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GarryVolchara [31]
3 years ago
6

The net income of edwards corporation amounted to $74,000 for this year. the beginning balance ofâ stockholders' equity was $31,

000 and the ending balance was $72,000. the company issued no common stock during the year. what was the amount of dividends distributed during theâ year?
Business
1 answer:
kari74 [83]3 years ago
3 0
We can calculate the dividends issued by adding the beginning inventory and the net income less the ending inventory.Thus,
dividends= net income+beginning inventory-ending inventory
where
net income=$74,000
beginning inventory=$31,000
ending inventory =$72,000
substituting the values, we wil get
dividends=$33,000
Edwards corporation will issue dividends amounting to $33,000.
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Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts.
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Entries are given below

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Factory Utilities                                                    29,100

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Net Sales                                                                            559,300

Less Cost of Goods Sold :

Finished Goods Inventory                                98,200

Add Cost of Goods Manufactured                 308,620

Less Closing Finished Goods Inventory         (26,100)   (380,720)

Gross Profit                                                                         178,580

C) current assets section of the balance sheet at June 30,2017

<u>Current Assets</u>

Raw Materials Inventory      46,000

Work in Process Inventory   22,300

Finished Goods Inventory    26,100

Accounts Receivable            27,100

Cash                                      35,600

Total Current Assets           157,100

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<u>Raw Materials Consumed in Production Calculation</u>

<em>Open a Raw Materials T - Account as follows :</em>

<u>Debit :</u>

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Purchases                                                                $97,500

Totals                                                                      $148,600

<u>Credit :</u>

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