Accounts for ABC Services at July 31, the end of the current year, are listed below. The common stock was $120,000 and the retained earnings was $60,000 at August1 ,the beginning of their new fiscal current year. During the year, shareholders purchased an additional $25,000 in stock. What is the net income (or loss) ? Accounts payable Accounts receivable Cash Fees earned $2,000 10,340 21,420 73,450 47,000 157,630 Miscellancous expense Office expense Supplies Wages expense Dividends S1,030 1,240 1,670 23,550 16,570 Land Building

Accounts for ABC Services at July 31, the end of the current year, are listed below. The common stock was $120,000 and the retained earnings was $60,000 at August1 ,the beginning of their new fiscal current year. During the year, shareholders purchased an additional $25,000 in stock. What is the net income (or loss) ? Accounts payable Accounts receivable Cash Fees earned $2,000 10,340 21,420 73,450 47,000 157,630 Miscellancous expense Office expense Supplies Wages expense Dividends S1,030 1,240 1,670 23,550 16,570 Land Building

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Five Measures of Solvency or Profitability The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $900,000 Preferred $5 stock, $100 par $228,000 Common stock, $8 par $319,200.00 Income before income tax was $201,600, and income taxes were $30,600 for the current year. Cash dividends paid on common stock during the current year totaled $33,516. The common stock was selling for $28 per share at the end of the year. Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent. Use the rounded answers for subsequent requirements, if required. a. Times interest earned ratio times b. Earnings per share on common stock $ c. Price-earnings ratio d. Dividends per share of common stock $ e. Dividend yield
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Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…