Case #7-Using the accounting identity to build a framework for financial statements1. Presented below is certain information pertaining to a Corporation for the year 20x6.Assets, January 1Liabilities, January 1$175,000110,000Assets, December 31$225,000Liabilities, December 31????Common Stock,35,000December 31Retained Earnings,December 3160,000Common Stock Issued10,000during 20x6Dividends declared during20x65,000Retained Earnings????Common Stock, January????January 11Solve for the missing values and then for Net income (loss) for 2016.

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Answered: Case #7-Using the accounting identity…

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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A corporation has $91,000 in total assets, $30, 500 in total liabilities, and a $18,600 credit balance in retained earnings. What is the balance in the contributed capital accounts? Multiple Choice $79, 100 $49, 100 $60,500 $41,900
A corporation reported net sales of $360,000, net income of $20,000, average stockholders' equity of $1,000,000, and average common shares outstanding of 10,000 . It paid $4,000 of dividends to preferred stockholders. How much was its eamings per share? $4.00 $1.60 $16.67 $2.67 $0.06
How do I find the assets of a corporation that has liabilities of $250,000, common stock of $100,000, and retained earnings of $85,000.?
The charter of a corporation provides for the issuance of 118,000 shares of common stock. Assume that 44,000 shares were originally issued and 3,100 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1-per-share dividend is declared? a.$44,000 b.$118,000 c.$40,900 d.$3,100
The charter of a corporation provides for the issuance of 116,962 shares of common stock. Assume that 44,382 shares were originally issued and 3,124 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3 per share dividend is declared? Oa. $123,774 Ob. $9,372 Oc. $133,146 Od. $350,886
The following journal entries are found in a corporation's ledger: 11/15/17 Cash dividends 44,500 Cash dividends payable 44,500 1/15/18 Cash dividends payable 44,500 Cash 44,500 Which of the following statements is true? Select one: a. The date of record is 11/15/17. b. The date of payment is 11/15/17. c. The declaration date is 12/31/17. d. The date of payment is 1/15/18.
Understanding EPS Calculations: On its Form 10-K, for December 31, 20X5, Bank of America reported information related to basic earnings per share. Fill in the missing information based on the table below. $ millions, except per share amounts 20X5 20X4 20X3 Net Income $15,888 $4,833 D Preferred Stock Dividends $1,483 B $1,349 Net Income Applicable to Common Shareholders $14,405 C $10,082 Average Common Shares Outstanding 10,462,282 10,527,818 E Basic Earnings per Share (EPS) A $0.36 $0.94
Accounting equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: Assets ABC Liabilities XYZ $47,172 $45,757 20,756 21,963 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity $ XYZ Corporation stockholders' equity $ million million
From page 10-2 of the VLN, the common stock account amount is determined Group of answer choices A. Par value x issued shares B. Par value x outstanding shares C. Par value x authorized shares D. Par value x unissued shares
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