The Retained earnings account for Nathan Corporation had a credit balance of $800,000 at the end of 20X0. Selected transactions during 20X1 follow: a. Net income was $130,000. b. Cash dividends declared were $60,000. c. Repurchased 100 shares of Nathan Corporation common stock, paying $20 per share. Each share has a $5 par value and was originally issued for $35. d. Sold 20 shares of Nathan Corporation common stock for $22 each. Required: Calculate Nathan's retained earnings balance as of the end of 20X1. > Answer is complete but not entirely correct. Ending retained earnings $ 930,000 X
Q: Oroblanco Company has prepared consolidated financial statements for the current year and is now…
A: Segment revenue's reported measure is the basis for the revenue test, which can include intersegment…
Q: A dog aining business
A: Balance sheet is a statement at the end of a particular period [generally at…
Q: What is the net price and trade discount for the following items? Trotter Treadmill List…
A: As per the Honor code of Bartleby we are bound to give the answer of first three sub part only,…
Q: for the windows. The installation process does not involve changes in the windows, so this service…
A: As per the accounting standard (IFRS 15) Revenue from contracts with customer which is based on 5…
Q: Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases…
A: Allowance for doubtful accounts is a contra asset account with accounts receivables.…
Q: Required information [The following information applies to the questions displayed below.] On…
A: It is typically prepared at the end of an accounting period and serves as a preliminary step in the…
Q: Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2024, Pearl provides…
A: Bad Debt Expenses are the expense incurred to record the provision made for uncollectible accounts.…
Q: Cash Accounts receivable Merchandise inventory Store supplies Store Equipment Accumulated…
A: The gross profit is calculated as the difference between sales and cost of goods sold. The operating…
Q: Equipment with a cost of $147,432 has an estimated residual value of $9,489 and an estimated life of…
A: Lets understand the basics.Depreciation is a reduction in value of asset due to wear and tear,…
Q: You are now in the completion stage of your audit of the financial statements of Endgame Inc. for…
A: Non-current debt, often known as long-term debt, is the percentage of a company's liabilities that…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Flexible budget is the statement which is prepared by the entity to estimate the costs relating to…
Q: Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round…
A: A lease is a legally written arrangement. In this agreement the lessor (the person who owns the…
Q: Lakeside Incorporated produces a product that currently sells for $62 per unit. Current production…
A: The Incremental profit or loss is calculated by deducting incremental costs from incremental…
Q: Expedition Company worked on five jobs during May: Jobs A10, 820, C30, D40, and E50. At the end of…
A: Cost of goods sold is the amount of cost incurred on the making of the goods sold in the market. It…
Q: Required information [The following information applies to the questions displayed below] Portions…
A: Cash flows from operating activities is one of the activities reported on the cash flow statement.…
Q: Problem 4-4B (Algo) Prepare the statement of cash flows (LO4-7) Below is a summary of all…
A: This statement reports all the cash transactions which are responsible for inflow and outflow of…
Q: Hard Hat Company is in the process of purchasing several large pieces of equipment from Machine…
A: Present value is the sum of money that must be invested in order to achieve a specific future goal.…
Q: for the aluminum wheel value stream for the week were 15,000. The following costs were incurred:…
A: 1.Unit Cost = Total Cost / No. of Goods Shipped = 1,598,300 / 16600 =…
Q: Pluton makes particular plastics for sale to the public and the government. Basic cost data for a…
A: The full cost of a product is computed under the absorption costing method. The full cost of the…
Q: Xavier, who is a partner in SYZ Floral Delivery, negligently drove the delivery truck off the road ,…
A: Liability of the firm for acts of the partner If a partner does an act in ordinary course of…
Q: Presented below is information related to Kingbird Company. Date December 31, 2022 December 31, 2023…
A: DVL stands for Dollar value LIFO method. Using LIFO, the newer inventory is sold out at first and…
Q: Briefly define Average rate of change (AROC) and instantaneous rate of change (IROC) with respect to…
A: Average Rate of Change (AROC) is a measure of the average rate at which a quantity changes over a…
Q: Prepare journal entries for the following transactions for the current year Note: Use 360 days a…
A: Notes receivable refers to the notes accepted by the entity instead of the accounts receivable or…
Q: McBride and Associates employs two professional appraisers, each having a different specialty.…
A: Factory overhead is the indirect costs incurred in the process of manufacturing. Therefore, it is…
Q: Len Kevin started his own consulting firm, Kevin Consulting, on June 1, 2025. The trial balance at…
A: The adjustment entries are prepared to adjust the revenue and expense of the current period. The…
Q: The Fence Company is setting up a new production line to create top rails. The relevant data for two…
A: Estimated production cost is the total cost which is estimated based on the position in the market…
Q: When bonds are sold at a premium, if the annual straight-line amortization amount is compared to the…
A: A bond is said to be amortised if its principal (face value) on the debt as well as its interest…
Q: The following is information for Palmer Company. Year 3 $ 583,825 102,400 Cost of goods sold Ending…
A: The inventory turnover is calculated as cost of goods sold divided by average inventory. The days'…
Q: At the beginning of the period, the Cutting Department budgeted direct labor of $51,800 and…
A: The budget can be fixed or flexible. The fixed budget such as planning budget can not be changed or…
Q: Plug Corporation holds 80 percent of Socket Company's common stock. The following balance sheet data…
A: Basic earnings per share (EPS) is a financial term that calculates the amount of profit given to…
Q: Creative Computing sells a tablet computer called the Protab. The $740 sales price of a Protab…
A: The amount of consideration agreed upon by the parties engaged in a transaction is referred to as…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Lets understand the basics.Inventory: It refers to the items held by an organization which were in…
Q: June 1 8 15 25 25 Purchased raw materials for $17,600 on account. Raw materials requisitioned by…
A: The journal entries are prepared to record transactions on regular basis. The direct costs are…
Q: Mobley purchased a used van for use in its business on January 1, 2020. It paid $18,000 for the van.…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: Ivanhoe Company issued $1,180,000, 14-year bonds. It agreed to make annual deposits of $94,000 to a…
A: A sinking fund is a financial method used by businesses or governments to accumulate funds over time…
Q: The following totals for the month of April were taken from the payroll register of Sheffield…
A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…
Q: Jon Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid…
A: A liability is a legal obligation to pay other entities as a result of past transactions or other…
Q: Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for…
A: Allowance for doubtful accounts is the provision made by the company for the accounts which the…
Q: The standard cost of Product B manufactured by Pharrell Company Includes 2.3 units of direct…
A: Total materials variance :— It is the difference between standard direct material cost for actual…
Q: Larned Recreational builds two models of dune buggies: Sport and Custom. Both models require the…
A: Conversion cost is the cost of converting the raw material into the finish goods. It is related to…
Q: Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: On June 30, 2024, the Esquire Company sold some merchandise to a customer for $44,000. In payment,…
A: Journal entry:- In the company's books, a journal entry serves as a record of a business…
Q: On December 31, 2020, shareholders' equity accounts of Enviro Products Inc. (EPI) had the balances…
A: There are two types of shares one is equity share other is preference share. Shares are issued to…
Q: Splish Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2020,…
A: Journal Entry is the primary step to record the transaction in the books of accounts.The increase in…
Q: Michael was driving back to the office from his off-site construction job on Friday. He had put in a…
A: Variable expenses vary with the production and remains same per unit while fixed cost does not vary…
Q: Acme Company uses a process costing system. The company has only one processing department. At the…
A: Equivalent units of ending WIP is calculated by multiplying units in ending WIP with their stage of…
Q: Which one of the following expenses is exempt from the payment of GST?
A: In gst interest service is exempt so not gst needs to be paid on payment of interest.Also in gst…
Q: TransPacific Airlines (TPA) budgeted 105 million passenger miles, or 5% of the total market for the…
A: Cost variance refers to the concept used for computing the difference between the actual and the…
Q: The manager of the main laboratory facility at CenterHealth Center is interested in being able to…
A: The costs incurred for the production are classified as fixed and variable costs. The mixed costs…
Q: Beginning Balance (BB) Ending Balance (EB) Transferred In (TI) Transferred Out (TO) For Case (A)…
A: The account can be defined as a detailed record providing information about the money received or…
H2.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- During 20X2, Norton Company had the following transactions: a. Cash dividends of 20,000 were paid. b. Equipment was sold for 9,600. It had an original cost of 36,000 and a book value of 18,000. The loss is included in operating expenses. c. Land with a fair market value of 50,000 was acquired by issuing common stock with a par value of 12,000. d. One thousand shares of preferred stock (no par) were sold for 14 per share. Norton provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Norton Company.Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)Carleton Builders Ltd. recorded the following summarized transactions during the current year:a. The company originally sold and issued 108,000 common shares. During the current year 10,000 shares were repurchased from the shareholders and retired. Near the end of the current year, the board of directors declared and paid a cash dividend of $9 per share. The dividend was recorded as follows: General Journal Debit Credit Retained earnings 972,000 Cash ($9 × 98,000) 882,000 Dividend income ($9 × 10,000) 90,000 Carleton Builders Ltd. purchased a machine that had a list price of $98,000. The company paid for the machine in full by issuing 10,000 common shares (market price = $8.90). The purchase was recorded as follows: General Journal Debit Credit Machine 98,000 Share capital ($8.90 × 10,000) 89,000 Gain on purchase of equipment 9,000 Carleton needed a small…The Retained earnings account for Nathan Corporation had a credit balance of $800,000 at the end of 20X0. Selected transactions during 20X1 follow: Net income was $130,000. Cash dividends declared were $60,000. Repurchased 100 shares of Nathan Corporation common stock, paying $20 per share. Each share has a $5 par value and was originally issued for $35. Sold 20 shares of Nathan Corporation common stock for $22 each. Required: Calculate Nathan’s retained earnings balance as of the end of 20X1.
- Finn, Inc. began the year with a balance in retained earnings of $16,800 and 32,000 shares of $1 par common stock outstanding. During the year, the company reported sales of $98,000, expenses of $80,800, and declared and paid a $0.20 per share cash dividend. How much is the balance in the Retained Earnings account at the end of the year? Select one: a. $10,800 b. $27,600 c. $43,600 d. $34,000a. Purchased 16,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 16,000 common shares of Heller for $252,480 cash. Note: For each account catégory, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Transaction Cash Asset Noncash Assets Liabilities Contrib. Capital Earned Capital Income Statement Revenues Expenses Net Income (256,000)✔ 256,000 0 ✓ Cash = Investment = ✓ N/A ✔ N/A = N/A M/A N/A (b) 20,000 ▼ 20,000✓ 20,000 ✔ 0✓ = 20,000 ✓ Cash ✓ N/A ÷ N/A ÷ ✓ N/A = Retained earnings Dividend income = ✓ N/A = (c) 0✓ 24,000 ✔ 0✓ 0✓ 24,000 ▼ 24,000 く 24,000 Cash = Investment ✓ N/A = N/A Retained earnings nrealized gain ÷ (d) 252,480✔ (2.240,000) x- 28,480 x Cash ÷ ✓…What is the net income for the current year? During the year, Homo sold 100,000 shares with P20 par value for P30 per share and received cash in full. Dividend of P1, 500,000 was paid in cash during the year. The increase (decrease) in the accounts of Homo Company for the current year are as follows: Equipment P3,000,000 (800,000) Accounts payable Cash 1,500,000 Bonds payable 2,000,000 Investments (1,000,000) Accounts receivable (net) 3, 500,000 Inventory 3,900,000 Equipment with Fair value of P2,000,000 was donated by a shareholder during the year. Your answer
- Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows: Dec. 31, 20Y7 Dec. 31, 20Y6 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash Flows from (used for) Financing Activities section of the statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Takaki Inc.Statement of Cash Flows (partial) Cash flows from (used for) financing activities: $Cash received from issuing common stock Cash dividends $Net cash flows from financing activitiesWhat is the retained earnings after these Transactions? 1. The begining balance of retained earnings is $190000 2. Paid $10000 dividend of preference shares 3. Sales on account $80000, 3% were estimated to be uncollectable, and estimated warranty expense was 4% of sales. The cost of sales was $50000. 4.Issued 1000 ordinary shares to acquire valued at 1000 and equipment with market value of $19800. The cost of equioment was $40000 and accumulated depreciation was $28000. 5. Recored depreciation expenses of $8200 Note: Not all information is useful for these questions.How would I Debit and Credit for the transactions shown? Oct. 1 Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are classified as a held-to-maturity long-term investment. 7 Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun. 8. 14 Received a dividend of $0.60 per share from the Solstice Corp. investment on Jun. 1. 29 Sold 1,000 shares of Solstice Corp. at $45, including commission. 31 Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months. The amortization is determined using the straight-line method. Dec. 31 Accrued interest for three months on the Dream Inc. bonds purchased on Oct. 1. 31 Pinkberry Co. recorded total earnings of $240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 31 The fair value for Solstice…