A corporation declared dividends on December 1 payable on January 15 to shareholders of record of December 30. The balance of Retained Earnings a. decreases on December 30 b. decreases on January 15 c. is not affected on December 30 d. is not affected on December 1
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A corporation declared dividends on December 1 payable on January 15 to shareholders of record of December 30. The balance of
a. decreases on December 30
b. decreases on January 15
c. is not affected on December 30
d. is not affected on December 1
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- 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?Entries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 1,125,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y6. Assume that net income was 1,125,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y6, balance sheet.Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Navo-Go Enterprises stockholders equity accounts, with balances on January 1, 20Y1, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 775,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was 775,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y1, balance sheet.
- Net income and dividends The income statement of a corporation for the month of November indicates a net income of $90,000. During the same period, $100,000 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of $10,000 during the month? Discuss.Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 20Y3, are as follows: The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of 0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for 34,320. Mar. 15. Sold all of the treasury stock for 6.75 per share. Apr. 13. Issued 200,000 shares of common stock for 8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is 7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for 6 per share. Dec. 30. Declared a 0.08-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions and post to the eight selected accounts. 3. Prepare a retained earnings statement for the year ended December 31, 20Y3. 4. Prepare the Stockholders Equity section of the December 31, 20Y3, balance sheet Using Method 1 of Exhibit 8.Financial statements We-Sell Realty was organized as a corporation on August 1, 20Y7, by the issuance of common stock of 15,000. We-Sell Realty is owned and operated by Omar Farah, the sole stockholder. The following statements for We-Sell Realty were prepared after its first month of operations: a. Identify the errors contained within the presented financial statements for We-Sell Realty. b. Prepare a corrected set of financial statements for We-Sell Realty.
- STOCKHOLDERS EQUITY SECTION After closing its books on December 31, 20--, Jackson Corporations stockholders equity accounts had the following balances: REQUIRED Prepare the stockholders equity section of the balance sheet for Jackson for the year ended December 31, 20--.Statement of Retained Earnings for Brunswick Corporation Brunswick Corporation reported the following amounts in various statements included in its Form 10-K for the year ended December 31, 2013. (All amounts are stated in millions of dollars.) Required Prepare a statement of retained earnings for Brunswick Corporation for the year ended December 31, 2013. Brunswick does not actually present a statement of retained earnings in its annual report. Instead, it presents a broader statement of shareholders equity. Describe the information that would be included on this statement that is not included on a statement of retained earnings.Statement of stockholders equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows: Prepare a statement of stockholders equity for the year.
- Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Ta get Corporation (TGT) for the year ending January 31. Instructions Prepare Target’s statement of stockholders’ equity for the year ending January 31. Use the following additional information for the year:Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a statement of stockholders’ equity. No common stock was issued during the year.Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: What is the total ending balance as reported on the companys Statement of Stockholders Equity?
