The following data are provided: Cash Accounts receivable (net) December 31 2008 2007 $ 375,000 $ 250,000 400,000 300,000 Inventories 650,000 550,000 Plant assets (net) 2,000,000 1,625,000 Accounts payable 275,000 200,000 Taxes payable 50,000 25,000 Bonds payable 350,000 350,000 10% Preferred stock, $50 par 500,000 500,000 Common stock, $10 par 600,000 450,000 Paid-in capital 400,000 325,000 Retained earnings 1,250,000 875,000 Net credit sales 3,200,000 Cost of goods sold 2,100,000 Operating expenses 725,000 Net income 375,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $305,000. On May 1, 2008, 15,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2008. The book value per share of common stock at 12/31/08 is Select one: OA. 2,200 55. B. 2,250 + 60. OC. 2,250 + 55. D. 2,200 + 60.✓
The following data are provided: Cash Accounts receivable (net) December 31 2008 2007 $ 375,000 $ 250,000 400,000 300,000 Inventories 650,000 550,000 Plant assets (net) 2,000,000 1,625,000 Accounts payable 275,000 200,000 Taxes payable 50,000 25,000 Bonds payable 350,000 350,000 10% Preferred stock, $50 par 500,000 500,000 Common stock, $10 par 600,000 450,000 Paid-in capital 400,000 325,000 Retained earnings 1,250,000 875,000 Net credit sales 3,200,000 Cost of goods sold 2,100,000 Operating expenses 725,000 Net income 375,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $305,000. On May 1, 2008, 15,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2008. The book value per share of common stock at 12/31/08 is Select one: OA. 2,200 55. B. 2,250 + 60. OC. 2,250 + 55. D. 2,200 + 60.✓
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10MCQ
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Transcribed Image Text:The following data are provided:
Cash
Accounts receivable (net)
December 31
2008
2007
$ 375,000
$ 250,000
400,000
300,000
Inventories
650,000
550,000
Plant assets (net)
2,000,000
1,625,000
Accounts payable
275,000
200,000
Taxes payable
50,000
25,000
Bonds payable
350,000
350,000
10% Preferred stock, $50 par
500,000
500,000
Common stock, $10 par
600,000
450,000
Paid-in capital
400,000
325,000
Retained earnings
1,250,000
875,000
Net credit sales
3,200,000
Cost of goods sold
2,100,000
Operating expenses
725,000
Net income
375,000
Additional information:
Depreciation included in cost of goods sold and operating expenses is $305,000. On May 1, 2008, 15,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2008.
The book value per share of common stock at 12/31/08 is
Select one:
OA. 2,200 55.
B. 2,250 + 60.
OC. 2,250 + 55.
D. 2,200 + 60.✓
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