Question

The following data are provided: December 31 2021 2020 Cash $ 1600000 $ 1020000 Accounts receivable...

The following data are provided:

December 31

2021

2020

Cash

$ 1600000

$ 1020000

Accounts receivable (net)

1400000

1200000

Inventories

2450000

2200000

Plant assets (net)

6000000

6600000

Accounts payable

1000000

800000

Income taxes payable

180000

110000

Bonds payable

1450000

1450000

10% Preferred stock, $50 par

1800000

1800000

Common stock, $10 par

2500000

1900000

Paid-in capital in excess of par

1650000

1300000

Retained earnings

4150000

3600000

Net credit sales

13000000

Cost of goods sold

8500000

Operating expenses

2750000

Net income

1550000


Additional information:
Depreciation included in cost of goods sold and operating expenses is $1230000. On May 1, 2021, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021.

The book value per share of common stock at 12/31/21 is

Homework Answers

Answer #1

Ans:

Explanation:

1) Common Stock Holder's Equity:

Common stock, $10 par $ 25,00,000
Paid-in capital in excess of par 1,650,000
Retained earnings 4,150,000
Total Stock holder's Equity $ 8,300,000

2) Pref Stock Div.

= $ 1,800,000 × 10%= $180,000

3) No of share outstanding:

= $ 2,500,000 ÷ 10 Per Share

=250,000 share

4) Book Value Per Share:

= Total Stockholder's Equity - Pref. Stock Div ÷ Outstanding Common share

= ( $ 8,300,000 -$180,000) ÷ 250,000 Share

=$ 32.48

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