On January 31, a company's balance sheet showed assets of $3,200 and liabilities of $800. Stockholders' equity at January 31 was:Multiple ChoiceO$2,400.$4,000.$800.$1,600.

Lets understand the basics.As per balance sheet equation, total assets are always equal to total…

Answered: On January 31, a company's balance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Instructions On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock, $50 par at $52. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATE
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The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Υ7 20Y6 20Υ5 Total assets $192,000 $173,000 $154,000 Notes payable (8% interest) 60,000 60,000 60,000 Common stock 24,000 24,000 24,000 Preferred 4% stock, $100 par 12.000 12,000 12,000 (no change during year) Retained earnings 70,415 45,870 36,000 The 20Y7 net income was $25,025, and the 20Y6 net income was $10,350. 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. Round percentages to one decimal place. 20Y7 20Υ6 Return on total assets % Return on stockholders' equity Return on common stockholders' equity % b. The profitability ratios indicate that the company's profitability has Since the rate of return on total…
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On July 3, the Southside Company declared a cash dividend of $0.75 per share. There are 45,000 shares outstanding. What is the journal entry that should be recorded?

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On January 31, a company's balance sheet showed assets of $3,200 and liabilities of $800. Stockholders' equity at January 31 was: Multiple Choice $2,400. $4,000.