The following table presents the long-term liabilities and stockholders' equity of Information Control Corporation from one year ago: Long-term debt Preferred stock Common stock ($1 par value) Accumulated retained earnings Capital surplus $ 66,300,000 4,130,000 16,300,000 136,300,000 46,300,000 During the past year, the company issued 11.3 million shares of new stock at a total price of $60.6 million, and issued $36.3 million in new long-term debt. The company generated $11.6 million in net income and paid $3.3 million in dividends. Construct the current balance sheet reflecting the changes that occurred at the company during the year. (Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, e.g., 1,234,567.)
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- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Selected financial data from the September 30 year-end statements of Green Company are given below: Interest expense on long-term debt P95,000.00 Profit P480,000.00 Total Assets P5,100,000.00 12% interest bearing long term debt* P760,000.00 7% Preference shares, P100 par P900,000.00 Total Stockholders' equity P3,200,000.00 *This is the only interest bearing liability Green Company has. The Company's tax rate is 25%. Total assets at the beginning of the year was P4,800,000 and total stockholders' equity was P2,900,000. There has been no change on the preference shares during the year. Required: A. Compute the return on average total assets. B. Compute the return on average ordinary shareholders' equity.The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. from one year ago: Long-term debt $ 45,000,000 Preferred stock 2,900,000 Common stock ($1 par value) 11,000,000 Accumulated retained earnings 107,000,000 Capital surplus 49,000,000 During the past year, the company issued 4.5 million shares of new stock at a total price of $58 million, and issued $30 million in new long-term debt. The company generated $7.5 million in net income and paid $1.7 million in dividends. Construct the current balance sheet reflecting the changes that occurred at the company during the year
- 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 following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous Year Accounts payable $576,000 $280,000 Current maturities of serial bonds payable 510,000 510,000 Serial bonds payable, 10% 2,290,000 2,800,000 Common stock, $1 par value 80,000 110,000 Paid-in capital in excess of par 930,000 930,000 Retained earnings 3,210,000 2,550,000 The income before income tax was $1,064,000 and $931,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. 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 to one decimal place. Current year fill in the blank 3 Previous year fill in the blank 4 c. The ratio of liabilities to stockholders' equity has and the times interest…The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: CurrentYear PreviousYear Accounts payable $436,000 $210,000 Current maturities of serial bonds payable 390,000 390,000 Serial bonds payable, 10% 1,750,000 2,140,000 Common stock, $1 par value 60,000 80,000 Paid-in capital in excess of par 710,000 710,000 Retained earnings 2,450,000 1,950,000 The income before income tax expense was $706,200 and $617,900 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. 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 to one decimal place. Current year fill in the blank 3 Previous year fill in the blank 4 c. The ratio of liabilities to stockholders' equity has and the number of…
- The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 Total assets Notes payable (8% interest) Common stock Preferred 5% stock, $100 par (no change during year) Retained earnings 20Y7 $209,000 70,000 28,000 14,000 Return on total assets debt. 20Y6 72,140 The 20Y7 net income was $20,790, and the 20Y6 net income was $10,750. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. 20Y7 $188,000 70,000 28,000 14,000 0.25 52,050 a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. Round percentages to one decimal place. Return on stockholders' equity Return on common stockholders' equity b. The profitability ratios indicate that the company's profitability has X % % 20Y5 % $167,000 70,000 28,000 14,000 42,000 the return on…The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $175,000 $274,000 Current maturities of serial bonds payable 360,000 360,000 Serial bonds payable, 10% 1,890,000 2,250,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,070,000 1,070,000 Retained earnings 3,690,000 2,930,000 The income before income tax expense was $832,500 and $728,400 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the blank 4 c. The ratio of liabilities to stockholders' equity have and the times interest…At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
- The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:Bonds payable, 8% $5,000,000Preferred $4 stock, $50 par 2,500,000Common stock, $10 par 5,000,000Income before income tax was $3,000,000, and income taxes were $1,200,000 for the current year. Cash dividends paid on common stock during the current year totaled $1,200,000. The common stock was selling for $32 per share at the end of the year. Determine each of the following: (d) dividends per share of common stock, and (e) dividend yield. Round ratios and percentages to one decimal place, except for per-share amounts.The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:Bonds payable, 8% $5,000,000Preferred $4 stock, $50 par 2,500,000Common stock, $10 par 5,000,000Income before income tax was $3,000,000, and income taxes were $1,200,000 for the current year. Cash dividends paid on common stock during the current year totaled $1,200,000. The common stock was selling for $32 per share at the end of the year. Determine each of the following: (a) times interest earned ratio, (b) earnings per share on common stock,(c) price-earnings ratio, (d) dividends per share of common stock, and (e) dividend yield. Round ratios and percentages to one decimal place, except for per-share amounts.The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Previous Year Accounts payable $145,000 $226,000 Current maturities of serial bonds payable 310,000 310,000 Serial bonds payable, 10% 1,590,000 1,900,000 Common stock, $1 par value 80,000 110,000 Paid-in capital in excess of par 900,000 900,000 Retained earnings 3,110,000 2,470,000 The income before income tax was $456,000 and $399,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current Year: _________ Previous Year: ________ b. Determine the times interest earned ratio for both years. Round to one decimal place. Current Year: _________ Previous Year: ________ c. The ratio of liabilities to stockholders' equity has ______ (improved/deteriorated) and the times interest earned ratio has _______…