Solve this general accounting question The balance sheet for Bearing Industries Inc. at the end of the currentfiscal year indicated the following:Bonds payable, 10% (issued in 2002, due in 2022) $1,800,000Preferred $10 stock, $50 parCommon stock, $5 par88,500398,250Income before income tax was $396,000, and income taxes were$59,700, for the current year. Cash dividends paid on the commonstock during the current year totaled $89,208. The common stock wasselling for $32 per share at the end of the year.Determine each of the following:a. Number of times bond interest charges are earnedb. Number of times preferred dividends are earnedc. Earnings per share on common stockd. Price-earnings ratio

Explanation for a: The formula to calculate times interest earned is = (Income before income taxes +…

Answered: The balance sheet for Bearing…

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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answer ?? : General accounting
The balance sheet for Seuss Company at the end of the current fiscal year indicated the following: Bonds payable, 10% (20-year term) $5,000,000 Preferred 10% stock, $100 par 1,000,000 Common stock, $10 par 2,000,000 Income before income tax was $1,500,000, and income taxes were $200,000 for the current year. Cash dividends paid on common stock during the current year totaled $150,000. The common stock sells for $75 per share at the end of the year. Required: Determine each of the following: Round to one decimal place except earnings per share and dividends per share, which should be rounded to two decimal places. a. Times interest earned times b. Earnings per share on common stock c. Price-earnings ratio d. Dividends per share of common stock e. Dividend yield %
The balance sheet for Seuss Company at the end of the current fiscal year indicated the following: Bonds payable, 10% (20-year term) $5,000,000 Preferred 10% stock, $100 par 1,000,000 Common stock, $10 par 2,000,000 Income before income tax was $1,500,000, and income taxes were $200,000 for the current year. Cash dividends paid on common stock during the current year totaled $150,000. The common stock sells for $75 per share at the end of the year. Required: Determine each of the following: Round to one decimal place except earnings per share and dividends per share, which should be rounded to two decimal places. 1. Times interest earned fill in the blank 1 times 2. Earnings per share on common stock $fill in the blank 2 3. Price-earnings ratio fill in the blank 3 4. Dividends per share of common stock $fill in the blank 4 5. Dividend yield
Create a Balance sheet for this information given:
Balance sheet and income statement data indicate the following: Bonds payable, 6% (issued 1994, due 2019) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 320,000 Income tax for year 80,000 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented above, what is the times interest earned ratio (rounded to two decimal places)? a.4.44 b.4.33
At December 31, 2021, the financial statements of Hollingsworth Industries included the following: $ 560 million $ 300 million Net income for 2021 Bonds payable, 8%, convertible into 36 million shares of common stock Common stock: Shares outstanding on January 1 Treasury shares purchased for cash on September 1 400 million 30 million Additional data: The bonds payable were issued at par in 2019. The tax rate for 2021 was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Do not round intermediate calculations. Round "Earnings per share" answers to 2 decimal places. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Numerator Denominator Earnings per share Basic Diluted
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The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 6% $1,500,000 Preferred $5 stock, $50 par $182,000 Common stock, $12 par $163,800.00 Income before income tax was $342,000, and income taxes were $50,800 for the current year. Cash dividends paid on common stock during the current year totaled $43,680. The common stock was selling for $160 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 earned ratio fill in the blank 1 times b. Earnings per share on common stock $fill in the blank 2 c. Price-earnings ratio fill in the blank 3 d. Dividends per share of common stock $fill in the blank 4 e. Dividend yield
The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 6% $1,900,000 Preferred $10 stock, $50 par $52,000 Common stock, $10 par $384,800.00 Income before income tax was $239,400, and income taxes were $36,600 for the current year. Cash dividends paid on common stock during the current year totaled $46,176. The common stock was selling for $60 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 earned ratio b. Earnings per share on common stock c. Price-earnings ratiofill d. Dividends per share of common stock 4 e. Dividend yieldfill in the blank 5%
The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 7% $1,100,000 Preferred $5 stock, $50 par $54,000 Common stock, $6 par $103,680.00 Income before income tax was $107,800, and income taxes were $16,000, for the current year. Cash dividends paid on common stock during the current year totaled $23,846. The common stock was selling for $55 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 earned ratio fill in the blank 1 times b. Earnings per share on common stock $fill in the blank 2 c. Price-earnings ratio fill in the blank 3 d. Dividends per share of common stock $fill in the blank 4 e. Dividend yield fill in the blank 5 %
Balance sheet and income statement data indicate the following: Company A Company B Bonds payable, 8% (issued 2000, due 2024) $1,200,000 $900,000 Preferred 5% stock, $100 par (no change during year) 300,000 400,000 Common stock, $50 par (no change during year) 1,000,000 1,000,000 Income before income tax for year 495,000 130,000 Income tax for year 75,000 12,000 Common dividends paid 50,000 0 Preferred dividends paid 15,000 20,000 a. For each company, what is the number of times bond interest charges were earned (round to one decimal place)? Company A fill in the blank 1 Company B fill in the blank 2 b. Which company gives potential creditors the most protection?

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