Service revenuePostage expenseLegal fees expenseIn addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was$32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000.Required:1. Prepare an income statement.2. Prepare a statement of stockholders' equity.Complete this question by entering your answers in the tabs below.IncomeStatement$ 75,000Rent expenseSalaries expense2,400 Supplies expense1,500Stmt ofStockholdersEquityPrepare an Income Statement.Expenses:FIGHTING OKRA COOKING SERVICESIncome StatementFor the Year Ended December 31, 2024< Prev*******$ 10,60024,00014,50010 of 20Next >RES

Income Statement -The income statement displays a company's financial performance over a certain…

Answered: Service revenue Postage expense Legal…

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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Earnings per Share Stanford Corporation began the year with 150,000 shares of common stock outstanding. On March 1 an additional 10,000 shares of common stock were issued. On August 1, another 16,000 shares of common stock were issued. On November 1, 12,000 shares of common stock were acquired as Treasury Stock. Stanford Corporation’s net income for the calendar year is $489,000. RequiredCalculate the company’s earnings per share.Earnings per Share $Answer
Five Measures of Solvency or Profitability The balance sheet for Quigg Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $1,600,000 Preferred $5 stock, $50 par 211,000 Common stock, $10 par 1,635,250 Income before income tax expense was $409,600,and income taxes were $61,450 for the current year. Cash dividends paid on common stock during the current year totaled $89,939. The common stock was selling for $22 per share at the end of the year. Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent. Use the rounded answers for subsequent requirements, If required. a. Times interest earmed ratio times b. Earnings per share on common stock C. Priceeamings rabo d. Divioends per share of common stock e. Dividene yd
have finished the journal entries still need T-accounts and balance sheet
A company issues 50,000 shares of common stock to retire 15-year bonds payable. This transaction would be reported on the statement of cash flows in O a. the cash flows from investing activities section O b. the cash flows from operating activities section O c. a separate section at the bottom O d. the cash flows from financing activities section
Please help me with this (:
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 6. What is the book value per share at the end of this year?
Determining Cash Paid to Stockholders The board of directors declared cash dividends totaling $585,000 during the current year. The comparative balance sheet indicates dívidends payable of $167,625 at the beginning of the year and $146,250 at the end of the year. What was the amount of cash paid to stockholders during the year? %$4 %24
These account balances at December 31 relate to Sportplace Inc.: Accounts Payable..... $ 51,400 Preferred Shares, $0.01, Accounts Receivable. Common Shares Bonds Payable... 81,150 860,000 shares issued 595,000 Retained Earnings 86,000 71,500 3,100 Notes Receivable 12,600 If the average issue price of Sportplace's outstanding common shares is $11.90, how many common shares are issued and outstanding? OA. 50,000 OB. 595,000 O c. 100,000 OD. Unknown Next
Goda
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: Current Year Prior Year Accounts payable $618,000 $300,000 Current maturities of serial bonds payable 550,000 550,000 Serial bonds payable, 10% 2,480,000 3,030,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,000,000 1,010,000 Retained earnings 3,470,000 2,750,000 The income before income tax expense was $757,500 and $662,800 for the current and prior 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 Prior 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 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have improved and the…
Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 50,000 b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 43,000 Accounts Receivable. Building 15,000 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 30,000 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 9 d. Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital
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