Question
In: Accounting
The following data are from the accounts of Color Corp. at December 31, 2020 Retained earnings,...
The following data are from the accounts of Color Corp. at December 31, 2020
Retained earnings, beginning balance--------------------------------------------------------- $900,000
Common stock, $____ par, 100,000 shares authorized, 50,000 shares issued -----------------1,000,000
Treasury stock, 1,000 shares --------------------------------------------------------------------20,000
Paid-in capital in excess of par – Common stock ---------------------------------------------400,000
Bonds Payable ----------------------------------------------------------------------------------200,000
Net income for 2020 (not included in retained earnings above)-----------------------------190,000
Dividends declared and paid during 2020 (not included in retained earnings above)-------80,000
Required:
- Determine the value of the following items. Type/write your
response after each item where indicated.
- Total retained earnings at end of 2020
- Total stockholders’ equity
- Average original selling price per share
- Par value per share of common stock
- Cost per share of treasury stock
- Number of shares of common stock outstanding
- Prepare the stockholders’ equity section of the balance sheet at December 31, 2020
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following data were taken from the SFP accounts of Bramble Corporation on December 31, 2020:...
The following data were taken from the SFP accounts of Bramble
Corporation on December 31, 2020:
Current assets
$
1,035,000
FV-NI investments
842,000
Common shares (unlimited authorized, 590,000 shares issued and
outstanding)
6,490,000
Contributed surplus
360,000
Retained earnings
1,790,000
A 8% stock dividend is declared at their fair value and
distributed at a time when the shares’ fair value is $51 per share.
Prepare the required journal entries. (Credit account
titles are automatically indented when the amount is entered. Do...
What is the amount of retained earnings at December 31, 2019?
Obrien Industries began 2019 with retained earnings balance of
$735,000. During 2019, the firm earned $280,000 after taxes. From
this amount, preferred stock holders were paid $42,000 in dividends
and common stock dividends were $175,000. What is the amount of retained earnings at December 31, 2019?
Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Windsor Bros.
Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected
income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
2020
2019
Increase
(Decrease)
Accounts receivable
$34,100
$23,900
$10,200
Property, plant, and equipment
276,600
247,300
29,300
Accumulated depreciation—plant assets
(179,700
)
(165,400
)
(14,300
)
Liabilities and stockholders’ equity
2020...
Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Pharoah Bros.
Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected
income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
2020
2019
Increase
(Decrease)
Accounts receivable
$34,100
$23,900
$10,200
Property, plant, and equipment
277,700
247,800
29,900
Accumulated depreciation—plant assets
(176,500
)
(168,200
)
(8,300
)
Liabilities and stockholders’ equity
2020...
The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...
The following are Flounder Corp.’s comparative balance sheet
accounts at December 31, 2020 and 2019, with a column showing the
increase (decrease) from 2019 to 2020.
COMPARATIVE BALANCE SHEETS
2020
2019
Increase
(Decrease)
Cash
$822,600
$700,100
$122,500
Accounts receivable
1,139,300
1,157,900
(18,600
)
Inventory
1,835,600
1,726,700
108,900
Property, plant, and equipment
3,276,300
2,980,900
295,400
Accumulated depreciation
(1,165,600
)
(1,047,400
)
(118,200
)
Investment in Myers Co.
312,200
272,500
39,700
Loan receivable
251,900
—
251,900
Total assets
$6,472,300
$5,790,700
$681,600
Accounts...
Following are selected balance sheet accounts of Sheridan Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Sheridan Bros.
Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected
income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
2020
2019
Increase
(Decrease)
Accounts receivable
$34,000
$24,100
$9,900
Property, plant, and equipment
278,500
249,400
29,100
Accumulated depreciation—plant assets
(176,300
)
(168,400
)
(7,900
)
Liabilities and stockholders’ equity
2020...
Following are selected balance sheet accounts of Headland Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Headland Bros.
Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected
income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
2020
2019
Increase
(Decrease)
Accounts receivable
$33,800
$23,900
$9,900
Property, plant, and equipment
278,600
247,600
31,000
Accumulated depreciation—plant assets
(177,600
)
(165,700
)
(11,900
)
Liabilities and stockholders’ equity
2020...
The following are Waterway Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...
The following are Waterway Corp.’s comparative balance sheet
accounts at December 31, 2020 and 2019, with a column showing the
increase (decrease) from 2019 to 2020.
COMPARATIVE BALANCE SHEETS
2020
2019
Increase
(Decrease)
Cash
$807,900
$696,100
$111,800
Accounts receivable
1,130,100
1,166,300
(36,200
)
Inventory
1,850,400
1,707,300
143,100
Property, plant, and equipment
3,324,100
2,995,100
329,000
Accumulated depreciation
(1,163,100
)
(1,032,700
)
(130,400
)
Investment in Myers Co.
308,700
277,600
31,100
Loan receivable
250,800
—
250,800
Total assets
$6,508,900
$5,809,700
$699,200
Accounts...
The following data are taken from the records of Alee Company. December 31, 2020 December 31,...
The following data are taken from the records of Alee Company.
December 31, 2020 December 31, 2019 Cash $ 15,000 $ 8,000
Current assets other than cash 85,000 60,000 Long-term debt
investments 10,000 53,000 Plant assets 335,000 215,000
$445,000 $336,000 Accumulated depreciation $ 20,000 $ 40,000
Current liabilities 40,000 22,000 Bonds payable 75,000 –0–
Common stock 254,000 254,000 Retained earnings 56,000 20,000
$445,000 $336,000 Additional information: Held-to-maturity debt
securities carried at a cost of $43,000 on December 31, 2019, were...
The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of...
The following list of accounts is taken from the December 31,
2020, unadjusted trial balance of Perdu Sales, a business that is
owned by Eldon Perdu.
Debit
Credit
Cash
$
8,000
Merchandise inventory
9,800
Prepaid selling expense
8,000
Store equipment
40,000
Accumulated depreciation, store equipment
$
9,800
Accounts payable
14,840
Salaries payable
0
Eldon Perdu, capital
25,360
Eldon Perdu, withdrawals
3,600
Sales
858,000
Sales returns and allowances
33,000
Sales discounts
8,000
Cost of goods sold
431,000
Sales salaries expense
94,000...
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