Sheridan Company provides you with the following condensed balance sheet information: Current assets Equity investments Equipment (net) Intangibles Total assets Current and long-term liabilities Stockholders' equity Common stock ($5 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity (1) (2) (3) (4) Liabilities and Stockholders' Equity (5) For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders' equity. (Each situation is independent.) a. Sheridan declares and pays a $0.50 per share cash dividend. Assets Total assets Common stock Paid-in capital in excess of par Retained earnings $20,200 120,300 154,200 Total stockholders' equity decrease ✓ no effect no effect decrease decrease $41,300 59,400 248,300 55,000 $404,000 < $109,300 294,700 $404,000 LA $ LA +A $ $ LA 0 0

Sheridan Company provides you with the following condensed balance sheet information: Current assets Equity investments Equipment (net) Intangibles Total assets Current and long-term liabilities Stockholders' equity Common stock ($5 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity (1) (2) (3) (4) Liabilities and Stockholders' Equity (5) For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders' equity. (Each situation is independent.) a. Sheridan declares and pays a $0.50 per share cash dividend. Assets Total assets Common stock Paid-in capital in excess of par Retained earnings $20,200 120,300 154,200 Total stockholders' equity decrease ✓ no effect no effect decrease decrease $41,300 59,400 248,300 55,000 $404,000 < $109,300 294,700 $404,000 LA $ LA +A $ $ LA 0 0

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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