Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. retained earnings as of 12/31/2019 were $15,000

1. Retained earnings as of 12/31/2019 were $15,000,000. Net income for the year ending 12/31/2019...

70.2K

Verified Solution

Question

Accounting

1. Retained earnings as of 12/31/2019 were $15,000,000. Net income for the year ending 12/31/2019 was $600,000. Bonds were issued for $2,000,000, Dividends of $50,000 were paid, and Treasury Stock was issued for $80,000 during 2019. a. Calculate the beginning retained earnings balance as of 1/1/2019.

2. Retained earnings as of 1/1/2019 were $69,000,000. Net income for the year ending 12/31/2019 was $2,000,000. Equipment was purchased totaling $1,000,000, bond payments during the year totaled $500,000, and interest expense totaled $725,000 for the year. Dividends of $100,000 were declared and paid on common stock, and dividends of $75,000 were declared and paid on preferred stock in 2019. a. Calculate the ending retained earnings balance as of 12/31/2019.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students