Homework Answers
Answer:$1,489,500
Calculations:
| Retained earnings, January 1 | $1,250,000 |
| Add: Net income | $287,500 |
| (Less): Dividends | ($48,000) |
| Retained earnings, December 31 | $1,489,500 |
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Retained Earnings: Transactions and
Statement
The stockholders’ equity of Ranger Corporation at January 1
appears below:
Common stock, $10 par value, 200,000 shares authorized;
80,000 shares issued and outstanding
$800,000
Paid-in capital in excess of par value
480,000
Retained earnings
305,000
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May
12
Declared a 15 percent stock dividend; market value of the
common stock was $22 per share.
June
6
Issued the stock dividend declared on May 12.
Dec.
5
Declared a...
2. On January 1, 2018, Miller Corporation had retained earnings of $18,000,000. During 2018, Miller reported...
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Retained Earnings: Transactions and
Statement
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appears below:
Common stock, $10 par value, 200,000 shares authorized;
80,000 shares issued and outstanding
$800,000
Paid-in capital in excess of par value
480,000
Retained earnings
305,000
During the year, the following transactions occurred:
May
12
Declared a 15 percent stock dividend; market value of the
common stock was $22 per share.
June
6
Issued the stock dividend declared on May 12.
Dec.
5
Declared a...
2. On January 1, 2018, Miller Corporation had retained earnings of $18,000,000. During 2018, Miller reported revenues of $4,000,000 and expenses of 1,500,000. Miller declared dividends of $500,000, and issued common stock for $1,000,000. The APIC totaled $2,000,000. What were Miller's retained earnings on December 31, 2018?
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