Homework Answers
Retained earning beginning = $56,000
Net income = $21,000
Cash dividends = $8,000
Retained earnings, ending = Retained earning beginning + Net income - Cash dividends
= 56,000+21,000-8,000
= $69,000
Stockholders equity beginning = $75,000
Common stock, beginning = Stockholders equity beginning - Retained earning beginning
= 75,000-56,000
= $19,000
Other comprehensive income = $4,000
Stockholders equity ending = Common stock, beginning + Retained earnings, ending + Other comprehensive income
= 19,000+69,000+4,000
= $92,000
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Problem 14-04A (Video)
On January 1, 2020, Pharoah Inc. had the following stockholders'
equity balances.
Common Stock (480,000 shares
issued)
$960,000
Paid-in Capital in Excess of
Par-Common Stock
560,000
Common Stock Dividends
Distributable
140,000
Retained Earnings
520,000
During 2020, the following transactions and events occurred.
1.
Issued 70,000 shares of $2 par value common stock as a result
of 15% stock dividend declared on December 15, 2021.
2.
Issued 35,000 shares of common stock for cash at $4 per
share....
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Problem 14-04A (Video)
On January 1, 2020, Pharoah Inc. had the following stockholders'
equity balances.
Common Stock (480,000 shares
issued)
$960,000
Paid-in Capital in Excess of
Par-Common Stock
560,000
Common Stock Dividends
Distributable
140,000
Retained Earnings
520,000
During 2020, the following transactions and events occurred.
1.
Issued 70,000 shares of $2 par value common stock as a result
of 15% stock dividend declared on December 15, 2021.
2.
Issued 35,000 shares of common stock for cash at $4 per
share....
Black Raptor Inc. has retained earnings of $500,000 and total stockholders' equity of $2,000,000. It has 80,000 shares of $10 par value common stock outstanding, which is currently selling for $25 per share. What will occur if Black Raptor declares a 10% stock dividend on its common stock? Net income will decrease by $80,000. Retained earnings will decrease by $80,000 and total stockholders' equity will wil increase by $80,000. Retained earnings will decrease by $100,000 and total stockholders' equity will...
Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 Add: Net income Less: Dividends (3,000) (3,000) Ending balance $ 11,100 $ 10,000 $ 21,100 1,100
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