Given below are the comparative balance sheets and an income statement for the excellent corporation. calculate the book value per share of capital stock at year end.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Given below are the comparative balance sheets and an income statement for the excellent corporation. calculate the book value per share of capital stock at year end.
Excellent Corporation
Income Statement for the year
ended 2018
Dec. 31
Jan. 1
Cash
$ 34,000
Accounts receivable 94,000
$ 34,000
$524,000
Sales
Inventory
Equipment (net)
(328,000)
$ 196,000
78,000
Cost of goods sold
68,000
Gross profit on sales
Operating expenses
Operating income
74,000
(118,700)
$77,300
114,000
132,000
Total Assets
$310,000.00 $318,000.00
Accounts payable
(28,750)
Interest expense
54,000
60,000
and income taxes
Dividends payable 20,000
$48,550
12,000
Net income
Long-term note
payable
32,000
32,000
Capital stock, $10
par (14,000 shs)
Retained earnings
140,000
140,000
64,000
74,000
Total Liabilities+
$310,000
$318,000
Equity
(Show calculations below or on back
Transcribed Image Text:Excellent Corporation Income Statement for the year ended 2018 Dec. 31 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 78,000 Cost of goods sold 68,000 Gross profit on sales Operating expenses Operating income 74,000 (118,700) $77,300 114,000 132,000 Total Assets $310,000.00 $318,000.00 Accounts payable (28,750) Interest expense 54,000 60,000 and income taxes Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable 32,000 32,000 Capital stock, $10 par (14,000 shs) Retained earnings 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity (Show calculations below or on back
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