before construction, the land will be idle. In what classification should the land be reported?
Question 3
Common stock and retained earnings are both elements of stockholders’ equity. Common stock of $ 50,000 plus retained earnings of $ 70,000 equals $ 120,000 in stockholders’ equity.
Current liabilities are $ 10,000, long-term liabilities are $ 20,000, common stock is $ 50,000, and retained earnings totals $ 70,000. How much is total stockholders ' equity?
Question 4
Net income($ 24,000) divided by average shares outstanding( 6,000) = $ 4.00 / share.
For 2014, Stoneland Corporation reported net income, $ 24,000; net sales, $ 400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2014 earnings per share?
Question 5
The beginning balance of retained earnings is the ending balance minus net income plus dividends. Working backwards, $ X + $ 402,000- $ 34,000 = $ 2,184,000. Therefore, beginning retained earnings = $ 1,816,000.