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 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 Required: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2018 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related 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 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...
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
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,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT