On December 31, Lexington Corp.'s balance sheet showed total assets of $920,000 and total liabilities of $320,000. What was Lexington Corp.'s stockholders' equity at December 31? Options: a) $600,000 b) $1,240,000 c) $920,000 d) $320,000
Q: Provide solution with calculation
A: Calculating the Inventory Turnover Ratio with Detailed ExplanationOne crucial financial indicator…
Q: Financial Accounting
A: 1. Calculate the total return:Total return = (Ending share price - Purchase price) + DividendsTotal…
Q: Answer? ? Financial accounting question
A: Step 1: Define Material Price VarianceMaterial price variance measures the difference between the…
Q: What is the total asset turnover?
A: Step 1: Definition of Total Asset TurnoverTotal Asset Turnover Ratio measures how efficiently a…
Q: Financial accounting question
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is used to allocate…
Q: ?? Financial accounting question
A: Step 1: Define Current Assets CalculationCurrent Assets represent short-term assets that a company…
Q: Answer please
A: To calculate the Return on Investment (ROI), we use the formula: ROI= Profit Margin Ratio × Asset…
Q: hello teacher please help me this problem
A: Step 1: Definition of Asset Turnover RatioThe Asset Turnover Ratio measures how efficiently a…
Q: Can you help me with accounting questions
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a…
Q: Please give me answer general accounting question
A: Step 1: Definition of Sales (Revenue) Calculation Using Gross Profit MarginGross profit margin is…
Q: Financial accounting 5.9 5 marks
A: Capital Turnover= Sales/Total AssetsWe are given: Sales = $6,000,000Total Assets = $2,500,000After…
Q: Accounting question
A: As per Dividend Discount Model- Current Share Price = Dividend in year 1/(Required rate-Growth rate)…
Q: Please given step by step explanation general Accounting question
A: Step 1: Define APR CalculationThe Annual Percentage Rate (APR) is the nominal interest rate…
Q: Compute production cost per unit under variable costing
A: Concept of Variable CostingVariable costing is a cost accounting method where only variable…
Q: General accounting question
A: Step 1: Definition of Cash Flow Cycle (Cash Conversion Cycle)The Cash Conversion Cycle (CCC)…
Q: Please solve this problem general Accounting question
A: Step 1: Define Coupon LiabilityA coupon liability represents the estimated future obligation for…
Q: Calculate this company's gross profit.
A: Step 1: Definition of Gross ProfitGross Profit is the profit a company earns from sales after…
Q: Provide Answer of This Question And Please Don't Use Ai Becouse In all Ai give Wrong Answer. And…
A: Step-by-Step Solutions for Each Question1. Contribution Margin per Machine HourGiven Data:Selling…
Q: What is the correct option a b c d e ?? General Accounting
A: Present Value of perpetuity = Cash Flow/Interest Rate Interest Rate = Cash Flow/Present Value…
Q: What was the taxable income for the year?
A: The answer is (a) $0.Here's the reasoning:Passive Activity Loss Limitations: Closely held…
Q: Hi expert please help me this question
A: Step 1: Formula Gross profit = Sales - Cost of goods soldGross profit = $52,000,000 -…
Q: 5 PTS
A: Explanation of Common Stock: Common stock represents the basic ownership shares in a company and is…
Q: Lawrence Industries produces kitchen knives. The selling price is $25 per unit, and the variable…
A: Explanation of Selling Price: Selling price is the amount a company charges customers for each unit…
Q: A dog training business began on December 1. The following transactions occurred during its first…
A: The income statement is another financial statement that lists a company's revenues and expenses for…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of LIFO Reserve and Adjusted COGSLIFO Reserve is the difference between the cost…
Q: calculate its gross profit.
A: Step 1: Definition of Gross ProfitGross profit is the amount a company earns after deducting the…
Q: sset turnover ratio.
A: Average total assets = (Beginning total assets + Ending total assets)/2Average total assets =…
Q: Get correct answer general accounting question
A: Step 1: Define Target Cost CalculationTarget Cost is the allowable cost of producing a product while…
Q: Mangesh Analytics, Inc. sells earnings forecasts for European securities. Its credit terms are 2/15,…
A: To calculate the average collection period, we use the weighted average time customers take to pay…
Q: Solve this Accounting problem
A: Explanation of Bond Face Value:Bond Face Value, also known as par value, is the amount the bond…
Q: The following are several situations involving compound interest. Required: Using the appropriate…
A: First, we need to calculate the future value of Hope's investment. The formula for future value is…
Q: 4 POINTS
A: Explanation of Finished Goods Inventory: Finished goods inventory represents the cost of completed…
Q: financial account
A: Step 1: Calculation of increase in unit salesIncrease in unit sales = December sales × Growth…
Q: what is the original cost of machinery?
A: Step 1: Definition of DepreciationDepreciation is the non-cash expense charged in the income…
Q: Need correct answer financial accounting question
A: Step 1: Define Du Pont AnalysisDu Pont Analysis is a financial performance framework that breaks…
Q: REQUIRED Use the information provided below to answer the following questions: 4.1 Calculate the…
A: Question 4.2: Cost of Equity using the CAPM ModelThe Capital Asset Pricing Model (CAPM) formula…
Q: Financial Accounting
A: Concept of Cash Flow to ShareholdersThe Cash Flow to Shareholders (CFS) refers to the net amount of…
Q: What is the cost of the land?
A: Explanation of Land Cost: This represents the total capitalized cost of acquiring and preparing land…
Q: Solve this problem financial accounting question
A: Step 1: Define Lower-of-Cost-or-Net Realizable Value (LCNRV)The Lower-of-Cost-or-Net Realizable…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Overhead VarianceOverhead Variance refers to the difference between the…
Q: What is the price earnings ratio
A: The Price-Earnings (P/E) Ratio is calculated using the formula:P/E Ratio=Earnings per Share…
Q: What is the net income?
A: Explanation of Sales:Sales refer to the total revenue a company generates from selling goods or…
Q: Calculate the total revenue
A: Step 1: Definition of Revenue and Cost of Goods Sold (COGS)Revenue refers to the total income…
Q: Get correct solution this financial accounting question not use ai
A: Step 1: Define Total Return on StockTotal Return measures the overall gain or loss on an investment,…
Q: Give me ans
A: QUESTION 1 PLEASE NOTE: Please clarify with your examiner which predetermined overhead should be…
Q: None
A: Step 1: Definition of Adjusting EntryAn adjusting entry is a journal entry made at the end of an…
Q: Ans ?
A: Concept of Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the total cost incurred…
Q: equity in the business must have:
A: Step 1: Definition of Accounting EquationThe accounting equation is the balance sheet in linear…
Q: Calculate the labor variance
A: Step 1: Definition of Labor VariancesLabor variances are financial metrics used in cost accounting…
Q: What is the gross profit margin
A: Step 1:Gross Profit margin is the percentage of gross profit to the net sales. It can be calculated…
What was Lexington corps stockholders equity at December 31?
Step by step
Solved in 2 steps
- Ernst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of 8,125,000, and total assets of 40,625,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity is: A. $32,000. B. $(32,000). C. $(8000). D. $8,000.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- You are given the following information: Stockholder's Equity Price/Earnings Ratio Share Outstanding Market/Book Ratio $1,250 5 25 1.5 Calculate the market price of a share of the company's stock. Consider the summarized data from the balance sheets and income statements of Wiper Inc. If Wiper's stock had a price/earnings ratio of 12 at the end of 2020, what was the market price of the stock? Wiper Inc. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $764 $981 $843 Other assets Total assets 2,424 1,931 1,730 $3,188 $2,912 $2,573 Current liabilities Long-term liabilities Stockholders' equity $588 $841 $734 1,582 1,034 910 1,018 1,037 929 Total liabilities and stockholders' equity $3,188 $2,912 $2,573 Wiper Inc. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data: Sales $3,061 $2,924 Operating income 307 321 Interest expense 95 76 Net income 224 219 Other…Sheffield Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par—Common Stock $210,000, and Retained Earnings $110,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $9 per share. June 1 Sold 1,000 shares at $12 per share. Sept. 1 Sold 1,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $7 per share. Sheffield Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000. 1.Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income 2.Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings 3.Prepare the stockholders’ equity section for Sheffield Corporation at December 31, 2020.An analyst compiled the following information for U Inc. for the year ended December 31, 2021: . Net income was $1,960,000. Depreciation expense was $530,000. . Interest paid was $265,000. Income taxes paid were $132,500. . . . Common stock was sold for $226,000. Preferred stock (8% annual dividend) was sold at par value of $276,000. . Common stock dividends of $76,000 were paid. Preferred stock dividends of $22,080 were paid. Equipment with a book value of $126,000 was sold for $252,000. • . . Using the indirect method, what was U Inc.'s net cash flow from operating activities for the year ended December 31, 20213 Multiple Choice
- The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Y7 20Y6 20Y5 Total assets $300,000 $270,000 $240,000 Notes payable (8% interest) 100,000 100,000 100,000 Common stock 40,000 40,000 40,000 Preferred 3% stock, $100 par 20,000 20,000 20,000 (no change during year) Retained earnings 103,900 77,450 60,000 The 20Y7 net income was $27,050, and the 20Y6 net income was $18,050. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 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 to one decimal place. 20Y7 20Y6 Return on total assets fill in the blank 1 % fill in the blank 2 % Return on stockholders’ equity fill in the blank 3 %…At December 31, 2021, Hancock Company had 500,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 100,000 of which were issued on October 1, 2021. Net income for the year ended December 31, 2021, was $1,700,000. What should be Hancock's 2021 earnings per common share, rounded to the nearest penny? a. $4.00 b. $4.25 c. $3.78 d. $36The books of Oriole corporation carried the following account balances as of December 31, 2020. Cash $210,000. preferred stck(cumulative, nonparticipating,$50 par) $310,000. common stock (non-par value, 284,000 shares issued) $1,420,000. Paid-in capital in excess of par -preferred stock $157,000. Treasury stock (common 2,900 shares at cost). Retained earnings $ 106,100. The company decided not to pay any dividend in 2020. The board of directors, at their annual meeting on December 21,2021, declared the following: The current year dividend shall be 6% on the preferred and $0.30% per share on the common. The dividend in arrears shall be paid by issuing 1,550 shares of treasury stock. At the date of deceleration, the preferred is selling at $80 per shares , and the common at $12 per shares . Net income for 2021 is estimated at $81,400. (a) prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously. ( credit amount title are…
- The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Y7 20Y6 20Y5 Total assets $289,000 $260,000 $231,000 Notes payable (8% interest) 100,000 100,000 100,000 Common stock 40,000 40,000 40,000 Preferred 6% stock, $100 par 20,000 20,000 20,000 (no change during year) Retained earnings 118,925 80,715 60,000 The 20Y7 net income was $39,410, and the 20Y6 net income was $21,915. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. a. Determine the return on total assets, the rate earned on stockholders' equity, and the return on common stockholders’ equity for the years 20Y6 and 20Y7. When required, round to one decimal place. 20Y7 20Y6 Return on total assets % % Return on stockholders’ equity % % Return on common stockholders’ equity %…Liberty Corporation reported the following financial statements: The company has 2,500 shares of common stock outstanding and the market price is $20 per share. What is Liberty’s price/earnings ratio? a. 0.08 b. $0.08 c. 12.35 12.35 timesBramble Corp. reported the following balances at December 31, 2021: common stock $408,000, paid-in Capital in Excess of Par- common stock $106,000, and retained earnings $242,000. During 2022, the following transactions affected stockholders' equity. 1. 2. 3. 4. Issued preferred stock with a par value of $128,500 for $209,000. Purchased treasury stock (common) for $36,500. Earned net income of $135,000. Declared and paid cash dividends of $52,500. Prepare the stockholders' equity section of Bramble Corp's December 31, 2022, balance sheet.
