ASSETSREVENUE110 Cash410 Sales120 Accounts Receivable610 Interest Revenue131 Notes Receivable132 Interest ReceivableEXPENSES141 Merchandise Inventory510 Cost of Merchandise Sold145 Office Supplies515 Credit Card Expense151 Prepaid Insurance520 Salaries Expense181 Land531 Advertising Expense193 Equipment532 Delivery Expense194 Accumulated Depreciation-Equipment533 Selling Expenses534 Rent ExpenseLIABILITIES535 Insurance Expense210 Accounts Payable536 Office Supplies Expense221 Notes Payable537 Organizational Expenses226 Interest Payable562 Depreciation Expense-Equipment231 Cash Dividends Payable590 Miscellaneous Expense236 Stock Dividends Distributable710 Interest Expense241 Salaries Payable261 Mortgage Note Payable Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are asfollows:Common stock, $20 stated value (500,000 shares authorized, 367,000 shares issued)S7,340,000Paid-In Capital in Excess of Stated Value Common Stock844,100Retained Earnings33,388,000Treasury Stock (22,800 shares, at a cost of $17 per share)387,600The following selected transactions occurred during the year.Jan.Paid cash dividends of $0.09 per share on the common stock, The dividend had been properly22recorded when declared on December 1 of the preceding fiscal year for $30,978.Apr.10Issued 71,000 shares of common stock for $23 per share.Jun.Sold all of the treasury stock for $27 per share.Jul.Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock.which is $26 per share.Aug.Issued the certificates for the dividend declared on July 5.15Nov.Purchased 28,000 shares of treasury stock for $18 per share.23Dec.28Declared a $0.09-per-share dividend on common stock.31Closed the two dividends accounts to Retained Earnings.5.

The journal entries are prepared to record daily transactions of the business.

Answered: Paid-In Capital in Excess of Stated…

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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Change in Stockholders’ Equity Previous Year Current Year Net Income $35,000 $48,000 Average stockholders' equity 1,000,000 1,500,000 Dividend per common share 1.90 2.00 Earnings per share 2.85 3.20 Market price per common share, year-end 19.00 21.00 Nikron Corporation issued 20,000 shares of $0.50 par value common stock during the year for $20 each. Nikron also repurchased treasury stock for $15,000. Net income for the year was $140,000. The company also paid cash dividends of $25,000. What was the total change in Nikron’s stockholders’ equity for the year? Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer
Not Graded Earnings per ShareLucky Corporation began the year with a simple capital structure consisting of 200,000 shares of outstanding common stock. On April 1, 90,000 additional common shares were issued, and another 30,000 common shares were issued on August 1. The company had net income for the year of $690,000. Calculate the earnings per share of common stock. Round to two decimal points.Earnings per Share $Answer
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Feb 25 Declared a 2.50 per share cash dividend on 20,000 shares of common stock outstanding Mar. 20 Paid the cash dividends declared on Feb. 25, Dec. 31 Closed the 72,000 credit balance in Income Summary that reflects net income to Retained Earnings (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a 155,000 credit balance on January 1, calculate its year-end balance as of December 31
Statement of stockholders’ equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $120,000; Additional Paid-In Capital, $3,300,000; and Retained Earnings, $12,300,000. During June, Noric issued for cash 30,000 shares of common stock (with a stated value of $1) at $18 per share. Noric reported the following results for the month ended October 31: Net income $2,250,000 Cash dividends declared 475,000 Prepare a statement of stockholders’ equity for the month ended October 31. If there is a net loss or there has been a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Noric Cruises Inc.Statement of Stockholders' EquityFor the Month Ended October 31 CommonStock AdditionalPaid-InCapital RetainedEarnings Total $Balances, October 1 $Balances, October 1 $Balances, October 1 Balances, October 1 Issued Common Stock Issued…
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Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $618,000 $300,000 Current maturities of serial bonds payable 550,000 550,000 Serial bonds payable, 10% 2,480,000 3,030,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,000,000 1,010,000 Retained earnings 3,470,000 2,750,000 The income before income tax expense was $757,500 and $662,800 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have improved and the…
Question Content Area Balance sheet and income statement data indicate the following: Bonds payable, 6% (due in 15 years) $1,114,580 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 407,169 Income tax for year 122,151 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)? a. 3.26 b. 7.09 c. 4.26 d. 6.09
The shareholders' equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $5 cumulative preferred shares (18,000 issued) Common shares (460,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan Mar. 31 31 $1,440,000 4,600,000 1,600,000 $7,640,000 Reacquired 12.000 common shares for $11 per share. Issued 51,000 common shares for $12 per share. Reacquired 8,000 common shares for $11.50 per share. Issued 54,000 common shares in exchange for land. The land's fair value was $648,000. Profit for the year ended March 31, 2021, was $1,025,000.
C

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