Cash Common stock Dividends Interest expense Land Miscellaneous expense Cash Land Total assets Notes payable $79,500 Prepare a balance sheet as of June 30, 20Y9. Common stock Retained earnings 37,500 15,000 3,000 63,000 4,500 Assets Liabilities Stockholders' Equity Notes payable Total stockholders' equity Total liabilities and stockholders' equity Rent expense Retained earnings Big Mountain Realty Inc. Balance Sheet June 30, 20Y9 Salaries expense Sales commissions Utilities expense 37,500 ✔ 79,500 63,000 142,500 52,500 $52,500 7,500 ? 112,500 217,500 22,500

Cash Common stock Dividends Interest expense Land Miscellaneous expense Cash Land Total assets Notes payable $79,500 Prepare a balance sheet as of June 30, 20Y9. Common stock Retained earnings 37,500 15,000 3,000 63,000 4,500 Assets Liabilities Stockholders' Equity Notes payable Total stockholders' equity Total liabilities and stockholders' equity Rent expense Retained earnings Big Mountain Realty Inc. Balance Sheet June 30, 20Y9 Salaries expense Sales commissions Utilities expense 37,500 ✔ 79,500 63,000 142,500 52,500 $52,500 7,500 ? 112,500 217,500 22,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $10 par ACCOUNT NO. Balance Date Item Debit Credit Credit Jan. 1 Balance, 35,000 shares 350,000 Apr. 2 8,750 shares issued for cash 87,500 437,500 June 30 1,000-share stock dividend 10,000 447,500 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Balance 8,750 shares issued for cash 157,500 Stock dividend 7,500 Jan. 1 Apr. 2 June 30 Debit Debit Credit 140,000 297,500 305,000
View Policies Current Attempt in Progress The following information is available for Metlock Hill Corporation: Beginning common stockholders equity $790,000 Dividends paid to common stockholders 60,000 Dividends paid to preferred stockholders 32,000 Ending common stockholders'equity 1,000,000 Net income 219,950 Based on the preceding information, calculate return on common stockholders'equity. Return on common stockholders' equity eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later
Vipul b
Determining Cash Paid to Stockholders The board of directors declared cash dividends totaling $585,000 during the current year. The comparative balance sheet indicates dívidends payable of $167,625 at the beginning of the year and $146,250 at the end of the year. What was the amount of cash paid to stockholders during the year? %$4 %24
PURRFECT PETS, INC. Balance Sheet at June 30, Year 1 Assets Liabilities Cash $ 732,700 Accounts Payable $ 349,100 Accounts Receivable 419,300 Notes Payable due June 30, Year 3 268,900 Supplies 58,410 Total Liabilities 618,000 Equipment 118,600 Other Assets 69,410 Stockholders' Equity Common Stock 662,000 Retained Earnings 118,420 Total Stockholders' Equity 780,420 Total Assets $ 1,398,420 Total Liabilities & Stockholders’ Equity $ 1,398,420 How much financing did the stockholders of Purrfect Pets, Inc., directly contribute to the company?
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 40,000 shares 800,000 Apr. 2 10,000 shares issued for cash 200,000 1,000,000 June 30 2,000-share stock dividend 40,000 1,040,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 160,000 Apr. 2 10,000 shares issued for cash 280,000 440,000 June 30 Stock dividend 30,000 470,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1…
Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $618,000 $300,000 Current maturities of serial bonds payable 550,000 550,000 Serial bonds payable, 10% 2,480,000 3,030,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,000,000 1,010,000 Retained earnings 3,470,000 2,750,000 The income before income tax expense was $757,500 and $662,800 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have improved and the…
eBook Question Content Area Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $15 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 40,000 shares 600,000 Apr. 2 10,000 shares issued for cash 150,000 750,000 June 30 2,000-share stock dividend 30,000 780,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 160,000 Apr. 2 10,000 shares issued for cash 240,000 400,000 June 30 Stock dividend 22,500 422,500 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit…
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $40 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 120,000 shares 4,800,000 Apr. 30,000 shares issued for cash 1,200,000 6,000,000 June 30 4,400-share stock dividend 176,000 6,176,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 360,000 Apr. 30,000 shares issued for cash 720,000 1,080,000 June 30 Stock dividend 114,400 1,194,400 2. 1. 2.