The following account balances were selected from the records of beverage maker Blake Corporation at December...

Transcribed Image Text:

The following account balances were selected from the records of beverage maker Blake Corporation at December 31 after all adjusting entries were completed: Common stock (par $15; authorized 100,000 shares, issued 41,000 shares, of which 1,000 shares are held as treasury stock) Additional paid-in capital-common stock Dividends Retained earnings, beginning of year Treasury stock at cost (1,000 shares) Net income for the year was $57,000. Required: 1-a. Prepare the statement of retained earnings for the year ended December 31. 1-b. Prepare the stockholders' equity section of the balance sheet at December 31. 2. Determine the number of shares of stock that received dividends. $ 615,000 186,000 34,000 82,000 20,000 3. Compute the ROE ratio for the current year, assuming total stockholders' equity was $635,000 on December 31 of the previous year. The following account balances were selected from the records of beverage maker Blake Corporation at December 31 after all adjusting entries were completed: Common stock (par $15; authorized 100,000 shares, issued 41,000 shares, of which 1,000 shares are held as treasury stock) Additional paid-in capital-common stock Dividends Retained earnings, beginning of year Treasury stock at cost (1,000 shares) Net income for the year was $57,000. Required: 1-a. Prepare the statement of retained earnings for the year ended December 31. 1-b. Prepare the stockholders' equity section of the balance sheet at December 31. 2. Determine the number of shares of stock that received dividends. $ 615,000 186,000 34,000 82,000 20,000 3. Compute the ROE ratio for the current year, assuming total stockholders' equity was $635,000 on December 31 of the previous year.

Answer rating: 100% (QA)

1a Statement of Retained Earnings for the Year Ended December 31 Retaine... View the full answer