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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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:
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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 %
The balance sheet for Bearing Industries Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $1,100,000 Preferred $10 stock, $50 par 33,000 Common stock, $8 par 84,480 Income before income tax was $132,000, and income taxes were $19,800, for the current year. Cash dividends paid on common stock during the current year totaled $18,480. The common stock was selling for $70 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 times b. Earnings per share on common stock $ c.   Price-earnings ratio d.   Dividends per share of common stock $ e.   Dividend yield %
Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2021: Common shares outstanding throughout the year - 100 millionConvertible preferred shares (convertible into 32 million shares of common) - 60 millionConvertible 8% bonds (convertible into 13.5 million shares of common) - $ 900 million Henderson-Niles’s net income for the year ended December 31, 2021, is $520 million. The income tax rate is 25%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2021.Required:Compute basic and diluted earnings per share for the year ended December 31, 2021.
The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description CurrentYear PreviousYear Accounts payable $184,000 $162,000 Current maturities of serial bonds payable 240,000 240,000 Serial bonds payable, 10% 1,190,000 1,430,000 Common stock, $1 par value 60,000 60,000 Paid-in capital in excess of par 590,000 600,000 Retained earnings 2,040,000 1,630,000 The income before income tax expense was $400,400 and $350,400 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio 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 your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 3 Previous year…
The balance sheet for Tyde Corporation at the end of the current year indicates the following: Bonds payable, 6% $4,000,000 5% Preferred stock, $100 par 1,000,000 Common stock, $10 par 2,000,000 Income before income taxes was $480,000 and income taxes expense for the current year amounted to $144,000. Cash dividends paid on common stock were $300,000, and the common stock was selling for $22.88 per share at the end of the year. There were no ownership changes during the year.Determine each of the following: (Round earnings per share to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 5.) (a) Times interest earned times (b) Earnings per share $ per share (c) Price-earnings ratio times

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