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Calculate the Dividends per Share and Earnings per Share for each year for Brown Company.
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- You are the accountant for Trumpet and Trombone Manufacturing, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the companys general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Prepare the companys Statement of Retained EarningsYou work as a freelance accounting professional and have beenrecently engaged by the auditors of Life-Positive Inc. for anassignment. In examining the company’s records, you have extractedthe following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00…You work as a freelance accounting professional and have beenrecently engaged by the auditors of Life-Positive Inc. for anassignment. In examining the company’s records, you have extractedthe following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00…
- You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s AccountBalances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00…You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s AccountBalances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00…You work as a freelance accounting professional and have beenrecently engaged by the auditors of Life-Positive Inc. for anassignment. In examining the company’s records, you have extractedthe following information Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00…
- You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00…You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 Note: The tax rate is 32% Required: 1. Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about…You work as an accounting professional and have been contracted by the auditors of Jane Company for a job. In examining the company’s records, you have extracted the following information: Jane Account Balances 2018 2019 Accounts Payable $ 24,600.00 $ 21,250.00 Accounts receivable $ 15,700.00 $ 12,340.00 Cash $ 23,450.00 $ 28,600.00 Cost of goods sold $ 19,700.00 $ 23,000.00 Depreciation $ 3,090.00 $ 4,590.00 Dividends $ 5,800.00 $ 10,800.00 Interest $ 2,340.00 $ 2,890.00 Inventory $ 7,050.00 $ 8,640.00 Long-term debt $ 28,000.00 $ 30,000.00 Net fixed Assets $ 41,500.00 $ 48,000.00 Other expenses $ 2,400.00 $ 2,800.00 Sales $ 58,000.00 $ 62,500.00 Short-term notes payable $ 2,890.00 $ 2,340.00 Shares outstanding $ 85,000.00 $ 90,000.00 The tax rate is 32% You are required to:…
- You work as an accounting professional and have been contracted by the auditors of Jane Company for a job. In examining the company’s records, you have extracted the following information: Jane Account Balances 2018 2019 Accounts Payable $ 24,600.00 $ 21,250.00 Accounts receivable $ 15,700.00 $ 12,340.00 Cash $ 23,450.00 $ 28,600.00 Cost of goods sold $ 19,700.00 $ 23,000.00 Depreciation $ 3,090.00 $ 4,590.00 Dividends $ 5,800.00 $ 10,800.00 Interest $ 2,340.00 $ 2,890.00 Inventory $ 7,050.00 $ 8,640.00 Long-term debt $ 28,000.00 $ 30,000.00 Net fixed Assets $ 41,500.00 $ 48,000.00 Other expenses $ 2,400.00 $ 2,800.00 Sales $ 58,000.00 $ 62,500.00 Short-term notes payable $ 2,890.00 $ 2,340.00 Shares outstanding $ 85,000.00 $ 90,000.00 The tax rate is 32% You are required to:…In line with your audit with DAVE, Inc. financial statements, the company accountantpresented to you the balance sheet that follows. You reviewed the client’s accountingrecords and books based thereon. You discovered that books of accounts are inagreement in the said balance sheet as presented below: DAVE, INC.STATEMENT OF FINANCIAL POSITIONDecember 31, 2021 ASSETS LIABILITIES AND OWNERS EQUITYCash P 80,000 Accounts Payable P 32,000Accounts Receivable 160,000 Notes Payable 64,000Notes Receivable 48,000 Capital Stock 160,000Inventories 400,000 Retained Earnings 432,000Total P 688,000 Total P 688,000 Further review and investigation of the company’s books revealed the followingomissions and errors which were not corrected during the year of errors: 2018 2019…= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,008,960.00 ↑ 2 Premium on Bonds Payable 58,960.00 ↑ 3 Bonds Payable 950,000.00 ↑ 4 Jun. 30 Interest Expense 18,427.00 ↓ 5 Premium on Bonds Payable 2,948.00 ↓ 6 Cash 21,375.00 ↓ 7 Jul. 1 Cash 1,729,164.00 ↑ 8 Discount on Bonds Payable 70,836.00 ↓ 9…
