20. Calculate ending retained earnings as of 12/31/20from the below info from 2020 (not all information will be used):

Net income $185,000

Retained earnings 1/31/20 $1,585,000

Equipment purchased $85,000

Bond principal payments $25,000

Proceeds from long-term debt $130,000

Cash dividends paid $120,000

Stock dividends issued $150,000

21. Ellie Inc. has 6% cumulative preferred stock, $10 par value, 20,000 shares authorized, 12,000 shares issued and outstanding. Calculate the following:

(a). Annual dividend payment.

(b). If dividends were not paid out for the last 2 years, what would the total dividend payment be this year?

(c). If only 10,000 shares were outstanding, how many shares would be considered treasury stock?

22. Charlotte Corp. issued $1,000,000 worth of bonds with a stated interest rate of 5% and a market rate of 6% on 1/1/2019. The bonds will mature on 12/31/2021, and interest is paid annually.

(a.) Were the bonds issued at a premium or a discount?

(b.) What is the annual interest expense?

(c.) How much interest will be paid out over the life of the bonds?

23. Anderson Inc. incurred monthly gross payroll of $500,000 in May. Deductions included a 7.65% FICA tax, 25% federal income tax, 5% state income tax, $10,000 in health insurance premiums, and $15,000 in voluntary deductions.

(a.) Calculate the total deductions and withholdings for the month of May.

(b.) Calculate the amount of net pay that will be shown on the balance sheet as a short-term liability called Wages Payable.

15. Aaron Rodgers owns 56 shares of the Green Bay Packers' stock with a par value of $10. The Packers announce a 2-for-1 stock spitt. How many shares will Aaron have after this split, and what will the new par value be? A. 112 shares. $20. B. 112 shares, C. 28 shares, $20. D. 28 shares, $10. 16 Which of the following is not a reason for a compary having a common slock split: A. to decrease the par value per share. B. to decrease the market value per share. C. to thwart a hostile takeover. D. to increase the amount of dividends paid to stockholders. 17. If a contingent liability is both and must be booked as a liability, otherwise a disclosure in the financial statement notes is sufficient. 18 Drawings in a sole proprietorship or partnership are similar to in a corporation. 19 Assume you own 1,000 shares of common stock with a $6 par value and $8 market value. The company has a 2:1 stock split. (a.) What is the letal par value before the stock split? (b.) What is the total market value before the stock split? (c.) How many shares of stock do you own after the stock split? (d.) What is the new par value per share after the stock split? (e.) What is the new market value per share after the stock split? (f.) What is the total par value after the stock split? (g.) What is the lotal market value after the stock split? 20. Calculate ending retained earnings as of 12/31/20 from the below info from 2020 (not all information will be used): Net income $185,000 Retained earnings 1/31/20$1,585,000 Equipment purchased $85,000 Bond principal payments $25,000 Proceeds from long-term debt $130,000 Cash dividends paid $120,000 Stock dividends issued $150,000 21. Ellie Inc. has 6% cumulative preferred stock, $10 par value, 20,000 shares authorized, 12,000 shares issued and outstanding. Calculate the following: (a). Annual dividend payment. (b). If dividends were not paid out for the last 2 years, what would the total dividend payment be this year? (c). If only 10,000 shares were outstanding, how many shares would be considered treasury stock? 22. Charlotte Corp. issued $1,000,000 worth of bonds with a stated interest rate of 5% and a market rate of 6% on 1/1/2019. The bonds will mature on 12/31/2021, and interest is paid annually. (a.) Were the bonds issued at a premium or a discount? (b.) What is the annual interest expense? (c.) How much interest will be paid out over the life of the bonds? 23. Anderson Inc. incurred monthly gross payroll of $500,000 in May. Deductions included a 7.65% FICA tax, 25\% federal income tax, 5% state income tax, $10,000 in health insurance premiums, and $15,000 in voluntary deductions. (a.) Calculate the total deductions and withholdings for the month of May. (b.) Calculate the amount of net pay that will be shown on the balance sheet as a short-term liability called Wages Payable