Homework Answers
| The computaion is as follow: | |||
| First we go with #35 Issuance of common stock | |||
| General formula for closing stock is opening of stock+ Issues | |||
| So, Issues= closing i.e; ending of stock minus opening of stock | |||
| Therefore, Issuance of stock= $500000-$450000=$50000 | |||
| #36 Dividends | |||
| 1.Technically first we arrive the gross profits and then net profits | |||
| From the net profits we distribute dividends. | |||
| Retained earning are the those earnings after distribution of profits which will be maintained for future purpose | |||
| Generally companies transfer some portion of net income to retained earnings every year. | |||
| Here closing and opening retained earnings are given | |||
| Current retained earnings= Opening+(net income-dividend)= ending retained earnigs | |||
| Therefore, Opening-ending retained earnings+net income= dividend | |||
| By substituting the figures in the above formula= $321000-501000+210000 | |||
| #36 Dividends= $30000 | |||
| #33 Revenue | |||
| For calculating the revenue here is by doing reverse approach, first add all the expenses given and then add | |||
| net income given in the statement of shareholder's equity | |||
| General formula for revenue is Total revenue minus expenses= net income | |||
| So, revenue= expenses+net income | |||
| Expenses (1)= 456000+245000+8000+709000=1418000 | |||
| Net Income (2) Given = 210000 | |||
| #33 Revenue= $ 1628000 | |||
| #34 Net income = Total revenue (calculated above) minus total expenses | |||
| $1628000-1418000 | |||
| $210,000 | |||
| # Common stock is ending stock i.e; $500000 | |||
| # Retained earnings is $ 501000 | |||
| #39 Total Share holder's equity | |||
| Formula for share holders equity = Common stock+ Retained earnings | |||
| Therefore Total share holder's equity= $500000+$501000=$1001000 | |||
| #40 Total Liabilities and Share holder's equity | |||
| Formula= Total Liabilities+ Total share holder's equity | |||
| Therefore $ 264000+1001000= $1265000 | |||
| # 38 Total Assests | |||
| Formula for total assets= Total liablilities+Shareholder's equity | |||
| Therefore Total assets = $1265000 | |||
| #37 Supplies | |||
| To find out the supplies subtract all the figures in the assets side from total assets computed in the above | |||
| Therefore, $1265000-(25000+30000+2000+207800+1000000) | |||
| $1265000-1264800 | |||
| $200 | |||
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Income Statement Statement of Stockholders' Equity Revenues #33|| Common stock Retained earnings Expenses: Beginning) $450,000 $321,000...
I need help with 33-40 Use the following to answer questions 33 - 40 Income Statement...
I need help with 33-40
Use the following to answer questions 33 - 40 Income Statement Revenues #33 Expenses: Salaries Administrative Utilities Total expenses Net income $456,000 245,000 8,000 Statement of Stockholders' Equity Common stock Retained earnings Beginning $450,000 $321,000 Issuance #35 Net income 210,000 Dividends #36 Ending $500.000 $501.000 709,000 #34 Assets $25,000 30,000 $14,000 250,000 $264,000 #37 Cash A/R Supplies Prepaid rent Equipment Building Balance Sheet Liabilities Accounts payable Notes payable Total liabilities Stockholders' Equity Common stock Retained...
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Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of...
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Dividends to common stockholders Net income added to retained warnings Beginning retained earnings Ending retained earnings 280 17,561 36, 1 $53,711 350 5,41 38,140 $16.15 Required: Compute the following financial data for this year Last Year $65,000 37.000 28,000 1. Accounts receivable turnover (Assume that all Sales are on account) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 3. Inventory...
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The statement of stockholders' equity-or the statement of retained earnings-reconciles and reports a firm's net income,...
The statement of stockholders' equity-or the statement of retained earnings-reconciles and reports a firm's net income, dividends paid, shares issued and repurchased, and change in retained earnings during a particular year. Which of the following best describes a firm's stockholders' equity? Equity is the initial claim on the value of a company's assets before the firm pays off its liabilities Equity is the difference between the company's assets and liabilities. Yesterday, Black Sheep Broadcasting Company released its annual results and...
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What's retained earnings. total stockholders' equity, and total liabilities and stockholders' equity? Accounts receivable $3,400 Cash...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
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I need help with 33-40
Use the following to answer questions 33 - 40 Income Statement Revenues #33 Expenses: Salaries Administrative Utilities Total expenses Net income $456,000 245,000 8,000 Statement of Stockholders' Equity Common stock Retained earnings Beginning $450,000 $321,000 Issuance #35 Net income 210,000 Dividends #36 Ending $500.000 $501.000 709,000 #34 Assets $25,000 30,000 $14,000 250,000 $264,000 #37 Cash A/R Supplies Prepaid rent Equipment Building Balance Sheet Liabilities Accounts payable Notes payable Total liabilities Stockholders' Equity Common stock Retained...
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Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $48,840 on October 1, 20YS, the beginning of the current year. During the current year, dividends of $23,900 were paid $17,140 106,749 15,000 185,211 642,600 5,130 85,470 7,980 13,670 51,280 244,190 Accounts payable Accounts receivable Common stock Cash Fees...
Dividends to common stockholders Net income added to retained warnings Beginning retained earnings Ending retained earnings 280 17,561 36, 1 $53,711 350 5,41 38,140 $16.15 Required: Compute the following financial data for this year Last Year $65,000 37.000 28,000 1. Accounts receivable turnover (Assume that all Sales are on account) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 3. Inventory...
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The statement of stockholders' equity-or the statement of retained earnings-reconciles and reports a firm's net income, dividends paid, shares issued and repurchased, and change in retained earnings during a particular year. Which of the following best describes a firm's stockholders' equity? Equity is the initial claim on the value of a company's assets before the firm pays off its liabilities Equity is the difference between the company's assets and liabilities. Yesterday, Black Sheep Broadcasting Company released its annual results and...
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What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
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