Gap, Inc., reports the following selected information at January 28, 2006 ($ millions).Contributed capital, Jan. 28, 2006Treasury stock, Jan. 28, 2006Retained earnings, Jan. 28, 2006Accumulated other comprehensive income, Jan. 28, 2006During fiscal year 2007, Gap reported the following:1. Sale of stock2. Purchase of stock3. Net income4. Cash dividends5. Other comprehensive income$ 2301,02577826531$2,456(5,210)8,13346Use this information to prepare the statement of stockholders' equity for Gap, Inc., for year ended February 3, 2007. Hint: Enter treasury stock amounts, cash dividends and losses as negative numbers.Gap, Inc.Statement of Stockholders' EquityFor Year Ended February 3, 2007January 28, 2006Sale of stockRepurchase of stockNet incomeOthercomprehensive incomeCash dividendsFebruary 2, 2008ContributedCapital Treasury Stock$$$1,66123000000 $RetainedEarnings(5,210) $ 8,133 $000000 $AccumulatedOther Comp. Stockholders'Income/(Loss)Equity007780(265)0 $46 $000(31)00 $5,425000000

The statement of stockholders' equity is prepared to determine the total stockholders' equity at the…

Answered: Gap, Inc., reports the following…

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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Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc.Comparative Retained Earnings StatementFor the Years Ended December 31, 20Y2 and 20Y1 Line Item Description 20Y2 20Y1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $600,000 $550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $490,000 $440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y1 Line Item Description 20Y2 20Y1 Sales $10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) Gross profit $4,850,000 $4,550,000 Selling expenses $(2,170,000) $(2,000,000) Administrative expenses (1,627,500) (1,500,000) Total…
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Selected current year company information follows: Net income Net sales Total liabilities, beginning-year Total liabilities, end-of-year $ 16,553 718,855 89,932 109,201 Total stockholders' equity, beginning-year 204,935 Total stockholders' equity, end-of-year 130,851 What is the return on total assets? (Do not round intermediate calculations.).
Below is the financial data for Arla Inc. for the year ended December 31, 2020: Market price per share... Net Income...... $150.00 $1,750,000 Preferred Dividends declared... $75,000 Average # of common shares....... Dividends per share...... Average common shareholders' equity..... Total assets..... Total Liabilities... Accumulated Other Comprehensive Income..... 100,000 $2.50 10,000,000 $22,500,000 $11,675,000 $185,000 Instructions Calculate the Return on shareholders' equity (use up to 2 decimal places and do not include a % sign)
[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…
Profitability ratios The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 December 31 20Y7 20Y6 December 31 20Y5 Total assets $281,000 $253,000 $225,000 Notes payable (8% interest) 90,000 90,000 90,000 Common stock 36,000 36,000 36,000 Preferred 5% stock, $100 par (no change during year) Retained earnings 18,000 97,870 18,000 70,390 18,000 54,000 < The 2017 net income was $28,380, and the 20Y6 net income was $17,290. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 2016 and 20Y7. a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. When required, round your answers to one decimal place. 20Y7 20Y6 Return on total assets Return on stockholders' equity 0.1 % 0.1 % % % Return on common stockholders' equity % 200 % b. The profitability…
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Five Measures of Solvency or Profitability The balance sheet for Quigg Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $1,700,000 Preferred $10 stock, $50 par 154,000 Common stock, $15 par 288,750 Income before income tax expense was $489,600,and income taxes were $73,800 for the current year. Cash dividends paid on common stock during the current year totaled $92,400. The common stock was selling for $240 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 % %24 %24
17. Following data were taken from the records of Bassam Company for year 2020: Sales Revenues:$1,000,000; Rent revenues $6,000; Cost of Goods Sold $560,000, Selling expenses $70,000; Administrative and General Expenses $90,000; Interest expenses 20,000; Preference Shares Dividends declared and paid $60,000; Ordinary Shares Dividends declared and paid $80,000; tax rate 25%; No. of common shares outstanding 200,000 shares. Calculate Earnings per share (round answer to the nearest cent)?
Presented below are data for Caracas Corp. Assets, January 1 Liabilities, January 1 Stockholders' Equity, Jan. 11 Dividends Common Stock Stockholders' Equity, Dec. 31 Net Income Net income for 2012 is $684 income. $684 loss. $38 income. $38 loss. 2010 $3,800 2,280 ? 760 684 ? 760 2011 $4,560 ? ? 570 608 ? 684 2012 ? $2,736 2,850 646 650 2,166 ?

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