The following information has been taken from the ledger accounts of Sampras Corporation. Total income since incorporation
Question:
Total income since incorporation ...........$287,000
Total cash dividends paid ...............60,000
Total value of stock dividends distributed ........40,000
Gains on treasury stock transactions ...........18,000
Unamortized discount on bonds payable ..........32,000
Instructions
Determine the current balance of retained earnings.
Step by Step Answer:
Total income since incorporation 287000 Less Total cash dividends pa...View the full answer
Related Video
Treasury stock refers to shares of a company\'s own stock that the company has bought back from its shareholders and now holds as a form of asset on its balance sheet. When a company buys back its own stock, it reduces the number of outstanding shares in the market, which can potentially increase the value of the remaining shares. Treasury stock can be acquired through a variety of methods, such as open market purchases, negotiated transactions, or as a result of converting convertible securities. Companies may buy back their own shares for a number of reasons, including to return capital to shareholders, to signal confidence in the company\'s future, or to use the shares for employee stock option plans. While treasury stock does not pay dividends, it can be reissued by the company at a later time, which could dilute the value of the remaining shares. Companies are required to report their treasury stock holdings in their financial statements.
Students also viewed these Accounting questions
-
The following information has been taken from the ledger accounts of Isaac Stern Corporation. Total income since incorporation ..... $317,000 Total cash dividends paid ........ 60,000 Total value of...
-
The following information has been taken from the accounting records Vista Free Corporation. Total net income since incorporation ......... $466,000 Total cash dividends paid .............. 260,000...
-
The following information has been taken from Shank Company's unadjusted and adjusted trial balances at October 31, 2014. Given this trial balance information, prepare the adjusting journal entries....
-
(a) ABC is a company that manufactures computer desk. The total costs (in RM'000) when x units of computer desk are produced is given by C(x) = 12x 3 - 198x 2 + 1080x Find the level of x that the...
-
The following units of a particular item were available for sale during the calendar year: Jan. 1.............. Inventory .............. 10,000 units at $75.00 Mar. 18 ........... Sale...
-
Suppose a TCP Vegas connection measures the RTT of its first packet and sets BaseRTT to that, but then a network link failure occurs and all subsequent traffic is routed via an alternative path with...
-
Modern Designs is seeking a supplier of copper wire for artistic and cosmetic effects on high-end decorative consumer products. Considerable research into suppliers has been conducted, and all except...
-
Assume that you are a consultant for a start-up Internet retailer, Bikes.com, which provides a variety of bicycle parts and accessories in a convenient and effective customer service approach. The...
-
Complete the following code based on the instructions that are in the comments in the code: #include #define SIZE 10 main () { int x[SIZE]={10, 20, 25, 30, 40, 50, 70, 44, 23, 11}; printf("Count...
-
1- Open Wiley Plus and obtain the values for both X and Y, Place them in an EXCEL file and use Data, Data Analysis, Regression, and select the values from your columns and enter them in the proper...
-
The following are selected transactions that may affect stockholders?? equity.1. Recorded accrued interest earned on a note receivable.2. Declared and distributed a stock split.3. Declared a cash...
-
Shown below is the liabilities and stockholders?? equity section of the balance sheet for Ingalls Company and Wilder Company. Each has assets totaling $4,200,000. For the year, each company has...
-
Describe and compare the modes of heat loss through the single-pane and double-pane window assemblies shown in the sketch below.GIVENA single-pane and a double-pane window assemblyASSUMPTIONSThe...
-
Bonnie and Dave's divorce was finalized on March 11, 2023. Bonnie was ordered to pay Dave $300 per month beginning on April 1, 2023. What is Bonnie's adjustment to income on her 2023 tax return ?
-
Using the information in the following what is the WACC of the firm? Dunaway Industries is evaluating the idea of expanding their production facility in Cobb County. The CFO gathered the following...
-
What strategies can be employed by students and logistics professionals to foster positive relationships with Indigenous makers?
-
A portfolio consists of Stocks A and B and has an expected return of 11.6 percent. Stock A has an expected return of 17.8 percent while Stock B is expected to return 8.4 percent. What is the...
-
What is the current yield for a 12-year 8% coupon bond with a par value of $1,000 that is selling for $928.27? Round your answer to 4 decimal places. For example if your answer is 3.205%, then write...
-
Which statement, regarding the method of reporting gains or losses from the sale of partnership assets is correct? a. Gain or loss from the sale of assets used in rental activities is separately...
-
Explain the Hawthorne effect.
-
Fraud fighting includes what type of careers? a. Professors. b. Lawyers. c. CPA firms. d. All of the above.
-
As payment for services rendered, the company received a 24-month note on January 1. The face amount of the note is $1,000; the note is non-interest-bearing. The cash price of the services rendered...
-
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $2,000, and the stated rate of interest is 12%, compounded annually. The 12% rate is equal to...
-
As payment for services rendered, the company received a 36-month note on January 1. The face amount of the note is $1,000; the note is non-interest-bearing. There is no reasonable basis for...
-
Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for...
-
Assume that the stock of South Gate Corporations sells for R108 and is expected to increase by a factor of 1.25 or decline by a factor of 0.83 in 10 months. As a portfolio analyst, you find a call...
-
Use the below information to calculate the profit or loss of a short call butterfly spread if the spot price of the underlying asset at maturity is R89.45. June 70 Call costs R1.18 June 70 Put costs...
Study smarter with the SolutionInn App