The opening balance of stockholders' equity of Delta Inc. is $100,000, and the total assets andliabilities of the company at the end of the year amounted to $150,000 and $70,000 respectively.The common stock of a par value of $30,000 was repurchased during the year. The amount ofending retained earnings for the year ended December 31, 2020 is:A) $10,000B) $20,000C) $50,000D) $80,000

Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…

Answered: The opening balance of stockholders'…

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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Pharoah Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations. $36,000 net loss 2020 2018 $283.000 net loss 2019 At December 31, 2020, Pharoah Inc. capital accounts were as follows. 9% cumulative preferred stock, par value $100; authorized, issued. and outstanding 5,300 shares Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 758,000 shares $746,000 net income Book value per share $ $530,000 $758,000 Pharoah Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Pharoah began operations. The state law permits dividends only from retained earnings. (a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.) Book value per share $ (b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $107 per share. (Round answers to 2…
On January 1, 2020, Cave Corporation had retained earnings of $7,900,000. During 2020, Cave reported net income of $1,380,000m declared dividends of $380,000 and issued common stock for $1,090,000. What were Cave's retained earnings balance on December 31, 2020?
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 Retained Earnings for Blanka Corporation at January 1, 2021 were $250,000. The corporation had 20,000 shares of common stock outstanding during the year 2021. During the year the following transactions occurred: The company discovered that it had mistakenly recorded the depreciation expense for 2020 as $24,000 while the correct amount was $22,000. Declared and paid a cash dividend of $ 1.40 per share. Declared and distributed a 5% stock dividend when the market price was $14 per share. Earned a net income of $ 150,000.
Haresh
Bonita inc. reported net income of $239000 during 2020 and paid dividends of $27000 on common stock . It also has 10000 shares of 5%, $100 par value preerred stock outstanding. Common stockholders equity was $1180000 on January 1 2020, and $1520000 on December 31 2020. The company return on common stockholders equity for 2020 is
Shareholders' Equity Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $110,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Other Comprehensive Income, $26,000. Prepare the shareholders' equity section of Tinman's year-end balance sheet. Tinman Corporation Partial Balance Sheet December 31 Shareholders' Equity Contributed Capital: Total contributed capital Total Shareholders' Equity
On January 1, 2022, Cullumber Corporation had $1,125,000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) a. b. No. Account Titles and Explanation a. Par value is $10, and market price is $19. Par value is $5, and market price is $20. b. Debit Credit
On January 1, 2020, Cave Corporation had retained earnings of $7,900,000. During 2020, Cave reported net income of $1,380,000m declared dividends of $380,000 and issued common stock for $1,090,000. What were Cave's retained earnings balance on December 31, 2020?

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