Assume other things held constant, how much is the total asset at the end of 2019?
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![World diabetes day company was incorporated on January 1, 2019 with proceeds
from issuance of 7.5M in shares and borrowed funds of 1.1M. During the first year of
operations, revenue from sales amounting to 820,000 and expenses totaled 640,000.
On that year, dividends have been declared worth 30,000 but scheduled to be paid
next year (2020). The liabilities at the end of the year 2019 have increased to
1,200,000.
Assume other things held constant, how much is the total asset at the end of 2019?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c0c5867-ff05-41bf-8585-aeed4d90f7f0%2Fa43fe6c7-e427-450d-bd58-3ba85e4a337c%2Fvl59rca_processed.jpeg&w=3840&q=75)
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- Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 28,000 shares outstanding at year-end. During 2021, Lucas earned net income of $23,520. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report.Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 28,000 shares outstanding at year-end. During 2021, Lucas earned net income of $23,520. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report.$ per share2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report.2020: $ per share2019: $ per share3.…
- Titanic Corporation's net income for the year ended December 31, 2019, is $380,000. On June 30, 2019, a $0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic's stock at year end (12/31/19) is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at December 31, 2018. Required: Calculate the ending balance (12/31/19) of retained earnings.The balance sheet of Investtech Inc. at December 31, 2019, reported 2,000,000 com- mon shares authorized with 250,000 shares issued at an average price of $4.00 each and a Retained Earnings balance of $800,000. During 2020, the company completed the following selected transactions: Feb. 15 Mar. 8 Sep. 28 Oct. 31 Nov. 5 Dec. 31 Repurchased 20,000 of the company's own common shares at $4.00 per share. Sold 8,000 common shares for $4.25 per share. Declared a 5 percent stock dividend on the 238,000 outstanding com- mon shares to holders of record on October 15, with distribution set for October 31. The market value of Investtech Inc. common shares was $4.50 per share. Issued the stock dividend shares. Consolidated the common shares 1 for 2 (reverse split); one new com- mon share was issued for every two existing shares held. Prior to the split, the corporation had 249,900 shares issued and outstanding. Earned net income of $230,000 during the year. Required 1. Record the transactions in…On January 1, 2021, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2022. The 2021 income statement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. The stock’s book value was $16,000. The company’s fiscal year ends on December 31.Required:1. What is the note’s effective interest rate?2. Reconstruct the journal entries to record the sale of the stock on January 1, 2021, and the adjusting entry to record interest revenue at the end of 2021. The company records adjusting entries only at year-end.
- Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity. d) During the year, customer advances of $220,000 were received; $110,000 of this amount was earned by December 31, 2018. e) A 10% bonds payable of 1,000,000 was issued on December 31, 2018, due on December 31, 2023. f) Treasury stock of $55,000 has been recorded at cost. Instructions:For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.Bingo Corporation’s board of directors declared a P950,000 cash dividend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.Terry Company began operations on January 1, 2019, with an investment of $62,000 by each of its two stockholders, or a total of $124,000. Net income for its first year of business was $218,000. During the year, the company paid dividends of $30,000 each of its two stockholders. How much is the company's ending Stockholders' Equity on December 31, 2019? Select one: a. $216,000 b. $278,000 c. $248,000 d. $282,000
- If question is answered within 1hr,it would be appreciable.Thank you!!Monona Company reported net income of $29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, $100 par, nonconvertible preferred stock outstanding, on which the year’s dividends had been paid. At the beginning of 2019, the company had 7 ,000 shares of common stock outstanding. On April 2, 2019,The company issued another 2,000 shares of common stock so that 9 ,000 common shares were outstanding at the end of 2019. Common dividends of $17,000 had been paid during 2019. At the end of 2019, the market price per shaare of common stock was $17.50. 1. Compute Monona’s basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2- Issued 35 million common shares for cash. 3 - Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million.Mar. 31 - Issued 4 million shares in exchange for plant facilities. Net income for 2021 was $148 million.Required:Compute basic and diluted earnings per share for the year ended December 31, 2021.
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