The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.

The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.

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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Income Statement Bullseye, Incorporated's 2021 income statement lists the following income and expenses: EBIT = $701,000, Interest expense = has no preferred stock outstanding and 310, 000 shares of common stock outstanding. What are the 2021 earnings per share? $51, 500, and Taxes = $218,000. Bullseye's
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Presented below are data for Caracas Corp. 2017 2018 Assets, January 1 $6,840 ? Liabilities, January 1 ? $4,104 Stockholders' Equity, Jan. 1 ? $4,125 Dividends 855 969 Common Stock 912 975 Stockholders' Equity, Dec. 31 ? 3,399 Net Income 1,026 ? Net income for 2018 is... $243 loss. $726 income. $180 income. $726 loss. Please show work.
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Comment on the movements in the ratios over two years and adequacy of the level of gearing and interest cover For 2021: Total Debt = $m 9,194 Stockholders' Equity = $m 5,000 Gearing Ratio = Total Debt ÷ Stockholders' Equity = $m 9,194 ÷ $m 5,000 = 1.84 EBIT = $m 2,500 ( $m 2,400 + $m 100) Interest expense / Finance costs = $m 400 Interest Coverage Ratio = EBIT ÷ Interest expense /Finance costs = $m 2,500 ÷ $m 400 = 6.25 For 2022 : Total Debt = $m 8,685 Stockholders' Equity = $m 5,045 Gearing Ratio = Total Debt ÷ Stockholders' Equity = $m 8,685 ÷ $m 5,045 = 1.72 EBIT = $m 1,730 ( $m 1,700 + $m 30) Interest expense / Finance costs = $m 580 Interest Coverage Ratio = EBIT = Interest expense /Finance costs = $m 1,730 ÷ $m 580 = 2.98