A Company had total assets and total liabilities at the begi…

A Company had total assets and total liabilities at the beginning of the period of $7,300,000 and $4,000,000, respectively. At the end of the period the totals were $8,000,000 (total assets) and $3,600,000 (total liabilities). The company issued Common Stock for $600,000 and paid dividends of $250,000. What was the net income for the period if there were no other changes affecting Stockholders’ Equity?

ABC Inc., a calendar year retailer that sold ice skates, had…

ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020: Net Sales $938,500 COGS 475,300 Operating Expenses 123,700 Other Income and (expense) 10,200 Other Comprehensive Loss (4,400) Current taxes payable 20,800 Net Income 221,900 What was ABC’s provision for income taxes?

RST Incorporated purchased 15,000 shares of its $2 par value…

RST Incorporated purchased 15,000 shares of its $2 par value common stock on September 23, 2018, for $24 per share.  They plan to hold these shares in treasury.  RST sold 10,000 of these shares on January 10, 2019, for $22 per share.  Which of the following is true regarding the sale on January 10, 2019?

A company reported total Stockholders’ Equity of $540,000 at…

A company reported total Stockholders’ Equity of $540,000 at December 31, 2019, with 120,000 common shares outstanding.  During the year ended December 31, 2020, the company reported the following: 3/31/2020- Issued 10,000 shares of $3 par value common stock at $42 per share. 7/1/2020- Purchased for treasury 1,000 shares of $3 par value common stock at $10 per share. 8/31/2020- Incurred an Other Comprehensive Loss of $12,000. 9/30/2020- Paid a cash dividends of $.50 per common share. Net Income for the year $58,900. What is the amount of Stockholders’ Equity as of December 31, 2020?

Based on the following information, what is the amount of Mc…

Based on the following information, what is the amount of McKee Company’s income before income taxes, assuming the accrual method of accounting?  Credit Sales totaled $320,000.   Cash Sales totaled $414,000.   Cash collected from customers for services not performed yet $93,000.   Dividend Income $4,500.   Cost of Goods Sold $336,000.   Salaries Expense $50,000.   Rent Expense $32,000.   Other Operating Expenses $80,000.   Interest Expense $21,000.   Prepaid Rent $3,000.   Gain on the sale of equipment $20,000.