5515The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6][The following information applies to the questions displayed below.]Markus Company's common stock sold for $4.50 per share at the end of this year. The company paid a common stockdividend of $0.63 per share this year. It also provided the following data excerpts from this year's financial statements:4:33CashAccounts receivableInventoryCurrent assetsTotal assetsCurrent liabilitiesTotal liabilitiesCommon stock, $1 par valueTotal stockholders' equityEnding Balance$ 40,000$ 84,000Beginning Balance$ 40,200$ 63,700$ 70,600$ 194,600$ 699,000$ 78,000$ 84,000$ 187,900$ 755,600$ 76,500$ 165,600$ 184,000$ 152,000$ 152,000$ 515,000$ 590,000Total liabilities and stockholders' equity$ 699,000$ 755,600This YearSales (all on account)$ 980,000Cost of goods soldGross margin$ 568,400$ 411,600Net operating income$ 263,250Interest expenseNet income$ 13,500$ 174,825Foundational 14-7 (Algo)7. What is the amount of working capital and the current ratio at the end of this year? (Round "Current ratio" to 2 decimal places.)Answer is complete but not entirely correct.Working capital$ 114,000 xCurrent ratio2.48

The objective of the question is to calculate the working capital and the current ratio at the end…

Answered: 55 15 The Foundational 15 (Algo)…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.23E

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Crane Company had 603000 shares of common stock outstanding on January 1, issued 904000 shares on July 1, and had income applicable to common stock of $2931000 for the year ending December 31, 2021. Earnings per share of common stock for 2021 would be O $3.25. O $4.86. O $2.30. O $2.78.
P13-40A (similar to) Thurman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018: E (Click the icon to view the partial balance sheet.) Repde Data Table - X Re utstar Requirements Th Stockholders' Equity 1. Paid-In Capital: Identify the different classes of stock that Thurman Comfort Specialists has outstanding. What is the par value per share of Thurman Comfort Specialists' preferred stock? 2. Preferred Stock-5%, ? Par Value; 650,000 shares authorized, 375,000 shares issued and outstanding $ 1,500,000 3. Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. Common Stock-$1 Par Value; 7,000,000 shares 4. No preferred dividends are in arrears. Journalize the declaration of a authorized, 1,330,000 shares issued and outstanding $300,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable…
The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $5.50 per share at the end of this year. The company paid a common stock dividend of $0.77 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities. Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,500 $ 100,000 $ 79,000 $ 233,500 $ 857,000 Beginning Balance $ 47,200 $ 71,200 $ 100,000 $ 218,400 $ 938,800 $ 91,500 $ 100,500 $ 232,000 $ 208,800 $ 171,000 $ 171,000 $ 625,000 $ 730,000 $ 857,000 $ 938,800 This Year Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income $ 1,195,000 $ 693,100 $ 501,900 $ 338,250 $ 16,500 $ 225,225 Foundational 14-4 (Algo)…
Allison & Company and Bee, Incorporated, reported the following numbers (in millions except for per share price) for fiscal year 2021. \table[[Allison & Company,Dee, Incorporated,], [Shares outstanding,S605.70, S227.24
Native Corp. reports the following transactions for 2020: 1 (Click the icon to view the transactions.) Required. Prepare journal entries for the transactions. Explanations are not required. Transactions January 27: Sold 22,000 common shares for $5 per share. Journal Entry Jan. 27 Sold 22,000 common shares for $5 per share. Date Accounts Debit Credit Feb. 1 Sold 8,500 shares of $1.00, noncumulative, preferred shares for $75 Jan. 27 per share. Oct. 13 Declared a 10 percent stock dividend on the common shares. The current market price of the common shares is $7 per share. There are 87,000 common shares outstanding on October 13. 2020 Nov. 16 Distributed the stock dividend declared on October 13. Dec. 11 Declared the annual dividend required on the preferred shares and a $0.45 per share dividend on the common shares. There are 12,000 preferred shares outstanding at this time. February 1: Sold 6,500 shares of $1.00, noncumulative, preferred shares for $75 per share. Journal Entry Date…
The following data is available for Swifty Corporation at December 31, 2021: Common stock, par $10 (authorized 30700 shares) $241000 Treasury Stock (at cost $15 per share) 900 Based on the data, how many shares of common stock are outstanding?
The following information relates to SE11-8 through SE11-10: Evans & Sons, Inc., disclosed the following information in a recent annual report: Net income Preferred stock dividends. Average common stockholders' equity. Dividend per common share.. Earnings per share. . . . . Market price per common share, year-end. 2018 $ 35,000 3,000 1,000,000 1.90 2.85 19.00 2019 $ 48,000 3,000 1,500,000 2.00 3.20 21.00 SE11-8. Return on Common Stockholders' Equity Calculate the return on common stockholders' equity for Evans & Sons for 2018 and 2019. Did the return improve from 2018 to 2019? SE11-9. Dividend Yield Calculate the dividend yield for Evans & Sons for 2018 and 2019. Did the dividend yield improve from 2018 to 2019? SE11-10. Dividend Payout Ratio Calculate the dividend payout for Evans & Sons for 2018 and 2019. Did the dividend payout increase from 2018 to 2019? SE11-11. Change in Stockholders' Equity Nikron Corporation issued 20,000 shares of $0.50 par value common stock during the year…
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 85,000 Feb. 2 number of shares issued. 65,000 June 1 number of shares reacquired but not retired 5,000 Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): 100,000
E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- odor0nora moodo aleiznoa owsivollot ads gni ber 31 is presented here. sbiego lolone 000.00 LACHLIN CORPORATION 000. brobi Balance Sheet (partial) Insnu sdT oulev Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 580,000 shares issued yrmani $ 600,000 2,900,000 3,500,000 ordi Total paid-in capital 2 ni borotupbeord aen Retained earnings 1,158,000 l Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 $4,626,000 Total stockholders' equity 000 a boxtiorlus Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred…
*I need help on the Dec 31 entire entry (see attached): HW15-01A: On January 23, 15,000 shares of Aurora Company’s common stock are acquired at a price of $25 per share plus a $150 brokerage commission. On April 12, a $0.50-per-share dividend was received on the Aurora Company stock. On June 10, 6,000 shares of the Aurora Company stock were sold for $31 per share less a $100 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 9,000 shares of Aurora Company’s stock was $30 per share. Aurora Company has 200,000 shares of common stock outstanding. Required: Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when…
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?

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