The statement of retained earnings of Gary Larson Publishers is presented below. Required: For the transactions that
Question:
The statement of retained earnings of Gary Larson Publishers is presented below.
Required:For the transactions that affected Larson?s retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. Also indicate any investing and financing activities you identify from this analysis that should be reported on the statement of cash flows.
GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 $200 75 Add: Net income Deduct: Cash dividend (25) Stock dividend (1 million shares of $1 par common stock) (16) Property dividend (Garfield Company preferred stock held as a short-term investment) (12) Sale of treasury stock (cost $53 million) (10) $212 Retained earnings, December 31
Step by Step Answer:
Net income closed to retained earnings Net income75 Retained earnings given 75 The operating activit...View the full answer
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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