The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows(in thousands):Opening balanceComprehensive incomeTransfer on realizationCash dividendsStock dividendShare issuance; optionsOptions recordedShare retirementClosing balanceCommonshares.$1,500Category490190(55)$ 2,125Contributedcapital:options$270(85)115Retainedearnings$7,000Description75075(145)(490)AOCI:pension$(1,700)(150)(235)$300 $6,955 $(1,850)AOCI:investments$550Required:List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, orfinancing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date,but the original cost had been $40. The realized gain was transferred to retained earnings. (Enter your answers in thousands.)Amount450(75)$925

The gain on sale of FVTOCI investment is classified as an investing activity because it is a gain on…

The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows (in thousands): Opening balance Comprehensive income. Transfer on realization Cash dividends Stock dividend Share issuance; options Options recorded Share retirement Closing balance. Common shares $1,500 490 190 (55) $2,125 Contributed capital: options $270 (85) 115 Retained earnings $7,000 750 75 (145) (490) (235) $300 $6,955 AOCI: AOCI: pension. investments $(1,700) (150) $(1,850) $550 450 (75) $925 Required: List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, or financing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date, your answers in thousands) but the original cost had hoon $10. The realized gain was transforred to retained earnings

The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows (in thousands): Opening balance Comprehensive income. Transfer on realization Cash dividends Stock dividend Share issuance; options Options recorded Share retirement Closing balance. Common shares $1,500 490 190 (55) $2,125 Contributed capital: options $270 (85) 115 Retained earnings $7,000 750 75 (145) (490) (235) $300 $6,955 AOCI: AOCI: pension. investments $(1,700) (150) $(1,850) $550 450 (75) $925 Required: List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, or financing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date, your answers in thousands) but the original cost had hoon $10. The realized gain was transforred to retained earnings

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 comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 55 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1    20Y2    20Y1 Retained earnings, January 1 $3,112,575 $2,638,225 Net income 700,800 540,300 Dividends: On preferred stock (11,200) (11,200) On common stock (54,750) (54,750) Retained earnings, December 31 $3,747,425 $3,112,575 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1   20Y2   20Y1 Sales $3,863,160 $3,559,340 Cost of merchandise sold 1,516,210 1,394,910 Gross profit $2,346,950 $2,164,430 Selling expenses $731,580 $918,970 Administrative expenses 623,190 539,710 Total operating expenses $1,354,770 $1,458,680 Income from operations $992,180 $705,750 Other revenue and expense:…
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Los Altos, Inc., disclosed the following information in a recent annual report: Year 1 Year 2 Net income $73,500 $123,750 Preferred stock dividends 6,300 6,750 Average common stockholders’ equity 2,700,000 3,150,000 Dividend per common share 2.70 2.52 Earnings per share 3.99 4.61 Market price per common share, year-end 41.00 47.30 Calculate the return on common stockholders’ equity for Los Altos, Inc. for both years.Round to two decimals. Year 1 Year 2 Return on Common Stockholders' Equity Answer Answer Did the return improve from Year 1 to Year 2? Answer
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