Exercise 4-16 Sheffield Co. reports the following information for 2020: sales revenue $777,100, cost of goods sold $520,000, operating expenses $89,200, and an unrealized holding loss on available-for-sale debt securities for 2020 of $53,700. It declared and paid a cash dividend of $11,670 in 2020. Sheffield Co. has January 1, 2020, balances in common stock $360,400; accumulated other comprehensive income $86,000; and retained earnings $92,040. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity.
Five annual deposits in the amounts of $10,000, $8,000, $6,000, $4,000, and $2,000, in that order, are made into a fund that pays interest at a rate of 8% compounded annually. Determine the amount in the fund immediately after the fifth deposit.
On November 1, 2015, Elli Company declared a dividend of $3.00 per share. Elli Company has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2015. On November 30, Elli made the following journal entry:
A) Debit Retained Earnings $60,000 and credit Dividends Payable-Common $60,000.
B) Debit Dividends Payable-Common $60,000 and credit Cash $60,000.
C) Debit Cash $60,000 and credit Dividends Payable-Common $60,000.
D) Debit Retained Earnings $60,000 and credit Cash $60,000.
