castilio service paid K cast the stole shareholder of Cast service 6000 in dividends during the current year the entry to close the dividends account at the year of the year is debit retained earrings 6000 credit salary expense 6000 debit dividends 6000 credit retained earrings 6000 debit dividends 6000 credit cash 6000 debit retained earrings 6000 credit dividends 6000 debit income summary 6000 credit retained earrings 6000 if answer is not shown please answer what it would be

castilio service paid K cast the stole shareholder of Cast service 6000 in dividends during the current year the entry to close the dividends account at the year of the year is debit retained earrings 6000 credit salary expense 6000 debit dividends 6000 credit retained earrings 6000 debit dividends 6000 credit cash 6000 debit retained earrings 6000 credit dividends 6000 debit income summary 6000 credit retained earrings 6000 if answer is not shown please answer what it would be

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter15: Shareholders’ Equity: Capital Contributions And Distributions

Section: Chapter Questions

Problem 32P

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S Man runs a small business, MANDLAS, from home. S Man does not keep proper accounting records. He needs to calculate the entity’s profit/loss and requests your assistance. You established the following: BALANCES AS AT 30 APRIL 2013 2012 R R Furniture at carrying value 22 950 25 500 Tools and equipment at carrying value 46 350 51 500 Inventory: Trading 10 500 15 200 Investment in shares - Solution Pty (Ltd) 25 000 - Bank (favourable) - 12 480 Bank (overdraft) 8 500 - Long-term loan 15 500 19 000 Creditors 9 520 9 520 Credit card 5 380 - 32 Days Notice Deposit 21 000 - Prepaid expenses 1 850 - Accrued income 2 430 - Income received in advance 3 800 5 000 Accrued expenses 1 600 - 1300 Additional information a) S Man withdrew R20 000 during the 2013 year for own use. b) During the 2013 financial year S Man deposited R30 000 from his personal bank account into the business bank account. c) The interest on the long-term loan for the 2013 financial…
Beginning of the year End of the year $ 88,500 148,000 labilities $ 37,940 59,940 Owner made no investments in the business, and no dividends were paid during the year. Owner made no investments in the business, and dividends paid were $14,400 during the year. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. Dividends paid were $14,400 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. IDetermine net income or net loss for the business during the year for each of the above separate cases:
Please don't provide answer in image format thank you On December 1, Noble Inc.’s Board of Directors declared a property dividend, payable in stock held in the Multon Company. The dividend was payable on January 5. The investment in Multon stock had an original cost of $100,000 when acquired 2 years ago. The market value of this investment was $150,000 on December 1, $175,000 on December 31, and $160,000 on January 5. The amount to be shown on Noble’s statement of financial position at December 31 as property dividends payable would be A. $100,000 B. $175,000 C. $150,000 D. $160,000
The following transactions are for the Sun’s Corporation, December, 2018. 12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash. 17 Mar. Sold goods on credit for Rs. 90000. 21 Apr. Account receivable collected for Rs 10000, made on 17 March. 21 Apr Sun’s Corporation purchased computer 30000 on account payable. 23 Jun. Paid advertising expense for 9000. 12 Sep. Paid salary for 17000 30 Dec. Declared and paid dividend to shareholders 40000. Required: Pass Journal entries. Post each of the above transactions in the Ledger Prepare Trial Balance.
On August 1, Sunland Company buys 1,000 shares of Estrada common stock for $28,500 cash. On December 1, Sunland sells the stock investments for $31,500 in cash.Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1Dec. 1 Aug. 1Dec. 1
Determine the dollar effect on the accounting equation (increase or decrease assets, liabilities, or stockholders’ equity) from the following separate transactions. a. Dillon contributes $4,000 of cash to his corporation in exchange for common stock. b. Cowboy Corporation purchases equipment with a 10-year note payable for $1,600. c. Queen Bee pays off $1,300 of accounts payable.
Kincaid do Pant retained earnings balance in January 1 was 7,000. During the current year Kincaid earned 3500 in revenues and incurred 4100 in expenses. Kincaid declared and paid 2000 in dividend all in cash. After the closing entries are made Kincaid retained earnings balance in December 31 will be what?
Solve this question The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:• DEC. 01: Issued 2,000 shares of common stock at 200 per share• DEC. 03: Paid office rent for the month of December Rs 5000.• DEC. 06: Purchased office supplies Rs 2500.• DEC. 12: Purchased office equipment on account Rs45,000• DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.• DEC. 21: Billed clients Rs 24,000 on account.• DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.• DEC. 28: Paid utility bills for the month of December Rs1800.• DEC. 29: Received Rs 20,000 cash from clients billed on December 21.• DEC. 30: Paid salary for the month of December Rs 8,500Required: Record the above transactions in a general journal.
The Moon Service Inc. engaged in the following transactions during the month of November 2015:• Nov. 01: Issued 20,000 shares of common stock at $20 per share• Nov. 03: Paid office rent for the month of November $500.• Nov. 06: Purchased office supplies $250.• Nov. 12: Purchased office equipment on account $4,500• Nov. 16: Purchased business car for $25,000. Paid $10,000 cash and issued a note for the balance.• Nov. 21: Billed clients $24,000 on account.• Nov. 25: Declared dividends $3,000. The amount of dividends will be distributed in December.• Nov. 28: Paid utility bills for the month of November $180.• Nov. 29: Received $20,000 cash from clients billed on November 21.• Nov. 30: Paid salary for the month of November $7,500Required: Record the above transactions in a general journal.
Invested $28,800 cash in exhange for Common Stock1 Paid cash $28,800 for 12 month insurance policy that money could buy2 Purchased office equipment for $86,400 on account10 Billed client $2400 for design work20 Purchased supplies worth $2400 on account22 Received $2400 cash from customer for future work29 Paid cash to creditors $240029 Received $2400 cash from customer paying down account.30 Board of Directors declared and paid cash Dividend $2400 Record Adjusting Entries on Journal Page 3Dec 31 Supplies on hand at month end $031 Office Equipment Depreciates staright line over 3 years31 Record insurance expense for month end31 Earned $2400 of Unearned Revenue31 Billed client for 20 hours design work at $240 per hour5 Post Adjusting Entries to the General Ledger (GL)6 Produce the Adjusted Trial Balance7 Produce an Income Statement, Retained Earnings Statement and Balance Sheet.8 Record on Journal Page 4 the closing of all temporary accounts directly into Retained Earnings9 Post to…
The ABC Company had the following transactions in 2021, the first year of its operations: 1. Issued 10 shares of stock at $6 per share; 2. Borrowed $100; 3. Purchased building for $100; 4. Purchased inventory on credit for $60; 5. Paid supplier $40; 6. Company president sold 2 shares of ABC stock from his personal holding; 7. As a favor to the company president, Robert Redford displayed the company logo in his movie; 8. Sold merchandise for $80 on credit; 9. Cost of the merchandise sold in (8) is $50; 10. Salary paid to managers, $5; 11. Use of building (useful life = 18 years, salvage value = $10); 12. Interest expense on loan @ 5%; 13. Dividends declared and paid, $5. Questions: Prepare: (1) an income statement, (2) a statement of retained earnings, (3) a balance sheet, and (4) a statement of cash flows for the first year of the ABC Company. please answer complete
The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:  DEC. 01: Issued 2,000 shares of common stock at 200 per share  DEC. 03: Paid office rent for the month of December Rs 5000.  DEC. 06: Purchased office supplies Rs 2500.  DEC. 12: Purchased office equipment on account Rs45,000  DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.  DEC. 21: Billed clients Rs 24,000 on account.  DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.  DEC. 28: Paid utility bills for the month of December Rs1800.  DEC. 29: Received Rs 20,000 cash from clients billed on December 21.  DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal