For the two independent cases that follow, determine the missing amount foreach letter. (Hint: You might not be able to calculate them in the order in whichthey appear.) Case 1 Revenues Expenses Netincome Dividends declaredduring the year Retained earnings: Beginning Ending Total assets: BeginningEnding Total Liabilities: Beginning Ending Common shares: Begianing EndingProceeds from issuing additional common shares during the year Case 2 A $857,000 549,000 223, 000 107,000 B975.000 1,957.000 2, 258, 000 859, 000 860, 000 D E 245, 000 355, 000 108,000 For the two independent cases that follow, determine the missing amount for each letter. (Hint: You might not be able to calculatethem in the order in which they appear.)RevenuesExpensesNet incomeDividends declared during the yearRetained earnings:BeginningEndingTotal assets:BeginningEndingTotal Liabilities:BeginningEndingCommon shares:BeginningEndingProceeds from issuing additional common shares during the yearCase 1730000507,000223,000107,000854,0002014001,923,0001407400860,000454000346.000108,000ABCDECase 2$857,000549,000308000975.0001,957,0002,258,000859,000245,000355,000110000

Assets are the resources owned by the entity. These may be current or non-current. Some of the…

Answered: For the two independent cases that…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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The Divirgil Company Net Income is $100. Given the following items: Purchase of debt securities (trading) $7 Amortization of Premium on Bonds Payable $4 Sale of Treasury Stock at cost $5 Increase in Dividends Payable $2 Increase in Retained Earnings $92 Change in Cash for the year is: Select one: $74 b. $84 $77 d. $78 e. $88 a. C.
1. Refer to additional information (b) only Prepare the following general ledger accounts for the year ended 31 July 2022: •Bank •Application and allotment •Share Capital- Class A •Non Current Liability- Class C 2. Refer to additional information (c) Calculate the number of Class B shares in issue at the beginning of the financial year. 3. Refer to additional information (d) Prepare the dividends and shareholders for dividends accounts as it would appear in the general ledger for the year ended 31 July 2022
The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 53,100 shares authorized; 23,280 and 21,000 shares issued and outstanding, respectively. Retained earnings Outstanding shares The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later.. Mar. 20 1,600 common shares were repurchased and retired at $22.00 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $40.00 per share. Required: 1. How many shares were outstanding on each of the cash dividend dates? Aug. 14 The share dividend was issued. Oct. 5 A $2.00 per share cash dividend…
Compute the amount of liabilities for Company E at the beginning of the year. End of Year $ Assets Equity, beginning of year Add: Stock issuances Add: Net income 115,920 Less: Cash dividends Equity, end of year Beginning of Year Assets $ = = = 101,010 = $ $ $ Liabilities + 91,576 + 6,500 8,642 15,142 11,000 24,344 Liabilities 101,010 + + GA $ Equity 24,344 Equity
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Required 1. Explain the transaction(s) underlying each journal entry (a) through (d). 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 4. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $695,000?
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