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E ratio on the date of the last Treasury Stock Transaction? Net Income after taxes = $353,018 Last Treasury Stock Transaction: 9/12/2021 Cash 98,800     Paid-In Capital - Treasury Stock   13,000   Treas

E ratio on the date of the last Treasury Stock Transaction? Net Income after taxes = $353,018 Last Treasury Stock Transaction: 9/12/2021 Cash 98,800     Paid-In Capital - Treasury Stock   13,000   Treas

FINANCIAL ACCOUNTING
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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Question

What is the amount of earnings per share for common stock (after tax)?

What was the P/E ratio on the date of the last Treasury Stock Transaction?

Net Income after taxes = $353,018

Last Treasury Stock Transaction:

9/12/2021 Cash 98,800  
  Paid-In Capital - Treasury Stock   13,000
  Treasury Stock   85,800
44 Paid-In Capital in Excess of Par - Preferred Stock 45 Paid-In Capital - Treasury Stock 46 Retained Earnings 47 Cash Dividends - Common Stock 48 Cash Dividends - Preferred Stock 49 Sales 50 Cost of Goods Sold 51 Sales Commissions 52 Sales Salaries Expense 53 Depreciation Expense - Office Building and Equipment 54 Office Rent Expense 55 Office Salaries Expense 56 Office Supplies Expense 57 Advertising Expense 58 Delivery Expense 59 Depreciation Expense - Store Building and Equipment 60 Store Supplies Expense 61 Gain (Loss) on Asset Disposal 62 Interest Expense 63 Interest Revenue 64 Income Tax Expense 65 Bad Debt Expense 66 Insurance Expense 67 Miscellaneous Administrative Expense 68 Miscellaneous Selling Expense 69 Total 170,000 170,000 13,000 13,000 10,409,433 10,409,433 50,000 40,000 50,000 40,000 5,313,000 22,000 5,335,000 3,500,000 185,000 385,000 30,000 50,000 170,000 10,000 3,500,000 185,000 385,000 70,000 50,000 170,000 10,000 150,000 40,000 150,000 30,000 100,000 30,000 90,000 190,000 21,000 1,933 21,000 21,000 1,933 32,500 11,500 30,000 131 30,131 140,500 140,500 44,680 10,000 44,680 10,000 7,500 7,500 14,000 14,000 26,235,983 26,235,983 219,311 219,311 26,409,794 26,409,794 70 71 check figures
Transcribed Image Text:44 Paid-In Capital in Excess of Par - Preferred Stock 45 Paid-In Capital - Treasury Stock 46 Retained Earnings 47 Cash Dividends - Common Stock 48 Cash Dividends - Preferred Stock 49 Sales 50 Cost of Goods Sold 51 Sales Commissions 52 Sales Salaries Expense 53 Depreciation Expense - Office Building and Equipment 54 Office Rent Expense 55 Office Salaries Expense 56 Office Supplies Expense 57 Advertising Expense 58 Delivery Expense 59 Depreciation Expense - Store Building and Equipment 60 Store Supplies Expense 61 Gain (Loss) on Asset Disposal 62 Interest Expense 63 Interest Revenue 64 Income Tax Expense 65 Bad Debt Expense 66 Insurance Expense 67 Miscellaneous Administrative Expense 68 Miscellaneous Selling Expense 69 Total 170,000 170,000 13,000 13,000 10,409,433 10,409,433 50,000 40,000 50,000 40,000 5,313,000 22,000 5,335,000 3,500,000 185,000 385,000 30,000 50,000 170,000 10,000 3,500,000 185,000 385,000 70,000 50,000 170,000 10,000 150,000 40,000 150,000 30,000 100,000 30,000 90,000 190,000 21,000 1,933 21,000 21,000 1,933 32,500 11,500 30,000 131 30,131 140,500 140,500 44,680 10,000 44,680 10,000 7,500 7,500 14,000 14,000 26,235,983 26,235,983 219,311 219,311 26,409,794 26,409,794 70 71 check figures
B G H 10 XYZ Co. 11 Trial Balances Worksheet 12 Unadjusted Trial Balance Debit 217,650 545,000 1,200 Adjusted Trial Balance Debit 13 Adjusting Entries 14 Account Credit Debit Credit Credit 15 Cash 16 Accounts Receivable 17 Interest Receivable 18 Allowance for Doubtful Accounts 19 Merchandise Inventory 20 Prepaid Insurance 21 Notes Receivable 22 Land 23 Office Building 24 Office Equipment 25 Accumulated depreciation-office buildings and equipment 26 Store Building 27 Store Equipment 28 Accumulated depreciation-store buildings and equipment 29 Goodwill 30 31 Accounts Payable 32 Income Tax Payable 33 Unearned Revenue 34 Bonds Payable 35 Premium on Bonds Payable 36 Notes Payable 37 Dividends Payable - Common Stock 38 Dividends Payable - Preferred Stock 12,500 205,150 545,000 1,331 131 8,450 44,680 53,130 778,000 778,000 20,000 30,000 10,000 2,000,000 4,000,000 320,000 2,000,000 4,000,000 320,000 1,580,000 40,000 1,620,000 9,000,000 3,560,000 9,000,000 3,560,000 4,126,000 90,000 4,216,000 700,000 700,000 194,300 194,300 44,000 90,000 500,000 18,000 44,000 112,000 22,000 500,000 19,000 1,000 39 Common Stock, $20 par (400,000 shares authorized, 85,000 40 shares issued, 94,600 outstanding) Preferred 5% Stock, $80 par (30,000 shares authorized, 16,000 41 shares issued) 42 Treasury Stock 43 Paid-In Capital in Excess of Par - Common Stock 44 Paid-In Capital in Excess of Par - Preferred Stock 1,700,000 1,700,000 1,280,000 1,280,000 178,200 178,200 736,800 736,800 170,000 170,000
Transcribed Image Text:B G H 10 XYZ Co. 11 Trial Balances Worksheet 12 Unadjusted Trial Balance Debit 217,650 545,000 1,200 Adjusted Trial Balance Debit 13 Adjusting Entries 14 Account Credit Debit Credit Credit 15 Cash 16 Accounts Receivable 17 Interest Receivable 18 Allowance for Doubtful Accounts 19 Merchandise Inventory 20 Prepaid Insurance 21 Notes Receivable 22 Land 23 Office Building 24 Office Equipment 25 Accumulated depreciation-office buildings and equipment 26 Store Building 27 Store Equipment 28 Accumulated depreciation-store buildings and equipment 29 Goodwill 30 31 Accounts Payable 32 Income Tax Payable 33 Unearned Revenue 34 Bonds Payable 35 Premium on Bonds Payable 36 Notes Payable 37 Dividends Payable - Common Stock 38 Dividends Payable - Preferred Stock 12,500 205,150 545,000 1,331 131 8,450 44,680 53,130 778,000 778,000 20,000 30,000 10,000 2,000,000 4,000,000 320,000 2,000,000 4,000,000 320,000 1,580,000 40,000 1,620,000 9,000,000 3,560,000 9,000,000 3,560,000 4,126,000 90,000 4,216,000 700,000 700,000 194,300 194,300 44,000 90,000 500,000 18,000 44,000 112,000 22,000 500,000 19,000 1,000 39 Common Stock, $20 par (400,000 shares authorized, 85,000 40 shares issued, 94,600 outstanding) Preferred 5% Stock, $80 par (30,000 shares authorized, 16,000 41 shares issued) 42 Treasury Stock 43 Paid-In Capital in Excess of Par - Common Stock 44 Paid-In Capital in Excess of Par - Preferred Stock 1,700,000 1,700,000 1,280,000 1,280,000 178,200 178,200 736,800 736,800 170,000 170,000
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