The following information has been taken from the ledger accounts of Isaac Stern Corporation.Total income since incorporationTotal cash dividends paidTotal value of stock dividends distributedGains on treasury stock transactionsUnamortized discount on bonds payableCurrent balance of retained earnings $$317,0006960,00030,000Determine the current balance of retained earnings.18,00032,000

Retained earnings of the company means accumulated earnings of the company which belong to equity…

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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 following information was drawn from the year-end balance sheets of Munoz River, Incorporated. Year 2 $675,000 213,000 Account Title Bonds payable Common stock Treasury stock Retained earnings Additional information regarding transactions occurring during Year 2: 1. Munoz River, Incorporated issued $49,800 of bonds during Year 2. The bonds were issued at face value. All bonds retired were retired at face value. 35,000 89,600 2. Common stock did not have a par value. 3. Munoz River, Incorporated uses the cost method to account for treasury stock. 4. The amount of net income shown on the Year 2 income statement was $35,100. Required a. Determine the amount of cash flow for the retirement of bonds that should appear on the Year 2 statement of cash flows. b. Determine the amount of cash flow from the issue of common stock that should appear on the Year 2 statement of cash flows. c. Determine the amount of cash flow for the purchase of treasury stock that should appear on the Year 2…
The following information is taken from the records of Golden Harvest Corporation: 20 Collections from Sale of merchandise Sale of share capital Sale of investment property From issue of bonds payable From dividends on investments held P3,700,000 4,200,000 1,300,000 2,000,000 90,000 Cash payments for Purchase of furniture and fixtures Operating expenses Merchandise purchased Purchase of treasury shares Interest on notes payable Notes payable Dividends P3,400,000 1,505,000 2,580,000 100,000 120,000 1,000,000 500,000 Required: (a) How much is the net cash flow from operating activities ? (b) How mиch the net cash flow from investing activities? (c) How much is the net cash flow from financing activities? Assume a cash balance of P500,000 at the beginning of the year. How much is the cash balance at the end of the year? (d)
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Prince Corporation's accounts provided the following information at December 31, 2019: Total income since incorporation $840,000 Total cash dividends paid 260,000 Total value of stock dividends distributed 60,000 Additional paid-in capital from treasury stock 140,000 What should be the current balance of retained earnings? a.$670,000 b.$580,000 c.$610,000 d.$520,000
H1. Account
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How many shares of common stock are outstanding at year-end(Refer to the Balance Sheet). (one sentence answer)
Analyzing and Computing Issue Price, Treasury Stock Cost, and Shares Outstanding Following is the stockholders' equity section of the 2018 Merck & Co. Inc. balance sheet. Stockholders' Equity ($ millions, except par value) 2018 Common stock, $0.50 par value; 6,500,000 authorized shares; 3,577,107,522 issued shares $1,789 Other paid-in capital 31,046 Retained earnings 34,063 Accumulated other comprehensive loss (4,436) Stockholders' equity before deduction for treasury stock $62,103 Less treasury stock, at cost: 984,543,979 shares Total Merck & Co. Inc. stockholders' equity 40,743 $21,360 a. Show the computation of the $1,789 million in the common stock account. shares x $ per share is approximately $ million on the balance sheet. b. At what average price were the Merck common shares issued? Note: Round your answers to two decimal places (for example, enter 67.49 for 67.48555). per share c. At what average cost was the Merck treasury stock purchased? Note: Round your answers to two…
2. The balance sheet for Putnam Corporation at the end of the current year include the following: ManEco-01 Page 7 of 9 FINANCIAL STATEMENT ANALYIS Bonds payable, 6% P5,000,000 1,000,000 6% Preferred stock, P100 par Common stock, P10 par. 2,000,000 Income before income taxes was P950,000 and income tax expense for the current year amounted to P285,000. Cash dividends paid on common stock were P200,000, and the common stock was selling for P40 per share at the end of the year. There were no ownership changes during the year. Instructions Determine each of the following: (a) times Interest earned. (b) earnings per share for common stock. (c) price-earnings ratio.

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