Liabilities and Stockholder's EquityAccounts payable$30,000Bonds payable42,500Common stock53,000Retained earnings49,500Total liabilities and stockholders' equity$175,000Additional information:1.Net income for the year ending December 31, 2022 was $41,500.2.Cash dividends of $21,500 were declared and paid during the year.3.Long-term investments that had a cost of $30,000 were sold for $20,500.4.Sales for 2022 were $126,500.5.No equipment was sold during the year.Prepare a statement of cash flows for the year ended December 31, 2022 using the indirect method. (Show amounts that decrease cashflow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)$13,50058,00029,50029,500$130,500 A comparative balance sheet for Crane Company appears below:CRANE COMPANYComparative Balance SheetAssetsCashAccounts receivableInventoryPrepaid expensesLong-term investmentsEquipmentAccumulated depreciation-equipmentTotal assetsAccounts payableBonds payableDec. 31, 2022$47,00031,00038,00012,500079,500(33,000)$175,000Liabilities and Stockholder's Equity$30,00042,500Dec. 31, 2021$17,50019,50023,50022,00030,00039,500(21,500)$130,500$13,50058,000

Cash flow statement shows the amount of cash inflows and outflows during the period.

Answered: Liabilities and Stockholder's Equity…

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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The balance sheet for Tyde Corporation at the end of the current year indicates the following: Bonds payable, 6% $4,000,000 5% Preferred stock, $100 par 1,000,000 Common stock, $10 par 2,000,000 Income before income taxes was $480,000 and income taxes expense for the current year amounted to $144,000. Cash dividends paid on common stock were $300,000, and the common stock was selling for $22.88 per share at the end of the year. There were no ownership changes during the year.Determine each of the following: (Round earnings per share to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 5.) (a) Times interest earned times (b) Earnings per share $ per share (c) Price-earnings ratio times
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10 Shareholders' Equity Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $130,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Other Comprehensive Income, $23,000. Prepare the shareholders' equity section of Tinman's year-end balance sheet. Tinman Corporation Partial Balance Sheet December 31 Shareholders' Equity Contributed Capital: Common stock, $5 par Additional paid-in capital on common stock Total contributed capital Retained earnings Accumulated other comprehensive income Total Shareholders' Equity SA $ tA
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The balance sheet for Seuss Company at the end of the current fiscal year indicated the following: Bonds payable, 10% (20-year term) $5,000,000 Preferred 10% stock, $100 par 1,000,000 Common stock, $10 par 2,000,000 Income before income tax was $1,500,000, and income taxes were $200,000 for the current year. Cash dividends paid on common stock during the current year totaled $150,000. The common stock sells for $75 per share at the end of the year. Required: Determine each of the following: Round to one decimal place except earnings per share and dividends per share, which should be rounded to two decimal places. 1. Times interest earned fill in the blank 1 times 2. Earnings per share on common stock $fill in the blank 2 3. Price-earnings ratio fill in the blank 3 4. Dividends per share of common stock $fill in the blank 4 5. Dividend yield
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Comparative Earnings per Share Lucas Company reports net income of $2,460 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $17,400. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,000 shares outstanding at year-end. During 2021, Lucas earned net income of $28,800. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places.
Balance sheet and income statement data indicate the following: Bonds payable, 10% (due in two years) $958,000 Preferred 5% stock, $100 par (no change during year) 200,700 Common stock, $50 par (no change during year) 1,678,600 Income before income tax for year 382,956 Income tax for year 76,163 Common dividends paid 83,930 Preferred dividends paid 10,035 Interest expense 95,800 Based on the data presented, what is the times interest earned ratio? Round your answer to two decimal places. 3.00 0.40 5.00 2.50
Balance sheet and income statement data indicate the following: Bonds payable, 8% (due in 15 years) $1,082,526 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 414,083 Income tax for year 124,225 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented, what is the times interest earned ratio (round to two decimal places)? Oa. 2.35 Оb. 3.35 Oc. 4.78 Od. 5.78

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