Relationships Among the Financial StatementsThe following information for Kellman Inc. is available at the end of the year.Total assets on Jan. 1$72,500Total assets on Dec. 3178,900Total liabilities on Jan. 112,100Total liabilities on Dec. 319,800Common stock on Jan. 1Common stock on Dec. 31Net income for the yearRequired:Calculate the amount of dividends declared reported on the retained earnings statement.$50,00050,00014,400

A balance sheet is a financial statement that shows a snapshot of a company's assets, liabilities,…

Relationships Among the Financial Statements The following information for Kellman Inc. is available at the end of the year. Total assets on Jan. 1 Total assets on Dec. 31 Total liabilities on Jan. 1 Total liabilities on Dec. 31 $72,500 78,900 12,100 9,800 Common stock on Jan. 1 Common stock on Dec. 31 Net income for the year Required: Calculate the amount of dividends declared reported on the retained earnings statement. $50,000 50,000 14,400

Relationships Among the Financial Statements The following information for Kellman Inc. is available at the end of the year. Total assets on Jan. 1 Total assets on Dec. 31 Total liabilities on Jan. 1 Total liabilities on Dec. 31 $72,500 78,900 12,100 9,800 Common stock on Jan. 1 Common stock on Dec. 31 Net income for the year Required: Calculate the amount of dividends declared reported on the retained earnings statement. $50,000 50,000 14,400

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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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: CurrentYear PreviousYear Accounts payable $698,000 $212,000 Current maturities of serial bonds payable 460,000 460,000 Serial bonds payable, 10% 1,920,000 2,380,000 Common stock, $1 par value 100,000 130,000 Paid-in capital in excess of par 1,130,000 1,130,000 Retained earnings 3,900,000 3,100,000 The income before income tax expense was $714,000 and $624,800 for the current and previous 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 Previous 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 Previous year fill in the blank 4
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