The financial statements of Friendly Fashions include the following selected data (in millions): ($ in millions except share data)20212020Sales$9,843$10,934Net income$280$798Stockholders' equity$1,710$2,290Average Shares outstanding (in millions) 665 -Dividends per share$0.38 -Stock price$8.50 - Required:Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).) **Stock Transactions and Journal Entry Instructions****Overview:**Finishing Touches has authorized two classes of stock: 8% preferred stock with a $10 par value, and common stock with a $1 par value. In 2021, the first year of operations, the following transactions impacted stockholders’ equity:1. **January 2**: Issued 100,000 shares of common stock at $35 per share.2. **February 6**: Issued 3,000 shares of 8% preferred stock at $11 per share.3. **September 10**: Purchased 11,000 shares of its own common stock at $40 per share (treasury stock).4. **December 15**: Resold 5,500 shares of treasury stock at $45 per share.**Instructions:**Record each transaction in the journal entry worksheet provided. If no entry is required, select "No Journal Entry Required" in the first account field.**Journal Entry Worksheet Interface:**- The interface consists of navigation tabs (1, 2, 3, 4) for different transactions.- A note indicates that debits should be entered before credits.- There is a table with columns for Date, General Journal, Debit, and Credit.- Buttons are available for recording entries, clearing entries, and viewing the general journal.**Example Entry:**- **Transaction Description**: Record the issuance of 100,000 shares of common stock for $35 per share on January 2, 2021.Ensure that all entries reflect standard accounting practices with correct debit and credit values, corresponding to the effects on stockholders' equity.

Since the first question is incomplete we will answer the second question.

Answered: Finishing Touches has two classes of…

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

The financial statements of Friendly Fashions include the following selected data (in millions):

($ in millions except share data)	2021	2020
Sales	$	9,843	$	10,934
Net income	$	280	$	798
Stockholders' equity	$	1,710	$	2,290
Average Shares outstanding (in millions)		665		-
Dividends per share	$	0.38		-
Stock price	$	8.50		-

Required:
Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).)

**Stock Transactions and Journal Entry Instructions**

**Overview:**
Finishing Touches has authorized two classes of stock: 8% preferred stock with a $10 par value, and common stock with a $1 par value. In 2021, the first year of operations, the following transactions impacted stockholders’ equity:

1. **January 2**: Issued 100,000 shares of common stock at $35 per share.
2. **February 6**: Issued 3,000 shares of 8% preferred stock at $11 per share.
3. **September 10**: Purchased 11,000 shares of its own common stock at $40 per share (treasury stock).
4. **December 15**: Resold 5,500 shares of treasury stock at $45 per share.

**Instructions:**
Record each transaction in the journal entry worksheet provided. If no entry is required, select "No Journal Entry Required" in the first account field.

**Journal Entry Worksheet Interface:**

- The interface consists of navigation tabs (1, 2, 3, 4) for different transactions.
- A note indicates that debits should be entered before credits.
- There is a table with columns for Date, General Journal, Debit, and Credit.
- Buttons are available for recording entries, clearing entries, and viewing the general journal.

**Example Entry:**

- **Transaction Description**: Record the issuance of 100,000 shares of common stock for $35 per share on January 2, 2021.

Ensure that all entries reflect standard accounting practices with correct debit and credit values, corresponding to the effects on stockholders' equity.

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