Jackson Enterprises has the following capital (equity)
accounts:
Common stock ($1 par; 150,000 shares outstanding)
$...
Jackson Enterprises has the following capital (equity)
accounts:
Common stock ($1 par; 150,000 shares outstanding)
$
150,000
Additional paid-in capital
100,000
Retained earnings
275,000
The board of directors has declared a 15 percent stock dividend
on January 1 and a $0.20 cash dividend on March 1. What changes
occur in the capital accounts after each transaction if the price
of the stock is $5? Round the number of shares outstanding to the
nearest whole number and the other answers to...
Norris Company has the following capital structure: Common
stock, $2 par, 200,000 shares issued and outstanding...
Norris Company has the following capital structure: Common
stock, $2 par, 200,000 shares issued and outstanding
On October 1, 2020, the company declared a 50% common stock
dividend when the market price of the common stock was $10 per
share. The stock dividend will be distributed on October 15, 2020,
to stockholders on record on October 10, 2020.
Upon declaration of the stock dividend, Norris Company would
record:
A.
A debit to Retained Earnings for $200,000
B.
A credit to...
Stock Transactions for Corporate Expansion
On December 1 of the current year, the following accounts and...
Stock Transactions for Corporate Expansion
On December 1 of the current year, the following accounts and
their balances appear in the ledger of Latte Corp., a coffee
processor:
Preferred 3% Stock, $25 par (500,000 shares authorized, 100,000
shares issued) $2,500,000
Paid-In Capital in Excess of Par—Preferred Stock 400,000 Common
Stock, $100 par (800,000 shares authorized, 230,000 shares issued)
23,000,000 Paid-In Capital in Excess of Par—Common Stock 1,840,000
Retained Earnings 46,000,000
At the annual stockholders' meeting on March 31, the board...
The following
data was taken from the financial records of Rock Corporation for
the year 2019...
The following
data was taken from the financial records of Rock Corporation for
the year 2019 at December 31.
Accounts Payable
160,000
Accounts Receivable
200,000
Building
400,000
Accumulated Depreciation-Building
320,000
Cash
175,000
Common Stock ($3 Par Value)
600,000
Common Stock Additional Paid-In Capital
100,000
Current Portion of Long-Term Debt
20,000
Equipment
60,000
Accumulated Depreciation-Equipment
40,000
Marketable Securities
125,000
Merchandise Inventory
90,000
Mortgage Payable
50,000
Notes Payable
25,000
Notes Payable (due in 2022)
75,000
Notes Receivable
15,000
Notes
Receivable (due...
Problem 9-16
Market Value Capital Structure
Suppose the Schoof Company has this book value balance
sheet:...
Problem 9-16
Market Value Capital Structure
Suppose the Schoof Company has this book value balance
sheet:
Current assets
$30,000,000
Current liabilities
$20,000,000
Fixed assets
70,000,000
Notes payable
$10,000,000
Long-term debt
30,000,000
Common stock (1 million shares)
1,000,000
Retained earnings
39,000,000
Total assets
$100,000,000
Total liabilities and equity
$100,000,000
The notes payable are to banks, and the interest rate on this
debt is 9%, the same as the rate on new bank loans. These bank
loans are not used for seasonal...
Carr Company has the following ledger accounts and adjusted
balances as of December 31, 2019. All...
Carr Company has the following ledger accounts and adjusted
balances as of December 31, 2019. All accounts have normal
balances. Carr’s income tax rate is 20%. Carr has 300,000 shares of
Common Stock authorized, 100,000 shares of Common Stock issued, and
95,000 shares of Common Stock outstanding.
Accounts
Payable……………………………. 58,500
Accounts
Receivable………………………… 405,000
Accumulated
Depreciation-Building………… 112,500
Accumulated
Depreciation-Equipment………. 90,000
Administrative
Expenses……………………. 90,000
Allowance for
Doubtful Accounts…………… 45,000
Bonds
Payable……………………………….. 400,000
Building……………………………………..1,125,000...
Basic Financial Ratios
The accounting staff of CCB Enterprises has completed the
financial statements for the...
Basic Financial Ratios
The accounting staff of CCB Enterprises has completed the
financial statements for the 2017 calendar year. The statement of
income for the current year and the comparative statements of
financial position for 2017 and 2016 follow.
CCB Enterprises
Statement of Income
For the Year Ended December 31,
2017
(thousands omitted)
Revenue:
Net sales
$800,000
Other
60,000
Total
revenue
$860,000
Expenses:
Cost of goods sold
$540,000
Research and development
25,000
Selling and administrative
155,000
Interest
20,000
Total
expenses...
1. A corporation reports the following balances and
amounts:
Accounts payable, $50,000
Cash provided...
1. A corporation reports the following balances and
amounts:
Accounts payable, $50,000
Cash provided by operations, $100,000
Accounts receivable, $35,000
Net income, $40,000
Average number of common shares, 15,000
Salaries and wages payable, $40,000
Average current liabilities, $225,000
Stockholders’ equity, $200,000
Average total assets, $600,000
Current assets, $300,000
Average total liabilities, $320,000
Current liabilities, $250,000
Dividends paid to preferred shareholders, $5,000
Determine its earnings per share?
Group...
The financial statements of Flathead Lake Manufacturing Company
are shown below.
Income Statement 2017
Sales
$...
The financial statements of Flathead Lake Manufacturing Company
are shown below.
Income Statement 2017
Sales
$
9,300,000
Cost of Goods Sold
5,750,000
Depreciation Expense
550,000
Gross Profit
$
3,000,000
Selling and Administrative Expenses
2,200,000
EBIT
$
800,000
Interest Expense
200,000
Income before Tax
$
600,000
Taxes
375,000
Net Income
$
225,000
Flathead Lake Manufacturing
Comparative Balance Sheets
2017
2016
Cash
$
50,000
$
40,000
Accounts Receivable
570,000
600,000
Inventory
530,000
460,000
Total Current Assets
$
1,150,000
$
1,100,000
Fixed Assets...
The following
table shows Toshiba's financial statements
Assets:
Amount
Cash and marketable securities
$400,000
Accounts...
The following
table shows Toshiba's financial statements
Assets:
Amount
Cash and marketable securities
$400,000
Accounts receivable
1,415,000
Inventories
1,847,500
Prepaid expenses
24,000
Total current assets
3,686,500
Fixed assets
2,800,000
Less: accum. depr.
(1,087,500)
Net fixed assets
1,712,500
Total assets
$5,399,000
Liabilities:
Accounts payable
$600,000
Notes payable
875,000
Accrued taxes
92,000
Total current liabilities
$1,567,000
Long-term debt
900,000
Common Stock (100,000 shares)
700,000
Retained Earnings
2,232,000
Total liabilities and owner's equity
$5,399,000
Net sales (all credit)
$6,375,000
Less: Cost of...