Finn, Inc. began the year with a balance in retained earnings of $16,800 and 32,000 shares of $1 par common stock outstanding. During the year, the company reported sales of $98,000, expenses of $80,800, and declared and paid a $0.20 per share cash dividend. How much is the balance in the Retained Earnings account at the end of the year? Select one: a. $10,800 b. $27,600 C. $43,600 O d. $34,000

Finn, Inc. began the year with a balance in retained earnings of $16,800 and 32,000 shares of $1 par common stock outstanding. During the year, the company reported sales of $98,000, expenses of $80,800, and declared and paid a $0.20 per share cash dividend. How much is the balance in the Retained Earnings account at the end of the year? Select one: a. $10,800 b. $27,600 C. $43,600 O d. $34,000

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

Pharoah Jewelers management announced that the company had net earnings of $8,107,000 for this year. The company has 3,586,000 shares outstanding, and the year-end stock price is $43.53. What are Pharoah’s earnings per share and P/E ratio? (Round answers to 2 decimal places, e.g. 12.25) Earnings per share $ enter a dollar amount rounded to 2 decimal places P/E ratio enter P/E ratio in times rounded to 2 decimal places times
Smith Inc. has announced net earnings of $877,500 for this year. The company has 325,660 shares outstanding, and the year-end stock price is $50.48. What are the company’s earnings per share and P/E ratio? a. EPS: $2.69; P/E: 18.77 times b. EPS: $0.37; P/E: 18.77 times c. EPS: $0.37; P/E: 10.55 times d. EPS: $2.69; P/E: 10.55 times
Financial statement data for the current year for Hanz Corp. are as follows: Line Item Description Amount Net income $5,700,000 Preferred dividends $70,000 Average number of common shares outstanding 200,000 The earnings per share for the current year are? a.$28.15 b.$28.50 c.$28.85 d.$0.35
Ecker Company reports $1,400,000 of net income and declares $196,000 of cash dividends on its preferred stock for the year. At year- end, the company had 350,000 weighted-average shares of common stock. 1. What amount of net income is available to common stockholders? Net income To preferred stockholders Net income available to common stockholders 2. What is the company's basic earnings per share (EPS)? Basic Earnings per Share Choose Numerator: Choose Denominator: Basic Earnings per Share Basic earnings per share
Five Measures of Solvency or Profitability The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $900,000 Preferred $5 stock, $100 par $228,000 Common stock, $8 par $319,200.00 Income before income tax was $201,600, and income taxes were $30,600 for the current year. Cash dividends paid on common stock during the current year totaled $33,516. The common stock was selling for $28 per share at the end of the year. Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent. Use the rounded answers for subsequent requirements, if required. a. Times interest earned ratio times b. Earnings per share on common stock $ c. Price-earnings ratio d. Dividends per share of common stock $ e. Dividend yield
[The following information applies to the questions displayed below.] Markus Company’s common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this year’s financial statements: EndingBalance BeginningBalance Cash $ 49,000 $ 44,200 Accounts receivable $ 92,000 $ 68,700 Inventory $ 76,300 $ 92,000 Current assets $ 217,300 $ 204,900 Total assets $ 801,000 $ 875,400 Current liabilities $ 85,500 $ 90,000 Total liabilities $ 206,000 $ 185,400 Common stock, $1 par value $ 165,000 $ 165,000 Total stockholders’ equity $ 595,000 $ 690,000 Total liabilities and stockholders’ equity $ 801,000 $ 875,400 This Year Sales (all on account) $ 1,095,000 Cost of goods sold $ 635,100 Gross margin $ 459,900 Net operating income $ 313,875 Interest expense $ 15,500 Net income $ 208,862 2. What is the…
Kelley Company reports $1,875,000 of net income and declares $262,500 of cash dividends on its preferred stock for the year. At year-end, the company had 390,000 weighted-average shares of common stock. 1. What is the company's basic earnings per share (EPS)? 2. In the prior year, Kelley had a basic earnings per share (EPS) of $3.93. Did Kelly improve its earnings per share (EPS) in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the company's basic earnings per share (EPS)? Basic earnings per share Choose Numerator: I Choose Denominator: Net income available to common stockholders Weighted-average outstanding shares = Basic earnings per share
A company reports the following year-end data: Sales of $100,000; Earnings per share of $5; Market price per (common) share of $50; and Annual cash dividends per share of $2. Compute the (a) dividend yield and (b) price-earnings ratio. Complete this question by entering your answers in the tabs below. Price Earnings Ratio Compute the dividend yield. Dividend Yield Choose Numerator: Dividend Yield Price Earnings Ratio Dividend Yield Choose Denominator: A company reports the following year-end data: Sales of $100,000; Earnings per share of $5; Market price per (common) share of $50; and Annual cash dividends per share of $2. Compute the (a) dividend yield and (b) price-earnings ratio. Complete this question by entering your answers in the tabs below. Compute the price-earnings ratio. Choose Numerator: Price-Earnings Ratio / Choose Denominator: Dividend yield Price Earnings Ratio >
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 6. What is the book value per share at the end of this year?
The following information is available for Jase Company: Market price per share of common stock $25.00 Earnings per share on common stock 1.25 Which of the following statements is correct? a. The price-earnings ratio is 10 and a share of common stock was selling for 125 times the amount of earnings per share at the end of the year. b. The market price per share and the earnings per share are not statistically related to each other. c. The price-earnings ratio is 20 and a share of common stock was selling for 20 times the amount of earnings per share at the end of the year. d. The price-earnings ratio is 5% and a share of common stock was selling for 5% more than the amount of earnings per share at the end of the year.
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 3. What are the dividend payout ratio and the dividend yield ratio?
[The following information applies to the questions displayed below.] Markus Company’s common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this year’s financial statements: EndingBalance BeginningBalance Cash $ 49,000 $ 44,200 Accounts receivable $ 92,000 $ 68,700 Inventory $ 76,300 $ 92,000 Current assets $ 217,300 $ 204,900 Total assets $ 801,000 $ 875,400 Current liabilities $ 85,500 $ 90,000 Total liabilities $ 206,000 $ 185,400 Common stock, $1 par value $ 165,000 $ 165,000 Total stockholders’ equity $ 595,000 $ 690,000 Total liabilities and stockholders’ equity $ 801,000 $ 875,400 This Year Sales (all on account) $ 1,095,000 Cost of goods sold $ 635,100 Gross margin $ 459,900 Net operating income $ 313,875 Interest expense $ 15,500 Net income $ 208,862 5. What is the return…