At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported.Common stock, $12 par valuePaid-in capital in excess of par value, common stockRetained earningsIn the fourth quarter, the following entries related to its equity are recorded.DateOctober 2October 25October 31November 5December 1December 31General JournalRetained EarningsCommon Dividend Payable$ 420,000100,000380,000Common Dividend PayableCashRetained EarningsCommon Stock Dividend DistributablePaid-In Capital in Excess of Par Value, Common StockCommon Stock Dividend DistributableCommon Stock, $12 Par ValueMemo-Change the title of the common stockaccount to reflect the new par value of $4.Income SummaryRetained EarningsDebit70,00070,00075,00036,000210,000Credit70,00070,00036,00039,00036,000210,000 Required:2. Complete the following table showing the equity account balances at each indicated date.Common stockCommon stock dividend distributablePaid-in capital in excess of par, common stockRetained earningsTotal equitySeptember 30BeginningBalance$$$$420,000October 2100,000380,000900,000 $October 25 October 310 $0 $November 50 $December 10 $December 310 $0

The stock dividend refers to where the entity allocates the common shares to the shareholders to…

Answered: At September 30, the end of Beijing…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 22E

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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
RATIO ANALYSIS OF COMPARATIVE FINANCIAL STATEMENTS Refer to the financial statements in Problem 24-8A. REQUIRED Calculate the following ratios and amounts for 20-1 and 20-2 (round all calculations to two decimal places): (a) Return on assets (Total assets on January 1, 20-1, were 175,750.) (b) Return on common stockholders equity (Total common stockholders equity on January 1, 20-1, was 106,944.) (c) Earnings per share of common stock (The average numbers of shares outstanding were 8,400 shares in 20-1 and 9,200 in 20-2.) (d) Book value per share of common stock (e) Quick ratio (f) Current ratio (g) Working capital (h) Receivables turnover (Net receivables on January 1, 20-1, were 39,800.) (i) Merchandise inventory turnover (Merchandise inventory on January 1,20-1, was 48,970.) (j) Debt-to-equity ratio (k) Asset turnover (Assets on January 1, 20-1, were 175,750.) (l) Times interest earned ratio (m) Profit margin ratio (n) Assets-to-equity ratio (o) Price-earnings ratio (The market price of the common stock was 100.00 and 85.00 on December 31, 20-2 and 20-1, respectively.)
Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 20Y3, are as follows: The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of 0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for 34,320. Mar. 15. Sold all of the treasury stock for 6.75 per share. Apr. 13. Issued 200,000 shares of common stock for 8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is 7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for 6 per share. Dec. 30. Declared a 0.08-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions and post to the eight selected accounts. 3. Prepare a retained earnings statement for the year ended December 31, 20Y3. 4. Prepare the Stockholders Equity section of the December 31, 20Y3, balance sheet Using Method 1 of Exhibit 8.
RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem 24-8A. REQUIRED Calculate the following ratios and amounts for 20-1 and 20-2 (round all calculations to two decimal places): (a) Return on assets (Total assets on January 1, 20-1, were 175,750.) (b) Return on common stockholders equity (Total common stockholders equity on January 1, 20-1, was 106,944.) (c) Earnings per share of common stock (The average numbers of shares outstanding were 8,400 shares in 20-1 and 9,200 in 20-2.) (d) Book value per share of common stock (e) Quick ratio (f) Current ratio (g) Working capital (h) Receivables turnover and average collection period (Net receivables on January 1, 20-1, were 39,800.) (i) Merchandise inventory turnover and average number of days to sell inventory (Merchandise inventory on January 1, 20-1, was 48,970.) (j) Debt-to-equity ratio (k) Asset turnover (Assets on January 1, 20-1, were 175,750.) (l) Times interest earned ratio (m) Profit margin ratio (n) Assets-to-equity ratio (o) Price-earnings ratio (The market price of the common stock was 100.00 and 85.00 on December 31, 20-2 and 20-1, respectively.)
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $14 par value Paid-in capital in excess of par value, common stock. Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings. Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $14 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance $ $360,000 120,000 360,000 $ $ $ Required: 2. Complete the following table showing the equity…
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date October 2 October 25 ctober 31 November 5 December 1 December 31 General Journal Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each…
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock Retained earnings In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31 November 5 December 1 December 31 Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each…
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date October 2 October 25 October 31 November 5 December 1 ecember 31 Retained Earnings Common Dividend Payable General Journal Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance 360,000 0 90,000 320,000 770,000 $360,000 90,000 320,000 $ Required: 2. Complete the following…
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At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings $ 360,000 110,000 360,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit October 2 Retained Earnings 70,000 Common Dividend Payable 70,000 October 25 Common Dividend Payable 70,000 Cash 70,000 October 31 Retained Earnings 79,000 Common Stock Dividend Distributable 38,000 Paid-In Capital in Excess of Par Value, Common Stock 41,000 November 5 Common Stock Dividend Distributable 38,000 Common Stock, $12 Par Value 38,000 December 1 Memo-Change the title of the common stock account to reflect the new par value of $4. December 31 Income Summary 280,000 Retained Earnings 280,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. ENUS
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