Kojak Corporation decided to issue common stock and used the $300,000 proceeds to redeem all of its outstanding bonds onJanuary 1, 2022. The following information is available for the company for 2022 and 2021.Net incomeDividends declared for preferred stockholdersAverage common stockholders' equityTotal assetsCurrent liabilitiesTotal liabilities(a)Return oncommonstockholders'equity ratio(c1)20222022Debt to assetsratio$ 182,0008,0001,000,000.1,200,000100,000200,0002021$ 150,0008,000700,000Compute the return on common stockholders' equity for both years. (Round answers to 1 decimal place, e.g. 12.5%.)1,200,000100,000500,000enter return on common stockholders equity in percentages %Compute the debt to assets ratio for both years. (Round answers to 1 decimal place, e.g. 12.5%.)202120222021enter debt to assets ratio in percentages %enter return on common stockhoenter debt to assets ratio in percentages %

RETURN ON SHAREHOLDERS EQUITY:- Return on Shareholders Equity is the Ratio Between Net for Common…

Answered: Kojak Corporation decided to issue…

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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Waterway Corporation was organized on January 2, 2020. During 2020, Waterway issued 39200 shares at $22 per share, purchased 5700 shares of treasury stock at $24 per share, and had net income of $615000. What is the total amount of stockholders’ equity at December 31, 2020? $1216600 $1376600 $1340600 $1352000
United Apparel has the following balances in its stockholders’ equity accounts on December 31, 2021: Treasury Stock, $850,000; Common Stock, $600,000; Preferred Stock, $3,600,000; Retained Earnings, $2,200,000; and Additional Paid-in Capital, $8,800,000. Required: Prepare the stockholders’ equity section of the balance sheet for United Apparel as of December 31, 2021.
Nikul
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 254,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 12,000 shares outstanding Retained earnings Treasury stock, at cost, 5,400 shares During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess par. ) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash…
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for comparative financial statements at the end of 2022? 2. What is the weighted.average number of shares for 2022 On January 1, 2021, Master Company had 250,000 ordinary (AA) S Problem 19-24 (IAA) Proble Timp shares outstanding. year: 1, 2021 1, 2021 1, 2021 December 1, 2021 1, 2022 September 1, 2022 Sold 24,000 shares Issued a 20% share dividend Sold 16,000 shares Purchased 15,000 treasury shares Issued a 3 for 1 share split Sold 60,000 shares January February March March July October June July December 1. What is the weighted average number of shares for 2021 for comparative financial statements at the end of 2022! What is a. 980,250 b. 329,800 c. 984,000 d. 969,000 a. 400,0 b. 442,5 C. 445,0 d. 460,00 Problem On Janua shares ou а. 1,009,400 b. 1,049,400 C. 1,169,400 During d. 989,400
Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Fitzgerald’s financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Fitzgerald Pharmaceutical IndustriesSelected Balance Sheet InformationJune 30, 2020 Long-term debt Notes payable, 10% $1,000,000 8% convertible bonds payable 5,000,000 10% bonds payable 6,000,000 Total long-term debt $12,000,000 Shareholders’ equity Preferred stock, 6% cumulative, $50 par value, 100,000 shares authorized, 25,000 shares issued and outstanding $1,250,000 Common stock, $1 par, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding 1,000,000 Additional paid-in capital 4,000,000 Retained earnings 6,000,000 Total shareholders’ equity $12,250,000 The following transactions have…
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 10,000 shares outstanding Retained earnings Treasury stock, at cost, 5,000 shares During 2021, Fascom Inc. had several transactions relating to common stock. $ 250,000 500,000 100,000 1,000,000 2,000,000 25,000 January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April July December 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per…
During 2021 if there is a net income of $2,550,000 then the total stockholders’ equity balance after adding the calculation in point (C) will be $_____________
The Shareholders' Equity of Jackie Company as of December 31, 2021 is as follows: [Refer to the figure]. The following transactions occurred during 2022. January 15 - It issued 1,300 treasury shares for P40 each. February 1 - Sold 180, P1,000, 9% bonds due February 1, 2032 at 103 with one detachable share warrant to each bond. Interest is payable annually February 1. The fair market value of the bonds without the share warrants is 95. The warrants have a fair value of P50 each and will expire on February 1, 2023. Each warrant entitles the holder to purchase 10 ordinary shares at P40 per share. March 6 - 2,800 ordinary shares were subscribed at P44 each. 40% of the subscription was collected. March 20 - The balance due on 2,400 shares was received and those shares were issued. November 1 - There were 110 share warrants detached from the bonds and exercised. The company's net income for 2022 is P950,000 Compute the ending balance of the Ordinary Share Capital account. Compute the…
Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity. d) During the year, customer advances of $220,000 were received; $110,000 of this amount was earned by December 31, 2018. e) A 10% bonds payable of 1,000,000 was issued on December 31, 2018, due on December 31, 2023. f) Treasury stock of $55,000 has been recorded at cost. Instructions:For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.
Concord Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $400,000, Paid-in Capital in ExceSs of Par-Common Stock $185,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Sold 1,000 shares at $7 per share. 1っaa Concord Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $35,000. () Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (Listall debi entries before credit.entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Treasury Stock Cash Cash ए.२unp Treasury Stock Pald-In…

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