Leggs Company reports total assets and total shareholders' equityof $710,000 and $550,000, respectively, at the end of its first year ofbusiness. Leggs reported earnings of $200,000 and declared andpaid dividends of $80,000 during its first year. Also, during the year,Leggs issued additional shares of stock for $90,000. What are Leggs'liabilities at year-end and contributed capital at the beginning ofthe year, respectively?O A. $160,000; $210,000B. $160,000; $230,000O C. $270,000; $210,000D. $270,000; $230,000E. $320,000; $330,000

Retained earning is net income remaining after doing the payment for dividend and retained earning…

Answered: Leggs Company reports total assets and…

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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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
Subject: accounting
The outstanding share capital of KTI Corporation consists of 2,950 preferred shares and 7,000 common shayes for which $280,000 was received. The preferred shares carry a dividend of $7 per share and have $100 stated value. Instructions: Assuming that the company has retained earnings of $95,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the two years preceding the current year, state how much each class of shares should receive under each of the following conditions. a. The preferred shares are cumulative and non-participating. b. The preferred shares are cumulative and participating. Do not round intermediate calculations but round answer to nearest dollar.
The income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31 before considering the following: During the year the company purchased available-for-sale securities. At year end, the fair value of the investment portfolio was $2,100 more than cost. The balance of Retained Earnings was $83,000 on January 1. . Dodson Corporation paid $9,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31. 51,600
Shareholders' Equity Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $110,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Other Comprehensive Income, $26,000. Prepare the shareholders' equity section of Tinman's year-end balance sheet. Tinman Corporation Partial Balance Sheet December 31 Shareholders' Equity Contributed Capital: Total contributed capital Total Shareholders' Equity
Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
i.3
Helio Co. has retained earnings at the beginning of the current year of $400,000. During the current year net income of $70,000 was earned, and a cash dividend of $1.00 per share was declared and paid on the 50,000 shares of common stock outstanding. Prepare a statement of retained earnings as of the end of the current year.
Terrance Company reported $20,000 retained earnings at the beginning of the year. The company repurchased 200 shares at $50 per share during the year for the first time. Later, during the year the company sold 100 shares of these treasury shares for $45 per share. Terrance earned $15,000 net income during the year. The company also declared and paid dividends on 500 outstanding 4% preferred stock with $100 par value. Based on this information alone, compute the retained earnings balance at the end of the year. O $34,500 O $35,000 O $32,500 O $32,000 O $37,500

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