Prepare a retained earnings statement for the fiscal year

Assignment Help Accounting Basics
Reference no: EM13258116

Dynamic Leaders Inc. reported the following results for the yearending July 31, 2008. Retained earnings August 1,2007 988.500

Net Income 325.000

Cash didideds declared 35,000

Stock dividendsdeclared 90,000

Prepare a retained earnings statement for the fiscal year endingJuly 31, 2008

Reference no: EM13258116

Questions Cloud

What is the effective annual rate of the loan : Suppose that Community Bank offers to lend you $10,000 for one year at a nominal interest rate of 8.00%, but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. What is t..
Computational and record-keeping costs : If computational and record-keeping costs are regarding the same under both FIFO and weighted average, which of the following techniques will generally be preferred?
How large a volume of hydrogen is required : A plastic bag is filled with hydrogen at atmospheric pressure and 27.0 oC. Assume that the mass of the bag is negligible, How large a volume of hydrogen (in m3) is required
Would historical information about the poem : What are you going to discuss in the poem, your topic? Turn this topic into a thesis by adding your opinion of the topic.
Prepare a retained earnings statement for the fiscal year : Dynamic Leaders Inc. reported the following results for the yearending July 31, 2008. Prepare a retained earnings statement for the fiscal year endingJuly 31, 2008
Determine the total factory labor costs : Determine the total factory labor costs transferred to Work in Process and Factory Overhead for October Determine the amount of factory overhead applied toproduction for October.
Electronics multi step income statement : Prepare a North east Electronics multi step income statement for the month ended in May 31st 2009
Find action to not lose economic benefits of the credit : In addition, John and Susie would have topay higher rent. What course of action would you recommend toJohn and Susie?
Explaining the credit terms : The company gets all of its merchandise from a supplier in Minnesota and always buys on credit with credit terms of 2/10, n/30. Which statement below best explains the credit terms of 2/10, n/30?w

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Net income and comprehensive income

Murphy Co. had 200,000 shares outstanding of $10 par common stock on March 30 of the current year. Murphy reacquired 30,000 of those shares at a cost of $15 per share and recorded the transaction using the cost method on April 15.

  Determine the company margin of safety percentage

The Grant Company has sales of sales of $300,000, and the break-even point in sales dollars if $210,000. Determine the company's margin of safety percentage.

  What do budget variances mean

What do budget variances mean? Is the administrator interpreting this information correctly? Explain.

  Problem related to after-tax income

Ivan Company has a goal of earning $75,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 39%. What amount of dollar sales must be achieved to reach the goal if fixe..

  Cost of common stock with no obligation to stockholders

When measuring the cost of capital, many companies measure the cost of the common stock in the company.

  Incremental effect on company overall profit

Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.

  What is the correct journal entry for the sale of the stock

At the Board of Director's meeting to review the year-end financial statements, they were concerned that the gain on the sale of the stock was not reported on the income statement. They believed that since the stock was sold at a price higher than..

  Economic order quantity

Ben would like to use an inventory system that minimizes inventory cost and will satisfy 95 percent of his customers who order this wine. a. What is the economic order quantity for Ben to order?

  Calculate employer payroll taxes

Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3% federal unemployment, 0.8%. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.

  What is the basis of the machine for cost recovery

On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. ..

  What expense should be recorded for 2012 as a result

A company buys an oil rig for $2,000,000 on January 1, 2012. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $400,000 (present value at 10% is $154,220). 10% is an appropriate interest rate for ..

  Calculate the cost of purchasing the equipment

Thomas Corporation is evaluating whether to lease or purchase equipment. Its tax rate is 30%. Calculate the cost of purchasing the equipment.

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