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Question 1: Bigco's balance sheet one year ago indicated retained earnings of $450 million. This year, Bigco's new income was $35 million. It paid its preferred shareholders a dividend of $5 million and paid its common shareholders a regular dividend of $6 million, along with a special one-time dividend of $10 million. What should be the retained earnings amount on this year's balance sheet?
Question 2: Wholesale Lumber, Ltd. is a firm that distributes lumber to building supply and home improvement retail stores. The firm's cost of sales for the most recent year was $45 million, its beginning inventory was $16 million, and its ending inventory was $18 million. Estimate Wholesale Lumber's purchases of lumber materials for the year.
Question 3: Star Inc. has year 1 revenues of $80 million, net income of $9 million, assets of $65 million, and equity of $40 million, as well as year 2 revenues of $87 million, net income of $22 million, assets of $70 million, and equity of $50 million. Calculate Star's return on equity (ROE) for each year based on the DuPont method and compare it with a direct ROE measure. Next, explain why the firm's ROE changed between year 1 and year 2.
A.) Record the general journal entry to record the acquisition of the equipment on June 1st.
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Comfy Home is performing a ratio analysis. Using the financial statements provided, please calculate the following ratio for Comfy Home
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What expenses (include amounts) should be recognized for this lease on the income statement for the year ended December 31, 2013?
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The pretax financial income of Truttman Company differs from its taxable income throughout each of 4 years as follows. Year Pretax Financial Income Taxable Income Tax Rate 2014 $290,000 $180,000 35% 2015 320,000 225,000 40% 2016 350,000 260,0..
A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and explain how the accounting equation is impacted.
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