Entries in the retaned earnings account

Assignment Help Accounting Basics
Reference no: EM13154102

On the basis of the following data for larson Co. for 2010 and the preceding year ended December 31, 2010, prepare a statement of cash flows. Use the indirect method of reporting cash flows from operating activites. Assume that equipment costing $125000 was purchased for cash and equipment costing $85000 with accumulated depreciation of $65000 was sold for $15000; that the stock was issued for cash; and that the only entries in the retaned earnings account were net income of $51000 and cash dividends declared of $13000.

Reference no: EM13154102

Questions Cloud

Capital from the treasury stock : Emu Inc. reissued 8,000 shares of treasury stock at $ 44 per share. The stock, which has a par value of $ .03, cost the company $ 30 per share two years ago. How much paid in capital from the treasury stock will the company have as a result of thi..
Restricted and relaxed policies : With a restricted policy, current assets will be 15% of sales. Under a relaxed policy, current assets will be 25% of sales. What is the difference between the projected ROEs between the restricted and relaxed policies?
Accounting records after the exchange : If company a has a player with a contract of $5,800,000 and company B has a player with a contract of $5,600,000 and they trade the players by exchanging the player's contract and the fair value of both contracts was $6,000,000 what amount should ..
Determining standard quantity in kilograms : The allowance for rejects is 0.11 kilogram of this input for each unit of output. The standard quantity in kilograms of this input per unit of output should be:
Entries in the retaned earnings account : Use the indirect method of reporting cash flows from operating activites. Assume that equipment costing $125000 was purchased for cash and equipment costing $85000 with accumulated depreciation of $65000 was sold for $15000; that the stock was iss..
Will the company''s borrowing cost increase, decrease : Suppose two firms want to borrow money from a bank for a period of one year. Firm A has excellent credit, whereas Firm B's credit standing is such that it would pay. The firm's credit standing is prime + 2 percent. The current prime rate is 6.80 perc..
Maximum dividend per share : The current balance in Retained Earnings is $1,600,000. Determine the maximum dividend per share that can be paid to common shareholders.
What is the project''s initial cash flow? : 1. Baldwin Corp. just paid a dividend of $2.00. Over the next two years this dividend is expected to grow by 20% per year. After two years, dividend growth is expected to level off at 10%. If the required rate of return on Baldwin stock is 12%, what ..
Find confidence interval of true proportion of workers : 65% were not interested in returning to work. Find the 95% confidence interval of the true proportion of workers who do not wish to return to work.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Active versus passive investors

You are preparing taxes for Tim, a business investor, and must calculate his adjusted gross income. Tim invested $10,000 in a business (only slightly less than the other investors) but is claiming a loss of $24,000.

  Role of financial advisor

A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8% interest per year, starting on the day your child is born..

  Manufacturing overhead to cost of goods sold

Madtack applies manufacturing overhead cost to jobs at the rate of 55% of direct labor cost incurred. The company does not close underapplied or overapplied manufacturing overhead to Cost of Goods Sold until the end of the year.

  Determine the interst earned by todd company

The bond pay interest on march 1 and septmber1. on october 1,2012,todd copany sold $24,000 of lincoln company bonds acquired on may 1. plus one month accured interest.on december 31,2012, four omnyhs interst was acuured for the remaining bonds. De..

  Which product or products should be sold at the spilt-off

which product or products should be sold at the spilt-off point and which product or products should be processed further ? show computations.

  Prepare a chronological list of the investments cash

Compute the investment's net present value, rounding calculations to the nearest dollar.

  Final recorded value of the payable

A firm has purchased, for 50,000 FCs, an electric generator from a foreign firm. The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid. What is the final recorded value of the payable if the two-trans..

  Investment in debt securities

Prepare the entry for May 1, 2007. The bonds are sold on August 1, 2008 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale. (Show all calculations).

  Expense under straight-line depreciation

If a fixed asset, such as a computer, were purchased on January 1st for $1,950 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is:

  How much have accumulated after taxes

Tina contributed $2,400 after taxes to Roth 401(k); leaves in account until retires in 40 years age 63, which earns annual 8 percent before tax rate; marginal tax rate 30 percent. How much have accumulated after taxes if she withdraws initial cont..

  Currently for the estimated cost

In its 2004 annual report, Apple Computer reported the following in one of its disclosure notes: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized."

  What is the realized gain and recognized gain

On December 31, Year 5, Tasha sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What is the realized gain, recognized gain and character (1231 (capital) v. ordinary)?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd