Can you please solve this accounting question? PrimeTech Inc. was incorporated three years ago by issuing 6,000 shares ofcommon stock at $300 each and borrowing $180,000 from a bank on a long-term note. Last year, PrimeTech reported net income of $50,000 and paid acash dividend of $2,500. The company also borrowed an additional $250,000from the bank last year.What was the total assets on PrimeTech's balance sheet at the end of lastyear?a. $2,277,500.b. $2,032,500c. $2,050,000d. $2,082,500

Step 1: Define Total AssetsThe total assets on a balance sheet are the sum of all resources owned by…

Answered: PrimeTech Inc. was incorporated three…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 22EB: Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000...

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ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from a bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. Last year, the company also borrowed an additional $320,000 from the bank. What was the total assets on ABC's balance sheet at the end of the year last year? a. None of these. b. $2,600,000 c. $2,558,200 d. $2,598,200
An analyst has gathered the following information about a company: 110,000 shares of common outstanding at the beginning of the year. The company repurchases 20,000 of its own common shares on July 1. Earnings are $300,000 for the year. 10,000 shares of existing 10 percent cumulative $100 par preferred outstanding that is not in arrears at the beginning or ending of the year. The company also has $1 million in 10 percent callable bonds outstanding. The company has declared a $0.50 dividend on the common.What is the company's diluted earnings per share?
Agni Corporation's net income for the year is $450,000. On June 30, a $0.75 per share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Agni's stock at year-end is $18 per share. Agni had a $1,100,000 credit balance in retained earnings at the beginning of the year. Required: Calculate the ending balance of retained earnings.
James Corporation earned net income of $94,000 this year. The company began the year with 500 shares of common stock and issued 400 more on April 1. They issued $5,300 in preferred dividends for the year. What is the EPS for the year for James? Round your answer to the nearest dollar amount.
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