2019: Total income since incorporation $840,000 Total cash dividends paid 260,000 Total value of stock dividends distributed 60,000 Additional paid-in capital from treasury stock 140,000 What should be the current balance of retained earnings? a.$670,000 b.$580,000 c.$610,000 d.$520,000
On Dec 15, 2019 the board of directors of Flexsttel declared a cash dividend. The dividend is payable on Jan 8, 2019, of $0.80 per share on the 2,000,000 common shares outstanding. On dec 15, 2019 Flexsteel should: A. Decrease retained earnings $1.6 million and increase expenses $1.6 million B. Debit dividends $1.6 million and credit dividends payable by $1.6 million C. Not prepare a journal entry because the event had no effect on the corporation's financial position until 2020. D. Decrease cash $1.6 million and decrease retained earnings $1.6 million
Exercise 14-02 (Part B Submission) Wildhorse Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 104,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $4,350; 2020, $13,900; and 2021, $28,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. Below are my results, yet my professor insists that Allocation to preferred stock 2020 @ $7,800.00 in incorrect. Please help. 2019 2020 2021 Allocation to preferred stock $4,350 $7,800 $7,800 Allocation to common stock $0 $2,650 $20,200
A corporation declared a cash dividend on its ordinary shares on Dec. 15, 2018, payable on Jan. 12, 2019. How would this dividend affect shareholders’ equity on the following dates? dec. 15, 2018 Dec 31, 2018 Jan. 12, 2019 A. Decrease No effect Decrease B. Decrease No effect No effect C. No effect Decrease No effect D. No effect No effect Decrease explain why the other choices are not the answers.
M Question 39 - Final Exam Fall 2021 - Connect Saved Help Save & Exit Submit Curtain Company paid dividends of $13,000, $19,000, and $41,150 during Year 1, Year 2, and Year 3, respectively. The company had 2,400 shares of 5.0%, $200 par value preferred stock.outstanding that paid a cumulative dividend. What is the total amount of dividends paid to common shareholders during Year 3? Multiple Choice $11,000 $1,150 $27,000 $24,000 Next > 39 of 40 ( Prev raw