Dec. 31. 2019 Dec. 35. 2020 Novets $44,000 $152,000 42,000 45,000 30,000 Accounts Vexcentin 28,000 wwertory and supplen 36,000 0 104,000 114,000 (20.000) (28,000) $244,000 $314,000 Machnes Accumulated depreciation Machines Vokal Penet Liabilities & Stockholders $54,000 $74,000 Equity Note payable 86,000 64,000 Blonds payable (long-term) 44,000 80,000 60.000 90.000 Common Stock Retained Earings Total Liabilities & Stockholders $244,000 $314,000 Equity Income Statement & Additional information Net income for the current year ending December 31, 2020 is $58,000 1 Sold investments for cash, cost $36,000 and resulting in $6,000 gain 2 The only changes affecting retained earnings are net income and cash dividends paid 3 All the following transactions are in cash Purchased new machines, repay bonds payable, and issuance common stock A Required Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020 -2 (Grades 4.5) On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows Common stock ($10 par value) $400,000, paid-in (contributed) capital in excess of pr value $200,000, and retained earnings $150,000. During the year, the following treasury stock transactions occurred March 5 Purchased 6,000 shares for cash at $16 per share April 25: Sold 4,000 treasury shares for cash at $18 per share June 25 Sold 2,000 treasury shares for cash at $11 per share Required: Prepare journal entries to record the above treasury stock tran CLEARLY INDICATE THE DEBITS & CREDITS Example XYZ Company pays $15,000 cash to purchase land Answ Dr. Land 15000 Cr. Cash 15,000 (Grades 3) On January 1, 2018, Manama Company has 8% 80,000 shares of $10 par value. Cumulative preferred stock and 140,000 shares of common stock whored and outstanding at $5 par value. The Company declared and paid cash dividends as follows $50,000 $110,000 $190.000 2018 2019 2020 Required: In the below table, determine the amount of cash dividends distributed to each class of shares over the three years Please: Present each year in a separate le On October 1, a corporation had 200,000 shares of $4 par value common stock, and $1,000,000 of retained earnings. The corporation decides a 2-for-1 stock spit. The generally Retained canings (d) and stock sp O Retained earrings (debit) and comen Mock Retained eamings (dubit) and comman stock spit debuton O No jumalya O Awal Company had 60,000 shares of $10 par value common stock outstanding on March 1 On April 13 when the market vale per das was stockholders of recoed on April 25 The slack distted c May The s Captain of ta 0 Hamad Town Company had the following balances in the stockholders' equity accounts at Dec 31, 3020 Common stock, $10 par, 50,000 shares authorized, 30,000 shares and and outstanding $300,000. Grades 7. Paid in Capital in Excess of Par Value, Common Stock Retained Earnings 200,000 500,000- The following transactions occurred during 2021 Feb 20 Purchased 2,000 of its own shares for $18 per share 1 March 10 Dedared a $2 per share cash dividend on the outstanding common stock 2 April 07 Paid the cash dividends declared early in March 10.3 May 20 Sold all treasury shares for $1 each Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10, The market value of stock on Oct. 1 was $14 pe share Dec 10 Distributed the shares which declared on Oct. 1.5 Dec 25, Implemented a 2-for-1 stock split, when the market value of stock was 125 per share "NOTE: If there is no entry, please write: "NO ENTRY Required: Prepare Journal entries to record transactions that occurred during 2 CLEARLY INDICATE THE DEBITS & CREDITS Example on 1 January 2020, XYZ Company pays $10,000 cash to purchave land Answer 1112020 Dr. Land 10,000 C. Cas 10.000