Can you help me with accounting questions Service revenue: $750,000 Common stock: $200,000 Equipment:$250,000 Operating expenses: $600,000 Cash: $180,000 Dividends:$50,000 Supplies: $30,000 Accounts payable: $100,000 Accountsreceivable: $90,000 Retained earnings, 1/1/2023: $400,000What is Thompson's stockholder's equity on December 31, 2023?a. $700,000b. $600,000c. $500,000d. $550,000

Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in a…

Answered: Service revenue: $750,000 Common stock:…

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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Below is Company A's balance sheet at the end of 2022. Assume that Company A issues 25 shares of common stock and 1 share of preferred stock. What is the earnings per share of Company A? 2022 AmountNet sales$1,000.0Variable operating costs 770.0Fixed operating costs 50.0Depreciation and amortization 50.0Interest30.0Taxes20.0Preferred dividends5.0Common dividends25.0 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Prince Corporation's accounts provided the following information at December 31, 2019: Total income since incorporation $840,000 Total cash dividends paid 260,000 Total value of stock dividends distributed 60,000 Additional paid-in capital from treasury stock 140,000 What should be the current balance of retained earnings? a.$670,000 b.$580,000 c.$610,000 d.$520,000
Holland Corporation's annual report is as follows. March 31, 2023 March 31, 2024 Net Income $359,000 $438,500 Preferred Dividends 0 0 Total Stockholders' Equity $4,230,000 $5,252,000 Stockholders' Equity attributable to Preferred Stock 0 0 Number of Common Shares Outstanding 288,000 202,000 Based on the information provided, find the rate of return on common stockholders' equity on March 31, 2024. (Round your final answer two decimal places.)
Financial Accounting
Washinton Company has the following stockerholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,000) $480,000 Retained Earnings 294,000 Instructions: a. Prepare entries in journal form to record the following transactions, which took place during 2021. 1. 280 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) A $20 per share cash dividend was declared. The dividend declared in (2) above was paid. The treasury shares purchased in (1) above were resold at $102 per share. 500 shares of outstanding stock were purchased at $105 per share. 350 of the shares purchased in (5) above were resold at $96 per share. b. Prepare the stockholders' equity section of Washington COmpany's balance sheet after giving effect to these transactions, assuming that the net income for 2021 was $94,000. State law requires restriction of retained earnings for the amount of treasury stock.
What is the return on common stockholders’ equity based on the following:Beginning Common Stockholders’ Equity: $2,000,000Ending Common Stockholders’ Equity: $2,200,000 Net Income: $362,500Preferred Stock throughout the year: 8%, $50 par (10,000 shares authorized and outstanding). 14.30% 15.10% 19.00% 18.10%
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Drake Co. summarized select account balances on December 31, 2020, and activity for 2020 in the following table. Retained earnings, beginning balance $60,000 Common stock, $1 par, 100,000 shares authorized, 50,000 shares issued 40,000 Treasury stock, 1,000 shares 10,500 Paid-in capital in excess of par 440,000 Accumulated other comprehensive income 25,000 Investment in stock 100,000 Bonds payable 50,000 Net income for 2020 (not included in retained earnings above) 12,000 Dividends declared and paid during 2020 (not included in retained earnings above) 5,000 Noncontrolling interests 2,500 Based on the information provided, what is total stockholders’ equity on December 31, 2020? Select one: a. $559,000 b. $585,000 c. $564,000 d. $574,000
Wildhorse Company’s ledger shows the following balances on December 31, 2020. 7% Preferred Stock—$10 par value, outstanding 20,500 shares $ 205,000 Common Stock—$100 par value, outstanding 32,100 shares 3,210,000 Retained Earnings 585,000 Assuming that the directors decide to declare total dividends in the amount of $343,000, determine how much each class of stock should receive under each of the conditions stated below. One year‘s dividends are in arrears on the preferred stock. c) The preferred stock is noncumulative and is participating in distributions in excess of a 9% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $ $
Wildhorse Company’s ledger shows the following balances on December 31, 2020. 7% Preferred Stock—$10 par value, outstanding 20,500 shares $ 205,000 Common Stock—$100 par value, outstanding 32,100 shares 3,210,000 Retained Earnings 585,000 Assuming that the directors decide to declare total dividends in the amount of $343,000, determine how much each class of stock should receive under each of the conditions stated below. One year‘s dividends are in arrears on the preferred stock.(b) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $ $
Jason’s Corp balance sheet as of December 31, 2021, reveals the following information. Preferred stock, $100 par $ 600,000 Paid-in capital in excess of par—preferred 50,000 Common stock, $1 par 300,000 Paid-in capital in excess of par—common 520,000 Retained earnings 320,000 What was the total paid-in capital as of December 31, 2021? Question 6Answer a. $320,000 b. $1,470,000 c. $900,000 d. $1,790,000
The equity portions of a company's balance sheets for end of 2021 and 2022 are shown below: 2021 2022 $1,898,646 $3,818,440 $2,685,439 $6,714,937 $2,547,130 $7,242,627 Calculate the average price per share at which new shares were sold in 2022. Common Stock ($0.50 par) Capital Surplus Retained Earnings 0.78 1.55 0.50 O None of these options are correct 1.05

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