Question
In: Accounting
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
Shown below in T-account format are the changes affecting the
retained earnings of Brenner-Jude Corporation during 2021. At
January 1, 2021, the corporation had outstanding 104.00 million
common shares, $2.5 par per share.
| Retained Earnings ($ in millions) | |||
| 108 | Beginning balance | ||
| Retirement of 4.0 million common shares for $37.0 million |
3.90 | ||
| 83 | Net income for the year | ||
| Declaration and payment of a $0.39 per share cash dividend |
39.00 | ||
| Declaration and distribution of a 6% stock dividend |
43.00 | ||
| 105.10 | Ending balance | ||
Required:
1. Prepare the journal entries to record the
transactions that affected Brenner-Jude's retained earnings during
2021 based on the information provided.
2. Prepare a statement of retained earnings for
Brenner-Jude for the year ended 2021.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
Shown below in T-account format are the changes affecting the
retained earnings of Brenner-Jude Corporation during 2021. At
January 1, 2021, the corporation had outstanding 94.00 million
common shares, $3.0 par per share.
Retained Earnings ($ in millions)
78
Beginning balance
Retirement of 4.0 million common
shares for $23.0 million
2.50
69
Net income for the year
Declaration and payment of a $0.25
per share cash dividend
22.50
Declaration and distribution of a 4%
stock dividend
24.80
97.20
Ending balance...
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
Shown below in T-account format are the changes affecting the
retained earnings of Brenner-Jude Corporation during 2021. At
January 1, 2021, the corporation had outstanding 105 million common
shares, $1 par per share.
Retained Earnings ($ in millions)
100
Beginning balance
Retirement of 5 million common shares for $29 million
3
84
Net income for the year
Declaration and payment of a $0.32 per share cash dividend
32
Declaration and distribution of a
6% stock dividend
28
121
Ending...
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
Shown below in T-account format are the changes affecting the
retained earnings of Brenner-Jude Corporation during 2018. At
January 1, 2018, the corporation had outstanding 85.0 million
common shares, $2.5 par per share.
Retained Earnings ($ in
millions)
84
Beginning balance
Retirement of 5.0
million common
shares for $26.0 million
2.80
72
Net income for
the year
Declaration and
payment of a $0.19
per share cash dividend
15.20
Declaration and
distribution of a 5%
stock dividend
27.00
111.00
Ending
balance...
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
Shown below in T-account format are the changes affecting the
retained earnings of Brenner-Jude Corporation during 2018. At
January 1, 2018, the corporation had outstanding 104.5 million
common shares, $1.0 par per share. Retained Earnings ($ in
millions) 80 Beginning balance Retirement of 4.5 million common
shares for $24.0 million 2.60 70 Net income for the year
Declaration and payment of a $0.26 per share cash dividend 26.00
Declaration and distribution of a 2% stock dividend 17.00 104.40
Ending balance...
Shown below in T-account format are the changes affecting the retained
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 105 million common shares, $1 par per share.
Required:
1. From the information provided by the account changes you should be able to re-create the transactions that affected Brenner-Jude’s retained earnings during 2021. Reconstruct the journal entries which can be used as spreadsheet entries in the preparation of a statement of cash flows. Also indicate any investing and...
a. The changes in account balances of the Samson Corporation during the year are presented below:...
a. The changes in account balances of the Samson Corporation
during the year are presented below:
Assets
$356,000
Liabilities
108,000
Capital
stock
240,000
Additional paid-in
capital
24,000
Assuming there are no charges to retained earnings other than for a
dividend payment of $52,000, the net income for the year, should
be
$16,000
$36,000
$52,000
$68,000
b. Which of the following is not a discontinued account in the
income statement?
Extraordinary account
Unusual or in frequent account
Income from discontinued business...
Problem 4-6 Below is the Retained Earnings account for the year 2017 for Pronghorn Corp. Retained...
Problem 4-6
Below is the Retained Earnings account for the year 2017 for
Pronghorn Corp.
Retained earnings, January 1, 2017
$265,330
Add:
Gain on sale of investments (net of tax)
$48,930
Net income
92,230
Refund on litigation with government, related
to the year 2014 (net of tax)
29,330
Recognition of income earned in 2016, but
omitted from income
statement in that year (net of
tax)
33,130
203,620
468,950
Deduct:
Loss on discontinued operations (net of
tax)
42,730
Write-off of goodwill...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable.
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $300 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.
Retained Earnings: Transactions and Statement The stockholders’ equity of Elson Corporation at January 1 is shown...
Retained Earnings: Transactions and Statement
The stockholders’ equity of Elson Corporation at January 1 is
shown below:
5 Percent preferred stock, $100 par value, 10,000 shares
authorized;
6,000 shares issued and outstanding
$600,000
Common stock, $5 par value, 200,000 shares
authorized; 70,000 shares issued and outstanding
$350,000
Paid-in capital in excess of par value-Preferred stock
40,000
Paid-in capital in excess of par value-Common stock
300,000
Retained earnings
656,000
Total Stockholders' Equity
$1,946,000
The following transactions, among others, occurred during the...
A commercial bank’s T-account in 2020 is shown as below: Table 2: T-Account for Bank A...
A commercial bank’s T-account in 2020 is shown as below:
Table 2: T-Account for Bank A in 2018 Assets Liabilities plus
Equity Loans: $ 800 Deposits: $900 Securities: $ 100 Borrowings: $0
Cash Reserves: $ 60 Equity: ?
The bank pays 8% for the bank deposit to the depositors;
the average interest rate on the loans is 15%; the cash reserves
does not pay any interest; and the returns to its securities is
10%.
(1) Calculate the value of equity,...
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