During the current year, the total assets of Mifflinburg Corporation decreased by $60,000 and total liabilities decreased by $300,000. The company issued $100,000 of new stock, and its net income for the year was $250,000. No other changes to stockholders’ equity occurred during the year. Determine the dollar amount of dividends declared by the company during the year.
Answer to relevant QuestionsOn December 1, 2011, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During 2011, the company issued stock for $60,000 and declared dividends of ...Indicate whether each of the following accounts appears in the debit column or in the credit column of an after-closing trial balance. Use the symbols D for debit column, C for credit column, and N if the account does not ...Refer to the adjusted trial balance of Tutors for Rent, Inc., illustrated in Exercise 5.2 to respond to the following items:Prepare all necessary closing entries at December 31, 2011. Prepare an after-closing trial balance ...Ski Powder Resort ends its fiscal year on April 30. The business adjusts its accounts monthly, but closes them only at year-end (April 30). The resort’s busy season is from December 1 through March 31.Adrian Pride, the ...Brushstroke Art Studio, Inc., provides quality instruction to aspiring artists. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studio’s unadjusted trial balance ...
Post your question