Closing Income Summary and Dividends to Retained EarningsAdriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20--, OvermanCompany had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000.1. Prepare the journal entries for Adriana as of December 31, 20--, to close Income Summary and CashDividends into Retained Earnings.<1 2 3 4569234Page: 1DATEACCOUNT TITLEDOC. POST.NO. REF.DEBITCREDIT20--1Dec. 31To close Income Summary5 Dec. 3167To close Dividends33882. Prepare the journal entries for Overman as of December 31, 20--, to close Income Summary and StockDividends into Retained Earnings.Page: 1DATEACCOUNT TITLEDOC. POST.NO. REEDEBIT CREDIT

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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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?
Seismic Inc. reported the following results for the year ended June 30, 20Y5: Retained earnings, July 1, 20Y4 $1,700,000 Net income 311,000 Cash dividends declared 44,000 Stock dividends declared 22,000 Required: Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A decrease to retained earnings should be entered as a negative amount.
Closing Income Summary and Dividends to Retained Earnings Adriana Company had a net income of $133,600 and paid cash dividends of $25,260 for 20--. Overman Company had a net loss of $24,100 and distributed a 10% stock dividend with a market value of $16,700.
Salamon, Inc. had Retained earnings of $400,000 on 1/1/22. The company earned $250,000 forthe year ended 12/31/22. The company declared a cash dividend of $75,000 and a stockdividend of $20,000 during the year.a. Prepare the journal entries to close net income and dividends into retained earnings.b. Prepare a Retained Earnings Statement for the year ended 12/31/22.
Blossom Ltd. has retained earnings of NT$ 677,300 at January 1, 2022. Net income during 2022 was NT$ 1,598,100, and cash dividends declared and paid during 2022 totaled NT$ 75,700. Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) BLOSSOM LTDRetained Earnings Statementchoose the accounting period select an opening name NT$ enter a new taiwan dollar amount select between addition and deduction : select an item enter a new taiwan dollar amount enter a subtotal of the two previous amounts select between addition and deduction : select an item enter a new taiwan dollar amount select a closing name NT$ enter a total amount
The following information and transactions took place during 2019:   May 1. Declared a $3 per share cash dividend on 20,000 common shares issued and outstanding. May 2. The ownership recording was taken place. July 20. Paid the cash dividends declared on May 1. August 31 Preparing closing entries. The balance in the income summary is $550,000 credit. Prepare (a) and (d) as if the company uses the direct method via retained earnings to record the dividends.
Denna Company's working capltal accounts at the beginning of the year follow Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 85,eee $ 25,600 S 386,000 $ 499, 000 S 18, See $ 227,000 $ 130,eee $ 73,500 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $45,000. a. Issued additional shares of common stock for cash. $230,000. b Sold inventory costing $82.000 for $115,000, on account c. Wrote off uncollectible accounts in the amount of $16,000, reducing the accounts recelvabie balance accordingly d. Declared a cash dividend, $45.000. e Paid accounts payable, $124,000. f Borrowed cash on a short-term note with the bank, $82,500 g. Sold inventory costing $19,500 for $13,000 cash. h. Purchased Inventory on account. $61.250. 1. Pald off all short-term notes due, $212,500. J. Purchased equipment for cash, $87,000. k. Sold marketable…
Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. (Amounts to be deducted should be indicated by a minus sign.) Cash dividends declared and paid in current year Retained earnings at December 31, prior year Net income in current year Tidal Company Statement of Retained Earnings For Current Year Ended December 31 $ 8,800 61,600 34,600
Shep Company’s records show the following information for the current year: Beginning of year End of year Total assets $ 51,200 $ 81,500 Total liabilities $ 22,600 $ 35,600 Determine net income (loss) for each of the following separate situations. (For all requirements, losses should be entered with a minus sign.)a. Additional common stock of $3,600 was issued, and dividends of $7,600 were paid during the current year.b. Additional common stock of $15,150 was issued, and no dividends were paid during the current year.c. No additional common stock was issued, and dividends of $12,600 were paid during the current year. a. Net income (loss): ________ b. Net income (loss): ________ c. Net income (loss): ________ Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
answer just #12 and #14. Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc.Comparative Retained Earnings StatementFor the Years Ended December 31, 20Y2 and 20Y1 Line Item Description 20Y2 20Y1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $600,000 $550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $490,000 $440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y1 Line Item Description 20Y2 20Y1 Sales $10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) Gross profit $4,850,000 $4,550,000 Selling expenses $(2,170,000) $(2,000,000) Administrative expenses (1,627,500)…
The following trial balance was extracted from the book of Adiwarna Bhd on 31 December 2020: Item 7.2% preference shares Ordinary shares General reserve Retained profit Sales Inventory Purchases Salesman salaries Advertising Office salaries Office expenses Directors emolument Audit fees 10% Debenture Interim dividend - Preference dividend - Ordinary dividend Debenture interest Trade payables Tax paid Plant and machinery (Cost) Accumulated depreciation on plant and machinery Trade receivables Bank RM 100,000 300,000 100,000 45,000 100,000 55,000 25,000 5,000 7,200 25,200 10,000 35,000 1,540,000 90,000 102,600 2.540,000 RM 200,000 740,000 100,000 123,600 890,000 200,000 40,000 246,400 2,540,000

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