transactions affecting retained earnings, Financial Accounting

transactions affecting retained earnings, Financial Accounting

Assignment Help:

shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2011. At January 1,2011, the corporation had outstanding 105 million common shares, $1 par per share.
Retained Earnings ($ in millions)
90 Beginning balance
retirement of 5
million common
shares for $22 m 2
88 Net income for
the year
Declaration and
paymentof a $.33
per share cash
dividend 33
Declaration and
distribution of a
4% stock div 20
123 Ending balance

1. from the information provided by the account changes you should be able to recreate the transactions that affected Brenner-Jude''s retained earnings during 2011. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions.
2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2011.

Related Discussions:- transactions affecting retained earnings

Fv of the annuity due, Find the current value of the following ordinary ann...

Find the current value of the following ordinary annuities. (Notes: If you are using a financial calculator, you can enter the known values and then press the appropriate key to se

Illustration of bankruptcy, Illustration of Bankruptcy Njuguna Mwandawi...

Illustration of Bankruptcy Njuguna Mwandawiro, carrying on a business as a trader in Likoni, Mombasa, finds himself insolvent, and on 15 August 1997 files his petition in bankr

Discounted present value, A player for a Rice team, Jim Jones, is graduatin...

A player for a Rice team, Jim Jones, is graduating this year and is considering a career in professional sports. The alternative is to work for two years and then attend business s

Greek Debt Exchange, Question posted on your website

Question posted on your website

Income statement-group accounts, Normal 0 false false false...

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4

What is the value of the firm, Firm Value: Old School Corporation expec...

Firm Value: Old School Corporation expects an EBIT of $9,000 every year forever. Old School currently has no debt, and its cost of equity is 18 percent. The firm can borrow at

Mark up-branches, Mark up Mark up is defined as the rate of gross profi...

Mark up Mark up is defined as the rate of gross profit to cost of sales: Mark up = Gross Profit Cost of sales Margin is defined as the rate of gros

NON PROFIT ORGANISATIONS, USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGU...

USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGULATORY FRAMEWORK THAT SUPPORTS FINANCIAL REPORTING IN NON PROFIT ORGANISATIONS.

Accrual-based income statement for 2011, The Wanless Corporation provides I...

The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the

Determine the amount of retained earnings, From the information provided, d...

From the information provided, determine: 1.) The amount of retained earnings at December 31 and 2.) The amount of revenues for the period. Additional data: 1.)Expenses

Rajesh Rajesh

1/8/2013 4:21:15 AM

I need more information

Rajesh

1/8/2013 4:23:17 AM

how to get instant help from tutor

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd