Question: Question 9 10 pts Your Company's balance sheet reported common stock of $9,500 and retained earnings of $5,000 on January 1, 2021. Retained earnings on

Question 9 10 pts Your Company's balance sheet reported common stock

Question 9 10 pts Your Company's balance sheet reported common stock of $9,500 and retained earnings of $5,000 on January 1, 2021. Retained earnings on the December 31, 2021 balance sheet was $11,000. The company paid a $3,500 dividend during the year. What was net income for 2021? O $ 7,000 O $ 2,000 O $14,500 O $ 9,500

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Brantley Shumaker opened a public relations firm called Gold Star Services on August 1, 2025. The following amounts summarize the business on August 31, 2025: During September 2025, the business...

Question 1 Presented below is the comparative balance sheet for Kingbird Company. Kingbird Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash...

Your Company's balance sheet reported common stock of $9,500 and retained earnings of $5,000 on January 1, 2021. Retained earnings on the December 31, 2021 balance sheet was $11,000. The company paid...

Your Company's balance sheet reported common stock of $5,000 and retained earnings of $4,000 on January 1, 2021. Retained earnings on the December 31, 2021 balance sheet was $8,500. The company paid...

Alpha Corporation purch 80% of Beta Company on January 1 2020, for $149.200 On that date controlling in hand fair value of $37 520 and Beta reported common stock outstanding of $100.000 and retained...

Adjustments and additional information 1. Physical stocktaking on 28 February 31 December 2020 revealed the following inventories: 1.1 Trading inventory, R90 000 1.2 Stationery, R200. 2. A notice...

The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.20 per share on January 1, 2020. The remaining 20 percent of Devine's shares also traded...

Alpha Corporation purchased 80% of Bela Company on January 1, 2020, for $149,280 On that date, the non controlling interest had a fair value of $37.320 and Beta reported common stock outstanding of...

QUESTION 5 Prepare the Statement of Financial Position as at 31 December 2020. The notes to the financial statements are not required. Show workings in the spaces provided. (20 Marks) INFORMATION The...

(20 Marks) QUESTION 5 Prepare the Statement of Financial Position as at 31 December 2020. The notes to the financial statements are not required. Show workings in the spaces provided. INFORMATION The...

Is all compensation paid to an employee deductible? Discuss the circumstances in which employee compensation cannot be deducted.

In a manufacturing process, a transparent film is being bonded to a substrate as shown in the sketch. To cure the bond at a temperature To, a radiant source is used to provide a heat flux qo (W/m 2...

The ACT model of service recovery stands for Apologize, Clarify, Thank Apologize, Correct, Thank Ask, Correct, Thank Ask, Clarify, Thank

Wellness, Inc., a 501(c)(3) organization, makes lobbying expenditures of $340,000 this year. Exempt purpose expenditures were $600,000 for the first six months of the year and $950,000 for the last...

To be able to better predict the output of an oil field, researchers2 collected data that included y = the yearly output (100,000 barrels) and the number of new well drilled (1000) in the previous...

The balance sheet for Federer Sports Apparel for 2013 and 2012 is presented below. Required: 1. Prepare a vertical analysis of the balance sheet data for 2013 and 2012. Express each amount as a...

Plato Corporation manufactures two products, Alpha and Beta. Contribution margin data follow. Plato Corporations production process uses highly skilled labor, which is in short supply. The same...

The income statement for Federer Sports Apparel for 2013 and 2012 is presented below. Required: Prepare a vertical analysis of the data for 2013 and 2012. FEDERER SPORTS APPAREL Income Statement For...

When starting a business, more women choose ndustries that tend, to have lower average sales levels. Multiple Choice construction ces financial technology service

4.22 a. A very large shipment of parts contains 10% defectives. Two parts are chosen at random from the shipment and checked. Let the random variable X denote the number of defectives found. Find the...

4.14 In a geography assignment the grade obtained is the random variable X. It has been found that students have these probabilities of getting a specific grade: A: 0.18 D: 0.07 B: 0.32 E: 0.03 C:...

4.21 A municipal bus company has started operations in a new subdivision. Records were kept on the numbers of riders on one bus route during the early-morning weekday service. The accompanying table...