The following information has been taken from the ledger accounts of Flint Corporation.
| Total income since incorporation | $292,000 | |
| Total cash dividends paid | 55,000 | |
| Total value of stock dividends distributed | 31,000 | |
| Gains on treasury stock transactions | 16,000 | |
| Unamortized discount on bonds payable | 29,000 |
Determine the current balance of retained earnings.
Want to see the full answer?
Check out a sample Q&A here
Related Accounting Q&A
Find answers to questions asked by students like you.
Q: The following information has been taken from the ledger accounts of Isaac Stern Corporation.…
A: Retained earnings: Retained earnings are that portion of profits which are earned by a company but…
Q: (Computation of Retained Earnings) The following information has been taken from the ledger accounts…
A: Retained earnings: Retained earnings are the portion of earnings kept by the business for the…
Q: Carleton Builders Ltd. recorded the following summarized transactions during the current year:a. The…
A: No violation has been identified. Correctly applied revenue accounting principle.
Q: Carleton Builders Ltd. recorded the following summarized transactions during the current year: a.…
A: The guidelines and rules required to be followed in the process of financial reporting are known as…
Q: Carleton Builders Ltd. recorded the following summarized transactions during the current year: a.…
A: Violation of the Revenue Recognition Principle. Since there is no dividend is to be paid on treasury…
Q: The following information was taken from the accounts of JT Corp at year end: Total income since…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Denna Company’s working capital accounts at the beginning of the year follow: Cash $ 69,000…
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: The following data were taken from the financial statements of Hunter Inc. for December 31 of two…
A: Times interest earned ratio is calculated by dividing the earning before interest and tax by…
Q: The following data were taken from the financial statements of Hunter Inc. for December 31 of two…
A: Liabilities = Accounts Payable + Current maturities of Serial bonds payable + Serial bonds payable…
Q: The following information was taken from the accounting records of Oak Corporation for the year…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Q: Denna Company’s working capital accounts at the beginning of the year follow: Cash $…
A: Calculation of Working Capital, Current assets Ratio and Acid Test Ratio…
Q: Ecker Company reports $2,700,000 of net income and declares $388,020 of cash dividends on its…
A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…
Q: In Draco Corporation's first year of business, the following transactions affected its equity…
A: Retained earnings = net income - dividend = 82000-31000 = $51,000
Q: In Draco Corporation’s first year of business, the following transactions affected its equity…
A: Given information is: ∙ Issued 4,000 shares of $2 par value common stock for $18. It authorized…
Q: Required 1. Explain the transaction(s) underlying each journal entry (a) through (d). 2. How many…
A: Since more than one question are posted i am providing you the answer for first three questions.
Q: The following information is available for Culver Corporation for the year ended December 31, 2018.…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: The following information applies to the questions displayed below.] Markus Company’s common…
A: Solution:- Calculation of price-earnings ratio as follows:- First, we need to calculate earnings per…
Q: 1. The following financial statement was prepared by Gibson Corporation's accountant. Adams…
A: Click to see the answer
Q: Ecker Company reports $1,300,000 of net income and declares $182,000 of cash dividends on its…
A: Preferred stock are the shares which holds priviledge rights on dividends . Basically, these shares…
Q: The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the…
A: Since we only answer up to 3 sub-parts, we’ll answer the first three. Please resubmit the question…
Q: Given the information below for ATH Corp., what was the amount of Dividends declared during the…
A: Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividend Declared
Q: The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30…
A: Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…
A: Dividend: It is the distribution of profit earned by a company its common stock shareholders. In…
Q: Given the information below for ATH Corp., what was the amount of Dividends declared during the…
A: Amount of Dividends declared during the current period = Beginning Retained Earnings + Net Income -…
Q: The Davidson Corporation’s balance sheet and income statement are given here: Davidson Corporation:…
A: a.)- Construct the Statement of Retained Earnings for December 31, 2008. Round your answer to two…
Q: The following information is taken from the records of Golden Harvest Corporation: 20. Collections…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: The following information was drawn from the accounting records of Silverburg Company. (Round your…
A: Earning per share = Net income available for equity shareholders / average number of shares…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…
A: 1) Date Account Journal Debit $ Credit $ 1 Dividend - Preferred stock 280,000 Dividends…
Q: Given the information below for ATH Corp., what was the amount of Dividends declared during the…
A: Explanation- the amount of Dividends declared during the current period will be = Beginning…
Q: The following transactions occurred during the first year of operations for Cougar Corp. for each…
A: vvvv
Q: Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions.…
A: Company means the form of business where management is separately from owner and have perpetual…
Q: The following information pertains to the Bramble Company. Assume that all balance sheet amounts…
A: Dividend payout ratio indicates the dividend rates to be paid to the common stock holders out of net…
Q: The following information pertains to the Bramble Company. Assume that all balance sheet amounts…
A: Ratio analysis is referred as the quantitative method of understanding company’s liquidity,…
Q: The balance sheet for Tyde Corporation at the end of the current year indicates the following:…
A: EPS: Earnings per share is the monetary value of earnings per outstanding share of common stock…
Q: During its first year of operations, Flounder Corporation had the following transactions pertaining…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Jet Company's summarized financial statement information for the beginning of the year is as…
A: Financial statement is a report which shows the transactions or events occur in a period. It is used…
Q: Jet Company's summarized financial statement information for the beginning of the year is as…
A: Final accounts: A final account is one in which we first create trading accounts, then a profit and…
Q: The following information pertains to Marsh Company for the current! year: Average total assets,…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: Statement of Retained Earnings Use the following data to prepare a statement of retained earnings…
A: Retained Earnings, December 31 = Retained Earnings, January 1 + Net income - Stock dividends - Cash…
Q: The following information is for Carol's Company: 1,000 Common Shares outstanding Earnings for the…
A: Debt to equity ratio = total debt/Total equity
Q: The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The annual report for Malibu Beachwear reported the following transactions affecting…
A: A journal entry is a list of the activities of a company's financial transactions. The equity…
Q: The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420…
A: Journal entries represent the starting point in the accounting cycle, they are used to record every…
Q: Prag Co. reported the following financial data for its most current year: Beginning-of-year common…
A: Shareholders' equity depicts the amount of capital invested by the owner in the business. It…
Q: Five Measures of Solvency or Profitability The balance sheet for Garcon Inc. at the end of the…
A: This question is based on the Ratio Analysis of Financial Management, based on the information…
Q: Lax Company provided the following information during the current year. Dividend received Dividend…
A: The Numerical has covered the Concept of Cash Flow Statement. There are 3 types of Activities in the…
Q: On December 31, Westworld Inc. has the following equity accounts and balances: Retained Earnings,…
A: Stockholders' equity: Stockholders' equity means the remaining net assets available to shareholders.…
Q: Kohler Corporation reports the following components of stockholders’ equity at December 31 of the…
A: Solution 1: Kohler Corporation - Journal Entries Date Particulars Debit Credit 2-Jan…
Q: The shareholders’ equity section of HANDLEY Corporation’s statement of financial position at…
A: Average cost of the preferred shares = preferred shares capital / no. of preferred shares issued
Q: The shareholders’ equity section of HANDLEY Corporation’s statement of financial position at…
A: Annual total dividend for preferred shares = No. of preferred shares x dividend per share
