Question
In: Accounting
Kingbird, Inc. compiled the following financial information as of December 31, 2017: Service revenue $850000 Common...
Kingbird, Inc. compiled the following financial information as
of December 31, 2017:
| Service revenue | $850000 |
| Common stock | 191000 |
| Equipment | 231000 |
| Operating expenses | 749000 |
| Cash | 206000 |
| Dividends | 57000 |
| Supplies | 32000 |
| Accounts payable | 110000 |
| Accounts receivable | 88000 |
| Retained earnings, 1/1/17 | 441000 |
Kingbird stockholders’ equity on December 31, 2017 is:
$676000
$644000
$473000
$740000
Solutions
Expert Solution
Answer: $676000
Explanation
| Net Income | |
| Sales revenue | 850,000.00 |
| Less:Operating expenses | 749,000.00 |
| Net Income | 101,000.00 |
| Ending Retained earnings | |
| Beginning Retained earnings | 441,000.00 |
| Add: Net Income | 101,000.00 |
| Less: Dividend Paid | (57,000.00) |
| Ending Retained earnings | 485,000.00 |
| Calculation of Stockholders’ Equity on December 31, 2017 | |
| $ | |
| Ending Retained earnings | 485,000.00 |
| Add: Common stock | 191,000.00 |
| Stockholders’ Equity | 676,000.00 |
ekkarill92 answered 2 years agoRelated Solutions
Kingbird Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Kingbird Inc., a greeting card company, had the following
statements prepared as of December 31, 2017.
KINGBIRD INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,000
$7,100
Accounts
receivable
61,400
51,500
Short-term debt investments
(available-for-sale)
34,600
18,000
Inventory
40,300
60,200
Prepaid
rent
4,900
4,000
Equipment
152,400
130,600
Accumulated
depreciation—equipment
(34,800)
(25,200)
Copyrights
45,700
49,800
Total
assets
$310,500
$296,000
Accounts
payable
$46,100
$40,300...
The trial balance of Kingbird, Inc. on March 31, 2017, is as follows: Kingbird, Inc. Trial...
The trial balance of Kingbird, Inc. on March 31, 2017, is as
follows:
Kingbird,
Inc.
Trial
Balance
March 31,
2017
Debit
Credit
Cash
$1,850
Accounts receivable
2,740
Supplies
645
Equipment
6,050
Accumulated depreciation—equipment
$80
Accounts payable
1,035
Unearned revenue
460
Common shares
6,220
Retained earnings
1,670
Sales revenue
2,490
Salaries and wages expense
545
Miscellaneous expense
125
$11,955
$11,955
Additional information:
1.
A physical count reveals only $540 of supplies on hand.
2.
Equipment is depreciated at a rate of...
Berwick Company compiled the following financial information as of December 31, 2008: Revenues $140,000 Berwick, Capital...
Berwick Company compiled the following financial information as
of December 31, 2008:
Revenues $140,000
Berwick, Capital (1/1/08) 105,000
Equipment 40,000
Expenses 125,000
Cash 35,000
Berwick, Drawings 10,000
Supplies 5,000
Accounts payable 20,000
Accounts receivable 15,000
10. Berwick’s assets on December 31, 2008 are
a. $235,000.
b. $170,000.
c. $80,000.
d $95,000.
11. Berwick’s owner’s equity on December 31, 2008
is
a. $105,000.
b. $110,000.
c. $80,000.
d. $120,000.
The following information is available for Kingbird Corporation for the year ended December 31, 2022. Beginning...
The following information is available for Kingbird Corporation
for the year ended December 31, 2022.
Beginning cash balance
$36,000
Accounts payable
decrease
3,000
Depreciation expense
85,000
Accounts receivable
increase
8,700
Inventory increase
14,100
Net income
298,500
Cash received for sale of
land at book value
36,000
Sales revenue
740,500
Cash dividends paid
11,500
Income tax payable
increase
4,200
Cash used to purchase
building
147,500
Cash used to purchase
treasury stock
38,800
Cash received from issuing
bonds
203,000
Prepare a statement...
The December 31, 2017 statement of financial position of the ABC Company included the following information:...
The December 31, 2017 statement of financial position of the ABC
Company included the following information:
Accounts Receivable €112,000 Less: Allowance for Doubtful
Accounts €2,240
During the company’s fiscal year ending December 31, 2018, the
following transactions occurred:
1. Sales on credit €437,300;
2. Collections on accounts previously written off as worthless
€230 (Hint: Re-establish the receivable account);
3. Accounts receivable written off as uncollectible €2,290;
4. Collections of accounts receivable €440,500;
5. Bad debts were estimated to...
The following schedule of information relates to Lumos, Inc. for the year ended December 31, 2017:...
The following schedule of information relates to Lumos, Inc. for
the year ended December 31, 2017:
Nonoperating cash receipts:
For sale of common stock
$ 65,280
From sale of land (original cost $111,600)
94,800
From sale of intangible assets (at net book value)
37,800
Nonoperating cash payments:
For purchase of common stock as investment
1,020,000
To stockholders as dividends
117,600
The company’s balance sheet reports
the following:
December 31, 2017
December 31, 2016
Cash
$ 134,160
$ 100,800
Accounts receivable...
The following information was taken from the financial statements of Tolbert Inc. for December 31 of...
The following information was taken from the financial
statements of Tolbert Inc. for December 31 of the current fiscal
year:
Common stock, $40 par value (no change during the year)
$9,600,000
Preferred $5 stock, $100 par (no change during the year)
3,000,000
The net income was $822,000 and the declared dividends on the
common stock were $60,000 for the current year. The market price of
the common stock is $21.00 per share.
For the common stock, determine (a) the earnings...
The following information was taken from the financial statements of Tolbert Inc. for December 31 of...
The following information was taken from the financial
statements of Tolbert Inc. for December 31 of the current fiscal
year:
Common stock, $15 par value (no change during the year)
$3,600,000
Preferred $4 stock, $200 par (no change during the year)
6,000,000
The net income was $792,000 and the declared dividends on the
common stock were $60,000 for the current year. The market price of
the common stock is $19.60 per share.
For the common stock, determine (a) the earnings...
The following financial information was taken from a firm’s accounting records on December 31, 2017. Use...
The following financial information was taken from a firm’s
accounting records on December 31, 2017. Use this information to
determine the items below. Net Sales $ 800,000 Net Income Before
Income Tax 45,000 Income Tax Expense 6,750 Net Income After Income
Tax 38,250 Total Assets 400,000 Find the following 1. Rate of
returns on net sales. 2. Rate of return on total assets. 3. Asset
turnover.
Information from the financial statements of Jay Industries included the following at December 31, 2021: Common...
Information from the financial statements of Jay Industries
included the following at December 31, 2021:
Common shares outstanding throughout the year
100
million
Convertible preferred shares (convertible into 36 million
shares of common)
60
million
Convertible 8% bonds (convertible into 14.5 million shares of
common)
$
1,600
million
Jays’s net income for the year ended December 31, 2021, is $740
million. The income tax rate is 25%. Jays paid dividends of $3 per
share on its preferred stock during 2021....
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