Question
The following are the assets and liabilities of Kate McNeil Realty Company, as of January 31, 2021. Also included are revenue, expense, and selected stockholders'
The following are the assets and liabilities of
Kate McNeil
Realty Company, as of
January
31,
2021.
Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions):
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Requirement 1. Prepare the income statement of
Kate McNeil
Realty Company for the year ended
January
31,
2021.
(Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label or enter a zero.)
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Requirement 2. What amount of dividends did
Kate McNeil
declare during the year ended
January
31,
2021?
(Hint: Prepare a statement of retained earnings.) (Enter an amount in each input field. Input a "0" for zero balances. Enter amounts in millions. Use a minus sign or parentheses when entering net losses or numbers to be subtracted. Include a subtotal after the "Add" line of the statement.)
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| Kate McNeil declared |
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Reference
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| Kate McNeil Realty Company |
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| Balance Sheet |
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| January 31, 2021 |
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| Assets | Liabilities |
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| Cash | $57.5 | Current liabilities | $2.6 | ||
| Receivables | 0.3 | Long-term liabilities | 102.2 | ||
| Investment assets | 77.9 | Total liabilities | 104.8 | ||
| Property and equipment, net | 1.3 |
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| Other assets | 9.7 | Stockholders' Equity |
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| Common stock | 37.6 | ||
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| Retained earnings | 4.3 | ||
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| Total stockholders' equity | 41.9 | ||
| Total assets | $146.7 | Total liabilities and stockholders' equity | $146.7 | ||
Data Table
| Total revenue | $28.9 |
| Investment assets (long-term) | $77.9 |
| Receivables | 0.3 | Property and equipment, net | 1.3 | |
| Current liabilities | 2.6 | Other expenses | 6.4 | |
| Common stock | 37.6 | Retained earnings, beginning | 2.8 | |
| Interest expense | 0.5 | Retained earnings, ending | ? | |
| Salary and other employee expenses | 13.6 | Cash | 57.5 | |
| Long-term liabilities | 102.2 |
| Other assets (long-term) | 9.7 |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
