Don't use ai given answer 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: Calculation of increase to retained earningsNet income = Service revenue - Operating…

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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What is Wayne Co.'s total stockholders' equity based on the following account balances? Common Stock Paid-In Capital in Excess of Par Retained Earnings Treasury Stock O $975,000. O $1,150,000. O $1,000,000. O $800,000. $950,000 50,000 175,000 25,000
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The financial statements of Friendly Fashions include the following selected data (in millions):($ in millions) 2021 2020Sales $ 10,043 $ 11,134Net income $ 312 $ 818Stockholders’ equity $ 1,850 $ 2,310Average shares outstanding (in millions) 675 –Dividends per share $ 0.31 –Stock price $ 6.20 –Required:1. Calculate the return on equity in 2021.2. Calculate the dividend yield in 2021.3. Calculate earnings per share in 2021.4. Calculate the price-earnings ratio in 2021.
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
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 ($0.50 par) Capital Surplus Retained Earnings 0.78 1.55 0.50 O None of these options are correct 1.05
eporting Stockholders’ Equity The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 1. Total retained earnings at end of 2020 Answer 2. Par value per share Answer 3. Number of shares outstanding Answer 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer 6. Cost per share of treasury stock Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders'…
D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common stock, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Additional paid-in capital Retained earnings Total stockholders' equity P9,000,000 750,000 2,700,000 P12,450,000 Transactions during 2020 and other information relating to the stockholders' equity accounts were as follows: On January 26, SKSU reacquired 75,000 shares of its common stock for P11 per share. On April 4, SKSU sold 45,000 shares of its treasury stock for P14 per share. On June 1, SKSU declared a cash dividend of P0.95 per share, payable on July 15, 2020 to stockholders of record on July 1, 2020. On August 15, each stockholder was issued one stock right for each share held to purchase two additional shares of stock for P12 per share. The rights expire on October 31, 2020. On September 30, 150,000 stock rights were exercised when the market value of the stock was P12.50 per share. On…
MotorsG Company shareholder's equity accounts Jan. 1, 2023: Common stock capital, $5 par: 2,000,000 Preference stock capital, 6% cumulative, $100 par: 5,000,000 Retained earnings: 1,500,000 In the years 2022 and 2023 the number of common and preference stocks issued were the same. In 2022 a cash dividend of $400,000 was declared while $500,000 was declared in 2023. If no dividends were paid to preference shareholders in Dec. 31, 2021, how much cash dividend must be allocated to preference stocks in 2023? Holding the same given above, but instead, the preference stock capital is non-cumulative. If no dividends were paid to preference shareholders in Dec. 31, 2021, how much cash dividend must be allocated to common stocks in 2023?
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