1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alchen [17]
3 years ago
8

Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $110,0

00; Additional Paid-in Capital, $4,100,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2021, is $800,000. Court Casuals has the following transactions affecting stockholders' equity in 2021:May 18 Issues 25,000 additional shares of $1 par value common stock for $60 per share.May 31 Repurchases 3,500 shares of treasury stock for $40 per share.July 1 Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock.July 31 Pays the cash dividend declared on July 1.August 10 Reissues 2,750 shares of treasury stock purchased on May 31 for $56 per share.Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 20121, using the format provided.
Business
1 answer:
choli [55]3 years ago
7 0

Answer:common stock $1,610,000, paid in capital $4,100,000, Retained Earning $3,775,000, Treasury stock $ 184,000, Total stock holding equity $9,669,000

Explanation:

Court casuals statement of stockholder Equity for the year ended December 31 2021

Common Stock. Paid in capital Retained earning Treasury stock Total

$ $ $ $ $

Balance on Jan 1. 110,000. 4,100,000. 3,000,000. 44,000. 7,254,000

Issued share for cash 1,500,000. 1,500,000

Purchase of treasury stock. 140,000. 140,000

Net income. 800,000. 800,000

Cash dividend. (25,000) (25,000)

-------------- -------------- ------------------ ---------------- -----------

Balance on Dec 31. 1,610,000. 4,100,000. 3,775,000. 184,000 9,669,000

--------------- ----------------- -------------------- --------------- ----------------

Workings

Additional shares issued = 25,000 × 60 = 1,500,000

Cash dividend 25,000÷ 1 = 25,000

Re issued shares of treasury stock 2,750 × 56 = 154,000, then the value is deducted from opening balance of stock 154,000 - 110,000 = 44,000

You might be interested in
Lidell Inc. budgeted production of 48,000 personal journals in 20Y6. Each journal requires assembly. Assume that three minutes a
mote1985 [20]

Answer:

Direct labor cost= $31,200

Explanation:

Giving the following information:

Production= 48,000 units

Standard time= 3 minutes per unit

Rate= $13 per hour

First, we need to calculate the number of hours required:

The proportion of minuted per hour= 3/60= 0.05

Number of hours= 48,000*0.05= 2,400 hours

Now, the direct labor cost:

Direct labor cost= 2,400*13= $31,200

7 0
3 years ago
The account balances and income statement of Winfrey Towing Service on June 30, 2018, follow:
Alina [70]

Answer:

1. WINFREY TOWING SERVICE

Statement of Comprehensive Income

                                           $

Service revenue               10,800

Rent expense                    (550)

Salaries expense              (1,900)

Dividends paid                  <u>(4,000)</u>

Net income                        <u> 4,350</u>

Statement of Retained Earnings

                                             $

Retained earnings b/f      3,900

Add: Net income               4,350

Retained earnings c/f       8,250

2. Statement of retained earnings report changes in retained earnings of a company in a given accounting year.

Explanation:

In this question, we need to obtain the net income of the company, which  is service revenue minus expenses minus dividend. Then, the statement of retained earnings is prepared by taking cognisance of the retained earnings brought forward and add the net income for the year.

7 0
3 years ago
_____ oversee the activities of first-line managers.
natta225 [31]
<span>Mid-level managers oversee the activities of first-line managers. Mid-level managers are responsible for their department and report to top management. Mid-level managers must make sure that resources are allocated correctly and must invest money in training and development, materials, supplies and technology. They communicate the goals and strategies to first-line managers.</span>
6 0
3 years ago
Joe Corporation produces and sells two products. In the most recent month, Product C90B had sales of $19,950 and variable expens
8_murik_8 [283]

Answer:

Decrease

Explanation:

Calculation to determine overall break-even point for the entire company

Contribution margin for C90B = ($19,950-

$5,985)/$19,950

Contribution margin for C90B = 70%

Contribution margin for Y45E =( $26,190- $10,476)/$26,190

Contribution margin for Y45E= 60%

Therefore Based on the above calculation if the sales mix were to shift toward Product C90B with total dollar sales remaining constant, the overall break-even point for the entire company

Would DECREASE reason been that C90B have more contribution margin ratio of 70% compare to Y45E which had contribution margin ratio of 60%

4 0
2 years ago
Sardi Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 17,000
MA_775_DIABLO [31]

Answer:

$24.21

Explanation:

Direct materials $8.20

Direct labor 8.30

Variable manufacturing overhead 1.2

Fixed manufacturing overhead (70% × $4.30 is avoidable) = 3.01

8.2 + 8.3 + 1.2 + 3.01 = 20.71

Relevant manufacturing cost = $20.71

$7.00 per unit ÷ 4 minutes per unit = $1.75 per minute

$1.75 per minute × 2 minutes = $3.5

$20.71 + $3.5

= $24.21

6 0
3 years ago
Other questions:
  • What are examples of withdrawals from the circular flow of income? Check all that apply. A sharp increase in taxes affects many
    15·2 answers
  • Service quality greatly depends on the quality of the buyer-seller interaction during the service encounter. this is known as​ _
    8·1 answer
  • In macroeconomics, ___________________________ describes a situation in which two people each want to exchange some good or serv
    14·1 answer
  • Manta Ray Company manufactures diving masks with a variable cost of $25. The masks sell for $34. Budgeted fixed manufacturing ov
    14·1 answer
  • . Economic stability is a situation in which the economy experiences constant and low . True or False
    10·2 answers
  • Jane receives a 10-year increasing annuity-immediate paying 100 the first year and increasing by 100 each year thereafter. Mary
    7·1 answer
  • Why is it so hard to find essentials during times of crisis?
    6·2 answers
  • The following is an example in which the proposed method is applied to a fixed asset with an original cost of $248,000, an estim
    8·1 answer
  • ruritania's economy has been enjoying positive but slowing growth. the ministry of economics is considering various policy measu
    10·1 answer
  • Place the steps for finding the EOQ in a quantity discount model with variable H in the correct order.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!