Home Gallery, Inc. had beginning retained earnings of $125,000 on January 1, 2019. During the year, Home Gallery declared and paid $40,000 of cash dividends and earned $55,000 of net income. Prepare a statement of retained earnings for Home Gallery, Inc. for the year ending December 31, 2019.
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Freddy, Inc had outstanding 1 . percent, $1,000,000 face value, convertible bonds maturing on December 31 . 2017 . Interest is paid December 31 and June 30 . After amortization through June 30, 2014, the unamortized balance in the bond premium account was $30,000 . On that date, bonds with a face amount of $500,000 were converted into 20,000 shares of $20 par common stock. Recording the
conversion by using the carrying value of the bonds, Freddy should credit Additional Paid-In Capital for a. $0. b. $85,000. c. $100,000. d. $115,000.
The budget is more directed towards planning than are the income statement and balance sheet
Indicate whether the statement is true or false.
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