For the current year on common stock I did 980,000 divide by 10,000,000 equals .098 round to 10 percent.For the current year on retained earnings 3,620,000 divide by 10,000,000 equals .362 round to 36 percent.How did I calculate the common stock and retained earnings incorrect?Thank you **Alvarez Company Comparative Balance Sheet****For the Years Ended December 31**---**Assets:**- **Current Assets:** - Current Year Amount: $2,800,000 - Current Year Percent: 28% - Previous Year Amount: $1,840,000 - Previous Year Percent: 20%- **Property, Plant, and Equipment:** - Current Year Amount: $5,200,000 - Current Year Percent: 52% - Previous Year Amount: $6,072,000 - Previous Year Percent: 66%- **Intangible Assets:** - Current Year Amount: $2,000,000 - Current Year Percent: 20% - Previous Year Amount: $1,288,000 - Previous Year Percent: 14%- **Total Assets:** - Current Year Amount: $10,000,000 - Current Year Percent: 100% - Previous Year Amount: $9,200,000 - Previous Year Percent: 100%---**Liabilities and Stockholders’ Equity:**- **Current Liabilities:** - Current Year Amount: $1,800,000 - Current Year Percent: 18% - Previous Year Amount: $1,380,000 - Previous Year Percent: 15%- **Long-term Liabilities:** - Current Year Amount: $3,600,000 - Current Year Percent: 36% - Previous Year Amount: $3,680,000 - Previous Year Percent: 40%- **Common Stock:** - Current Year Amount: $980,000 - Current Year Percent: 10% - Previous Year Amount: $920,000 - Previous Year Percent: 10%- **Retained Earnings:** - Current Year Amount: $3,620,000 - Current Year Percent: 36% - Previous Year Amount: $3,220,000 - Previous Year Percent: 35%- **Total Liabilities and Stockholders’ Equity:** - Current Year Amount: $10,000,000 - Current Year Percent: 100% - Previous Year Amount: $9,200,000 - Previous Year Percent: 100%---**Explanation:**

Comparative financial statements are used to compare two or more years to understand the financial…

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. When required, round percentages to one decimal place. Line Item Description Current assets Alvarez Company Comparative Balance Sheet For the Years Ended December 31 Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Current Year Amount $2,800,000 5,200,000 2,000,000 $10,000,000 $1,800,000 3,600,000 980,000 3,620,000 Total liabilities and stockholders' equity $10,000,000 Current Year Percent 28 ✔% 52 ✓ % 20 % 100 ✔% $9,200,000 18 ✔% $1,380,000 36% 3,680,000 10 X % Previous Year Amount $1,840,000 6,072,000 1,288,000 36 X % 920,000 3,220,000 100 ✔% $9,200,000 Previous Year Percent 20 66 14 15 40 100 % 10 % 35 ✓ % % ✓ % ✓ % ✓ % ✓ % 100 %

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. When required, round percentages to one decimal place. Line Item Description Current assets Alvarez Company Comparative Balance Sheet For the Years Ended December 31 Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Current Year Amount $2,800,000 5,200,000 2,000,000 $10,000,000 $1,800,000 3,600,000 980,000 3,620,000 Total liabilities and stockholders' equity $10,000,000 Current Year Percent 28 ✔% 52 ✓ % 20 % 100 ✔% $9,200,000 18 ✔% $1,380,000 36% 3,680,000 10 X % Previous Year Amount $1,840,000 6,072,000 1,288,000 36 X % 920,000 3,220,000 100 ✔% $9,200,000 Previous Year Percent 20 66 14 15 40 100 % 10 % 35 ✓ % % ✓ % ✓ % ✓ % ✓ % 100 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
(a) Your answer is correct. Determine the weighted-average number of shares outstanding as of December 31, 2026. (b) The weighted-average number of shares outstanding eTextbook and Media X Your answer is incorrect. Earnings per share 1751425 Assume that Ivanhoe Corp. earned net income of $3,500,000 during 2026. In addition, it had 101,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) 34.66 Attempts: 1 of 3 used
Thank you so much for your help, it is saying this is incorrect though. :(
Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $15; outstanding, 10,300 shares) Common shares (outstanding, 33,000 shares) Retained earnings The board of directors is considering the distribution of a cash dividend to both groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $51,600. Case B: The preferred shares are cumulative; the total amount of dividends is $63,000. Case C: Same as case B, except the amount is $97,500. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. (Round "Per share" to 2 decimal places.) Case A: Total Per share Case B: Total Per share $ 154,500 615,000 296,000 Case C: Total Per share Preferred Shares Common Shares
In each case in the following table,attached, how many dollars of preferred dividends per share must be paid to preferred stockholders before common stock dividends are paid?
Raghubhai
1. Record the transactions in the general journal. 6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. Date Account DR CR 6-Feb Stock Dividend Correct Incorrect Common Stock Dividend Distributable Correct Incorrect Paid-in Capital in Excess of Par Value-Common Stock Correct Incorrect