Prepare the stockholders' equity section of the balance sheet as of December 31, 2024, including the heading. Assume the corporation had net income of $15,000,000 during 2024.
Prepare the stockholders' equity section of the balance sheet as of December 31, 2024, including the heading. Assume the corporation had net income of $15,000,000 during 2024.
Prepare the stockholders' equity section of the balance sheet as of December 31, 2024, including the heading. Assume the corporation had net income of $15,000,000 during 2024.
Use the journal enteries in the image attach to do the following
Prepare the stockholders' equity section of the balance sheet as of December 31, 2024, including the heading. Assume the corporation had net income of $15,000,000 during 2024.
Determine corporates earnings per share for 2024,format in money (have 2 decimals). For the average number of common shares outstanding, average the number of shares outstanding on January 2 and December 31.
Assuming the corporations market value per common share as of December 31, 2024 was $55, calculate the corporations price/earnings ratio for 5 2024, Like in money format meaning, rounded to two decimal places.
Transcribed Image Text:Journal Entries:
Date Account Titles and explanations
Jan-02 Cash
Common Stock
Paid in capital in excess, Common stock
(To record the issue of Common stock)
Feb-05 Cash
Preferred stock
Paid in capital in excess, Preferred stock
(To record the issue of Preferred stock)
Mar-15 Cash
Common Stock
Paid in capital in excess, Common stock
(To record the issue of Common stock)
Apr-02 Preferred dividend expense
Preferred dividend payable
(To record preferred dividend declared)
Apr-03 Retained earnings
Dividend payable
(To record common dividend declared)
Apr-25 Preferred dividend payable
Cash
(To record preferred dividend paid)
Apr-26 Dividend payable
Cash
(To record common dividend paid)
Jan-01 Retained earnings
Stock dividend distributable
Paid in capital in excess, Common stock
(To record stock dividend declared)
Jun-30 Stock dividend distributable
Common Stock
(To record stock dividend distributed)
Oct-10 Treasury stock
Cash
(To record stock purchased)
Nov-15 Cash
Paid in capital in excess, Treasury stock
Treasury stock
(To record sale of treasury stock)
Debit
$11,960,000
$660,000
$6,000,000
$38,500
$82,000
Credit
$38,500
$82,000
$754,400
$16,400
$192,500
$145,000
$260,000
$11,700,000
$550,000
$110,000
$150,000
$5,850,000
$38,500
$82,000
$38,500
$82,000
$16,400
$738,000
$16,400
$192,500
$7,500
$137,500
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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what is the equation you used for determining the corporations earning share for 2024 and what was the equation for determine the market value per common stock?
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