Question
1. At the beginning of 2011, Remington Company had retained earnings of $150,000. During the year Remington reported net income of $75,000, sold treasury shares
1. At the beginning of 2011, Remington Company had retained earnings of $150,000. During the year Remington reported net income of $75,000, sold treasury shares at a gain of $27,000, declared a cash dividend of $45,000, and declared and issued a small share dividend of 1,500 shares ($10 par value) when the fair value of the shares was $30 per share. The amount of retained earnings available for dividends at the end of 2011 was how much?
2. At the beginning of 2011, Remington Company had retained earnings of $150,000. During the year Remington reported net income of $75,000, sold treasury shares at a gain of $27,000, declared a cash dividend of $45,000, and declared and issued a small share dividend of 1,500 shares ($10 par value) when the fair value of the shares was $30 per share. The amount of retained earnings available for dividends at the end of 2011 was how much?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
