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On December 30, Billy’s Boat Yard (BBY) had $90,000 of cash, $20,000 of liabilities, $30,000 of...

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Accounting

On December 30, Billy’s Boat Yard (BBY) had $90,000 of cash,$20,000 of liabilities, $30,000 of common stock, and $40,000 ofunrestricted retained earnings. On December 31, BBY appropriatedretained earnings in the amount of $18,000 for a future remodelingproject.Page 624

Required

  1. Record the December 31 appropriation in the followingstatements model:

Stockholders’ Equity

Income Statement

Assets

=

Liab.

+

C. Stk

+

Ret. Earn.

+

App. Ret. Earn.

Rev.

–

Exp.

=

Net. Inc.

Cash Flow

  1. Determine the amount of dividends that BBY can pay immediatelyafter the December 31 appropriation.
  2. Determine the total amount of retained earnings immediatelyafter the December 31 appropriation.
  3. Determine the total amount of cash immediately after theDecember 31 appropriation.

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