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Powder Corporation began operations on January 2, 2013, with a total investment of $150,000 by its stockholders.
Net income for its first year of business was $90,000. During 2014 and 2015, net income increased to $188,000 and to $217,000, respectively. Powder paid $85,000 in dividends to its shareholders in each of the three years.
A. In good form, prepare a statement of retained earnings for the year ended December 31, 2014.
B. How much is total retained earnings on December 31, 2015?
C. Explain the link between the statement of retained earnings and the balance sheet.
Preparation of cash flow statement using the information given - What impact would the 2007 cash surplus (deficit) have on their January 1, 2008 balance sheet?
On December 31, 2011, the fair value of the bonds was $668,000 as determined by their market value in the over-the-counter market. Find out the price of the bonds at January 1, 2011, and prepare the journal entry to record their issuance.
Jaye's Company paid $600 cash to replace a part on equipment sold under warranty. To recognize this payment, which of the following are correct?
Chipper Division of Acme Corp. sells 80,000 units of part Z-25 to the outside market. Part Z-25 sells for $40, has a variable cost of $22, and a fixed cost per unit of $10. Chipper has a capacity to produce 100,000 units per period. Jones Division cu..
A manufacturing company charges its overhead to products by using a predetermined application rate that is based on machine hours. What is the total of overhead applied to the production? Work In Process Inventory (Increase or Decrease)?
Discuss any considerations to be borne in mind arising from the Companies Act in assessing the company's response to the current remuneration of the executive directors.
determining the annual financing cost of borrowing.pyramid products company has a revolving credit agreement with its
Are revenues and expenses growing at the same rate? What was the experience in the past few years?
Kyle and Alyssa paid $1,000 and $2,000 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of California. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $132,000 and they file a j..
The Treasury Department of Drof Motors invests excess funds daily (e.g., in foreign currencies). It, thus, earns profits and losses, which are included in the company’s consolidated financial statements. Should Drof consider its Treasury operations a..
Early in the current year, Keith meets Dan through a business associate. Dan tells Keith that he is directing a business venture that purchases poorly managed restaurants in order to turn them around and make them profitable. Dan mentions that he is ..
Examine the five-year trend information and make a list of any indicators that are negative.
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