32. Anderson Inc. had the below account balances as of 12/31/20. Net income for the year...
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32. Anderson Inc. had the below account balances as of 12/31/20. Net income for the year ending 12/31/20 was $56,000, and dividends paid were $26,000. Beginning Retained Earnings as of 1/1/20 were $130,000. a. Calculate the Ending Retained Earnings Balance as of 12/31/20 b. Prepare a Balance Sheet as of 12/31/20 in proper format. Use the Balance Sheet tab in the "F-S Example - 2 Yrs" in Canvas as a guide for proper formatting. Your balance sheet must balance (A=L+E) to be correct. (10 pts total) Additional Paid-in Capital Common Stock $1 par, 300,000 shs authorized, 140,000 shs issued, 130,000 shs outstanding Preferred Stock, $2 par, 40,000 shares outstanding Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depletion Accumulated Depreciation Buildings Cash & Cash Equivalents Coal Copyrights Current Maturities of Long-Term Debt Utilities Payable Equipment & Autos Finished Goods Inventory Goodwill Interest Payable Land Long-Term Bonds Payable Long-Term Note Payable Minerals Other Accrued Liabilities Payable Patents Payroll Tax Withholding Payable Prepaid Insurance Raw Materials Inventory Short-term Investments Timber Trademarks Treasury Stock 10,000 sbs. Wages Payable Work in Process Inventory S 25,000 $ 140,000 $ 80,000 SSSS $ $ S اس ام اس اس ام اس اس ام اس اس اس ام اس ام اس اس ال اس ام اس اس ام اس اس اس ال اس S S S $ S $ $ $ $ $ $ $ $ $ S $ $ 44,000 30,000 (12,000) (17,000) (21,000) 315,000 44,000 11,000 21,000 20,000 16,000 66,000 17,000 44,000 3,000 95,000 110,000 80,000 19,000 25,000 19,000 5,000 14,000 15,000 22,000 17,000 13,000 (10,000) 22,000 8,000 32. Anderson Inc. had the below account balances as of 12/31/20. Net income for the year ending 12/31/20 was $56,000, and dividends paid were $26,000. Beginning Retained Earnings as of 1/1/20 were $130,000. a. Calculate the Ending Retained Earnings Balance as of 12/31/20 b. Prepare a Balance Sheet as of 12/31/20 in proper format. Use the Balance Sheet tab in the "F-S Example - 2 Yrs" in Canvas as a guide for proper formatting. Your balance sheet must balance (A=L+E) to be correct. (10 pts total) Additional Paid-in Capital Common Stock $1 par, 300,000 shs authorized, 140,000 shs issued, 130,000 shs outstanding Preferred Stock, $2 par, 40,000 shares outstanding Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depletion Accumulated Depreciation Buildings Cash & Cash Equivalents Coal Copyrights Current Maturities of Long-Term Debt Utilities Payable Equipment & Autos Finished Goods Inventory Goodwill Interest Payable Land Long-Term Bonds Payable Long-Term Note Payable Minerals Other Accrued Liabilities Payable Patents Payroll Tax Withholding Payable Prepaid Insurance Raw Materials Inventory Short-term Investments Timber Trademarks Treasury Stock 10,000 sbs. Wages Payable Work in Process Inventory S 25,000 $ 140,000 $ 80,000 SSSS $ $ S اس ام اس اس ام اس اس ام اس اس اس ام اس ام اس اس ال اس ام اس اس ام اس اس اس ال اس S S S $ S $ $ $ $ $ $ $ $ $ S $ $ 44,000 30,000 (12,000) (17,000) (21,000) 315,000 44,000 11,000 21,000 20,000 16,000 66,000 17,000 44,000 3,000 95,000 110,000 80,000 19,000 25,000 19,000 5,000 14,000 15,000 22,000 17,000 13,000 (10,000) 22,000 8,000
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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