Homework Answers
| Solution: | |||
| Calculation of net income | |||
| For the year 2022 | |||
| Revenues | $ 7,49,000 | ||
| Less: Expenses | $ 6,72,000 | ||
| Net Income for the year 2020 | $ 77,000 | ||
| Answer = Option 2 = $ 77,000 | |||
| Note: | |||
| 1) Dividend Paid in not part of income statement. | |||
| 2) Dividend paid is shown in Retained earnings statement | |||
| 3) Issue of common stock for cash does not affect the net income | |||
Add Answer to:
Multiple Choice Question 121 Blue Spruce Corp, began the year with retained earnings of $121000. During...
Bramble Corp. began the year with retained earnings of $313000. During the year, the company issued...
Bramble Corp. began the year with retained earnings of $313000. During the year, the company issued $418000 of common stock, recorded expenses of $1167000, and paid dividends of $76300. If Bramble's ending retained earnings was $333000, what was the company's revenue for the year? O $1681300 $1187000 $1263300 $1605000 Click if you would like to show Work for this questioni Open Show Work Question Attempts of 1 used
Multiple Choice Question 119 Marigold Corp. began the year with retained earnings of $407000. During the...
Multiple Choice Question 119 Marigold Corp. began the year with retained earnings of $407000. During the year, the company recorded revenues of $502000, expenses of $382000, and paid dividends of $39500. What was Marigold's retained earnings balance at the end of the year? $487500 $841500 $502000 $541500
Exercise 12-8 Blue Spruce Corp.'s comparative balance sheets are presented below. Blue Spruce Corp. Comparative Balance...
Exercise 12-8 Blue Spruce Corp.'s comparative balance sheets are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31 2019 2018 15,200 $10,600 Cash 20,700 23,500 Accounts receivable 20,300 26,300 Land 69,900 69,900 Buildings (14,800) (10,500) Accumulated depreciation-buildings $111,300 $119,800 Total Accounts payable $11,800 $28,300 75,900 71,600 Common stock Retained earnings 23,600 19,900 $111,300 $119,800 Total Additional information: 1. Net income was $23,100. Dividends declared and paid were $19,400. 2. No noncash investing and financing activities occurred during 2019. 3....
Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1,...
Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized) Common Stock ($4 stated value, 780,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (13,000 common shares) $780,000 2,600,000 39,000 1,248,000 1,788,800 104,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders'...
Multiple Choice Question 84 Oriole Company began the year 2022 with $141100 in its Common Stock...
Multiple Choice Question 84 Oriole Company began the year 2022 with $141100 in its Common Stock account and a debit balance in Retained Earnings of $60500. During the year, the company earned net income of $30200, and declared and paid $10100 of dividends. In addition, the company sold additional common stock amounting to $37000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of 2022? $258700 $137700 $184900 $278900 Click if you...
Multiple Choice Question 115 Pina Colada Corp. had the following inventory transactions occur during 2022: Feb....
Multiple Choice Question 115 Pina Colada Corp. had the following inventory transactions occur during 2022: Feb. 1, 2022 Purchase Mar. 14, 2022 Purchase May 1, 2022 Purchase Units Cost/unit 99 $99 171 $103 121 $108 The company sold 281 units at $139 each and has a tax rate of 30%. Assuming that a periodic inventory system is used and operating expenses of $2750, what is the company's after-tax income using FIFO? O $5394.90 O $4732.70 O $6761.00 O $7707.00 Click...
Question 6 2 pt Henderson Company began the year with retained earnings of $100,000. During 2025,...
Question 6 2 pt Henderson Company began the year with retained earnings of $100,000. During 2025, the company issued $80,000 of common stock for cash. The company recorded revenues of $740,000, expenses of $640,000, and paid dividends of $40,000. What was Finney's net income for the year 2025? $60,000 $140,000 $180,000 $100,000
Multiple Choice Question 165 Pharoah Company had the following accounts and balances: $34100 $32000 5100 34100...
Multiple Choice Question 165 Pharoah Company had the following accounts and balances: $34100 $32000 5100 34100 Accounts payable Accounts receivable Buildings Cash Equipment Land Unearned service revenue Total stockholders' equity ? 9900 15150 ? If the balance of the Buildings account was $78500, what would be the total of liabilities and stockholders' equity? $115150 $161850 $166950 $125050 Click if you would like to Show Work for this question: Open Show Work
Comprehensive Accounting Cycle Review 11-1 Blue Spruce Corp.’s balance sheet at December 31, 2016, is presented below....
Comprehensive Accounting Cycle Review 11-1
Blue Spruce Corp.’s balance sheet at December 31, 2016, is
presented below.
BLUE SPRUCE CORP.
Balance Sheet
December 31, 2016
Cash
$25,000
Accounts payable
$25,500
Accounts receivable
46,000
Common stock ($10 par)
85,000
Allowance for doubtful accounts
(1,900
)
Retained earnings
119,067
Supplies
4,800
Land
40,500
Buildings
137,000
Accumulated depreciation—buildings
(21,833
)
$229,567
$229,567
During 2017, the following transactions occurred.
1.
On January 1, 2017, Blue issued 1,500 shares of $40 par, 8%
preferred stock...
Henson Company began the year with retained earnings of $380,000. During the year, the company issued...
Henson Company began the year with retained earnings of $380,000. During the year, the company issued stock for $800,000, purchased a building for $650,000, recorded revenues of $500,000, disclosed expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year? a. $540,000 b. $460,000 c. $840,000 d. $500,000 Please explain
Bramble Corp. began the year with retained earnings of $313000. During the year, the company issued $418000 of common stock, recorded expenses of $1167000, and paid dividends of $76300. If Bramble's ending retained earnings was $333000, what was the company's revenue for the year? O $1681300 $1187000 $1263300 $1605000 Click if you would like to show Work for this questioni Open Show Work Question Attempts of 1 used
Multiple Choice Question 119 Marigold Corp. began the year with retained earnings of $407000. During the year, the company recorded revenues of $502000, expenses of $382000, and paid dividends of $39500. What was Marigold's retained earnings balance at the end of the year? $487500 $841500 $502000 $541500
Exercise 12-8 Blue Spruce Corp.'s comparative balance sheets are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31 2019 2018 15,200 $10,600 Cash 20,700 23,500 Accounts receivable 20,300 26,300 Land 69,900 69,900 Buildings (14,800) (10,500) Accumulated depreciation-buildings $111,300 $119,800 Total Accounts payable $11,800 $28,300 75,900 71,600 Common stock Retained earnings 23,600 19,900 $111,300 $119,800 Total Additional information: 1. Net income was $23,100. Dividends declared and paid were $19,400. 2. No noncash investing and financing activities occurred during 2019. 3....
Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized) Common Stock ($4 stated value, 780,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (13,000 common shares) $780,000 2,600,000 39,000 1,248,000 1,788,800 104,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders'...
Multiple Choice Question 84 Oriole Company began the year 2022 with $141100 in its Common Stock account and a debit balance in Retained Earnings of $60500. During the year, the company earned net income of $30200, and declared and paid $10100 of dividends. In addition, the company sold additional common stock amounting to $37000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of 2022? $258700 $137700 $184900 $278900 Click if you...
Multiple Choice Question 115 Pina Colada Corp. had the following inventory transactions occur during 2022: Feb. 1, 2022 Purchase Mar. 14, 2022 Purchase May 1, 2022 Purchase Units Cost/unit 99 $99 171 $103 121 $108 The company sold 281 units at $139 each and has a tax rate of 30%. Assuming that a periodic inventory system is used and operating expenses of $2750, what is the company's after-tax income using FIFO? O $5394.90 O $4732.70 O $6761.00 O $7707.00 Click...
Question 6 2 pt Henderson Company began the year with retained earnings of $100,000. During 2025, the company issued $80,000 of common stock for cash. The company recorded revenues of $740,000, expenses of $640,000, and paid dividends of $40,000. What was Finney's net income for the year 2025? $60,000 $140,000 $180,000 $100,000
Multiple Choice Question 165 Pharoah Company had the following accounts and balances: $34100 $32000 5100 34100 Accounts payable Accounts receivable Buildings Cash Equipment Land Unearned service revenue Total stockholders' equity ? 9900 15150 ? If the balance of the Buildings account was $78500, what would be the total of liabilities and stockholders' equity? $115150 $161850 $166950 $125050 Click if you would like to Show Work for this question: Open Show Work
Comprehensive Accounting Cycle Review 11-1
Blue Spruce Corp.’s balance sheet at December 31, 2016, is
presented below.
BLUE SPRUCE CORP.
Balance Sheet
December 31, 2016
Cash
$25,000
Accounts payable
$25,500
Accounts receivable
46,000
Common stock ($10 par)
85,000
Allowance for doubtful accounts
(1,900
)
Retained earnings
119,067
Supplies
4,800
Land
40,500
Buildings
137,000
Accumulated depreciation—buildings
(21,833
)
$229,567
$229,567
During 2017, the following transactions occurred.
1.
On January 1, 2017, Blue issued 1,500 shares of $40 par, 8%
preferred stock...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago