FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Blossom Company has retained earnings of $ 1,540,000 at January 1, 2017. Net income during 2017 was $ 590,000 and cash dividends declared during the year totaled $ 129,000. Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings fırst.) BLOSSOM COMPANY Retained Earnings Statement V : $ %24 %24 >arrow_forwardQuestion: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…arrow_forward12. Information related to the Berkley Company for the calendar year 2015 follows: Liabilities, December 31, 2015 Assets, December 31, 2015 Dividends distributed during 2015 Liabilities, December 31, 2014 Assets, December 31, 2014 $440 700 90 300 450 Assuming no capital stock was issued during 2015, the net income earned by the Berkley Company during 2015 was 0110arrow_forward
- Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,876 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,600 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets, net 26,899 28,101 Long-term tax assets 1,383 774 Other assets 1,559 1,737 Total assets $99,782 $106,685 Current liabilities Short-term borrowings $993 $2,434 Accounts payable 1,709 1,610 Accrued compensation 1,712 1,611 Accrued income taxes 566 935 Deferred tax liabilities - 119…arrow_forwardRetained Earnings Statement Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows: Net income for November $93,500 Cash dividends paid during November 7,000 Retained earnings, November 1, 2018 2,940,000 a. Prepare a retained earnings statement for the month ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Healthy Products Company Retained Earnings Statement For the Month Ended November 30, 2018 $fill in the blank 0079c8fa300c05b_2 $fill in the blank 0079c8fa300c05b_4 fill in the blank 0079c8fa300c05b_6 fill in the blank 0079c8fa300c05b_8 $fill in the blank 0079c8fa300c05b_10 b. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet? To arrive at the number of shares outstanding. To calculate the net income for the year. To calculate the ending…arrow_forwardNeed Answer with This Question please provide this onearrow_forward
- What is the impact on retained earnings each year?arrow_forwardRetained earnings statement Climate control system co. offers its services to residents in the spokane area. selected accounts from the ledger of climate control systems for the fiscal year ended december 31,2018 are as follows: Retained Earnings Dec.31 160,000 Jan.1(2018) Dec.31 4150800 700 000 Dividends Mar.31 June 30 sep 30dec 31 40000 40000 40000 40000 Dec 31 160000 Income Summary Dec 31 4,530,000 Dec 31 5,230,000 31 700,000 Prepare a retained earnings statement for the year.arrow_forwardPERFORM A LIQUIDITY AND PROFITABILITY ANALYSIS ON THE FOLLOWING COMPANY UTILIZING THE RATIOS LISTED: PAYABLES TURNOVER DAYS PAYABLE statement of operations 12 Months Ended Jul. 31, 2020 Jul. 31, 2019 Revenues: Revenues $ 1,497,826,000 $ 1,684,392,000 Costs and expenses: Operating expense - personnel, vehicle, plant and other 493,055,000 468,868,000 Operating expense - equipment lease expense 33,017,000 Equipment lease expense, preadoption 33,073,000 Depreciation and amortization expense 80,481,000 78,846,000 General and administrative expense 45,752,000 59,994,000 Non-cash employee stock ownership plan compensation charge 2,871,000 5,693,000 Asset impairments 0 0 Loss on asset sales and disposals 7,924,000 10,968,000 Operating income 148,670,000 113,028,000 Interest expense (192,962,000) (177,619,000) Loss on extinguishment of debt (37,399,000) Other income (expense), net (460,000) 369,000 Loss before income taxes (82,151,000)…arrow_forward
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