Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 2, Problem 2.9E
Statement of
Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.
Required
Prepare a statement of retained earnings for the year ended December 31, 2016.
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Statement of Retained Earnings
Landon Corporation was organized on January 2, 2014, with the investment of $70,000 by each of its two stockholders. Net income for its first year of
business was $98,370. Net income increased during 2015 to $144,600 and to $169,180 during 2016. Landon paid $24,000 in dividends to each of the two
stockholders in each of the three years.
Required:
Statement of retained earnings Hayes Enterprises began 2021 with a retained earnings balance of $923,000.
During 2021, the firm earned $379,000 after taxes. From this amount, preferred stockholders were paid $45,900 in
dividends. At year-end 2021, the firm's retained earnings totaled $1,044,000. The firm had 143,000 shares of common
stock outstanding during 2021.
a. Prepare a statement of retained earnings for the year ended December 31, 2021, for Hayes Enterprises. (Note: Be
sure to calculate and include the amount of cash dividends paid in 2021.)
b. Calculate the firm's 2021 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during 2021?
a. Prepare a statement of retained earnings for the year ended December 31, 2021, for Hayes Enterprises. (Note: Be
sure to calculate and include the amount of cash dividends paid in 2021.)
The cash dividends paid on common stock are $
(Round to the nearest dollar.)
Shareholders' Equity
Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $110,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and
Accumulated Other Comprehensive Income, $26,000.
Prepare the shareholders' equity section of Tinman's year-end balance sheet.
Tinman Corporation
Partial Balance Sheet
December 31
Shareholders' Equity
Contributed Capital:
Total contributed capital
Total Shareholders' Equity
Chapter 2 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 2 - Read each definition below and write the number of...Ch. 2 - Prob. 2.1ECh. 2 - The Operating Cycle Two Wheeler Cycle Shop buys...Ch. 2 - Classification of Financial Statement Items Regal...Ch. 2 - Current Ratio Baldwin Corp. reported the following...Ch. 2 - Classification of Assets and Liabilities Indicate...Ch. 2 - Selling Expenses and General and Administrative...Ch. 2 - Prob. 2.7ECh. 2 - Income Statement Ratio The income statement of...Ch. 2 - Statement of Retained Earnings Landon Corporation...
Ch. 2 - Components of the Statement of Cash Flows Identify...Ch. 2 - Prob. 2.11ECh. 2 - Prob. 2.12MCECh. 2 - Prob. 2.13MCECh. 2 - Prob. 2.14MCECh. 2 - Materiality Joseph Knapp, a newly hired accountant...Ch. 2 - Costs and Expenses The following costs are...Ch. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Working Capital and Current Ratio The balance...Ch. 2 - Single-Step Income Statement The following income...Ch. 2 - Multiple-Step Income Statement and Profit Margin...Ch. 2 - Statement of Cash Flows Colorado Corporation was...Ch. 2 - Basic Elements of Financial Reports Comparative...Ch. 2 - Prob. 2.10MCPCh. 2 - Prob. 2.11MCPCh. 2 - Prob. 2.12MCPCh. 2 - Prob. 2.1APCh. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Working Capital and Current Ratio The balance...Ch. 2 - Single-Step Income Statement The following income...Ch. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.9APCh. 2 - Comparability and Consistency in Income Statements...Ch. 2 - Prob. 2.12AMCPCh. 2 - Prob. 2.1DCCh. 2 - Prob. 2.2DCCh. 2 - Analysis of Cash Flow for a Small Business...Ch. 2 - Prob. 2.4DCCh. 2 - The Expenditure Approval Process Roberto is the...Ch. 2 - Prob. 2.6DC
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