Answer:
e. Debit Retained earning $49,280 Credit Common stock dividend distributable $35,200
Credit Paid in capital in excess of par value(Common stock) $14,080
Explanation:
The journal entry is as follows:
Retained earnings (3,520 shares × $14)
Dr $49,280
_______ Common stock dividend distributable (3,520 shares × $10)
Cr $35,200
_______ Paid in capital in excess of par value ($49,280 - $35,200)
Cr $14,080
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Answer:
d. The statement of cash flows shows how much the firm's cash, the total of currency, bank deposits, and short-term liquid securities (or cash equivalents), increased or decreased during a given year.
Explanation:
In a statement of cash flows , what we have shown is a summary of cash and also all equivalents if cash that goes into and also goes out if a firm or company. It provides to what extent that cash is being managed by a firm. Therefore option D is the answer to this question since it talks about how cash increases or decreases in a firm in a particular year
The amount of net income reported on Sparty's income statement is $19,690.
<h3>
What is revenue?</h3>
- The total amount of income earned by the sale of goods and services connected to the principal operations of the firm is referred to as revenue in accounting.
- Commercial revenue is often known as sales or turnover.
- Some businesses make money by charging interest, royalties, or other fees.
<h3>What are dividends?</h3>
- A dividend is a profit distribution made by a corporation to its shareholders.
- When a corporation makes a profit or has a surplus, it can pay a portion of the earnings to shareholders as a dividend.
- Any money that is not dispersed is re-invested in the company.
<h3>Solution -</h3>
To find the amount of net income reported on Sparty's income statement, use the following formula:
Net Income = Gross Profit — Operating Expenses — Other Business Expenses — Taxes — Interest on Debt + Other Income
Net income = 80000 - 31000 - 11000 - 18130 = 19690
Therefore, the amount of net income reported on Sparty's income statement is $19,690.
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Answer:
<em>The Accounting Cycle is as follows:</em>
<em>1. Transactions are analyzed and recorded in the journal.
</em>
<em>2. Transactions are posted to the ledger.</em>
<em>3. An unadjusted trial balance is prepared.
</em>
<em>4. Adjustment data are asssembled and analyzed.
</em>
<em>5. An optional end-of-period spreadsheet is prepared.
</em>
<em>6. Adjusting entries are journalized and posted to the ledger.
</em>
<em>7. An adjusted trial balance is prepared.
</em>
<em>8. Financial statements are prepared.
</em>
<em>9. Closing entries are journalized and posted to the ledger.
</em>
<em>10. A post-closing trial balance is prepared.
</em>
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