FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 1, Problem 30E
a.
To determine
Compute the amount of dividends that Company C pays to its shareholders in 2017.
b.
To determine
State the amount of percent that dividend constituted from its net income.
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Profitability ratiosThe following selected data were taken from the financial statements ofVidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5:
The 20Y7 net income was $411,000, and the 20Y6 net income was$462,500. No dividends on common stock were declared between 2045and 2017. Preferred dividends were declared and paid in full in 2016 and2017.a. Determine the return on total assets, the return tin stockholders'equity, and the return on common stockholders' equity for the years2016 and 2017. Round percentages to one decimal place.b. What conclusions can be drawn from these data as to the company'sprofitability?
The following information is available about a company's dividends:
24
2014
Sept.
Final dividend for the year ended
30 June 2014 paid (declared August 2014)
100,000
2015
March
Interim dividend for the year ended
30 June 2015 paid
40,000
Sept.
Final dividend for the year ended
30 June 2015 paid (declared August 2015)
20,000
What figures, if any, should be disclosed in the company's statement of comprehensive income for the year ended
30 June 2015 and its statement of financial position as at that date?
A.
SOCI for the period - nil, SOFP liability - $120,000
B.
SOCI for the period - nil SOFP liability - nil
C. O SOCI for the period - S160,000 deduçtion, SOFP liability- $120,000
D. O SOCI for the period - $140,000 deduction, SOFP liability - nil
Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was $1,400,000, and a cash
dividends declared and paid during 2017 totaled $75,000. Compute the retained earnings statement for the year ended December 30,
2017
Chapter 1 Solutions
FINANCIAL ACCOUNTING
Ch. 1 - Prob. 1MCCh. 1 - Prob. 2MCCh. 1 - Prob. 3MCCh. 1 - Prob. 4MCCh. 1 - Prob. 5MCCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5Q
Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10QCh. 1 - Prob. 11QCh. 1 - Prob. 12QCh. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - Prob. 19MECh. 1 - Prob. 20MECh. 1 - Prob. 21MECh. 1 - Prob. 24MECh. 1 - Prob. 25MECh. 1 - Prob. 26MECh. 1 - Prob. 27ECh. 1 - Prob. 28ECh. 1 - Prob. 29ECh. 1 - Prob. 30ECh. 1 - Prob. 31ECh. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Prob. 34ECh. 1 - Prob. 35ECh. 1 - Prob. 36PCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Prob. 42PCh. 1 - Prob. 43PCh. 1 - Prob. 44PCh. 1 - Prob. 45PCh. 1 - Prob. 46CPCh. 1 - Prob. 47CPCh. 1 - Prob. 48CPCh. 1 - Prob. 49CPCh. 1 - Prob. 50CP
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- Qualls Corporation reported 2017 earnings per share of $7.21. In 2018, Qualls reported earnings per share as follows. On income from continuing operations $6.40 On discontinued operations 1.88 On net income $8.28 Is the increase in earnings per share from $7.21 to $8.28 afavourable trend?arrow_forwardDomesticarrow_forwardThe following data are taken from the ledger of EVA Co. Retained Earnings Date Particulars Debit Credit 01/01/2017 06/30/2017 Dividends paid 12/31/2017 02/07/2018 04/30/2018 09/30/2018 Dividends paid 12/31/2018 12/31/2018 07/01/2019 12/31/2019 Balance P80,600 P25,000 Net income for 2017 Premium on share capital Loss on sale of land 42,500 10,000 5,000 20,000 Net income for 2018 Revaluation surplus Gain on sale of treasury stock 5,800 40,000 1,600 33,700 Net income 2019 Unrealized loss on FV OCI securities 3,400 What is the correct balance of Retained earnings on December 31, 20197arrow_forward
- Applying Financial Statement Relations to Compute Dividends a. Fill in the amounts for the Norfolk Southern statement of changes in retained earnings. Note: Use negative signs with your answers, when appropriate. Norfolk Southern Inc. Consolidated Statements of Changes in Retained Income Beginning Balance at Dec. 31, 2015 $10,191 Net income Dividends on Common Stock Share repurchases Other Ending Balance at Dec. 31, 2016 Net income Dividends on Common Stock Share repurchases Other Ending Balance at Dec. 31, 2017 Net Dividends on Common Stock Share repurchases Other Ending Balance at Dec. 31, 2018 0 (695) (731) (8) 10,425 5,404 0 (945) (5) 14,176 2,666 (844) 0 81 $13,440 b. Is it true (or false) that Norfolk Southern purchased its own shares back during each year from 2016 to 2018? ◆arrow_forwardAdditional information: • Weighted-average ordinary shares in 2017 were $60,000 QUESTIONS Based on the financial data above, do the following: a. Calculate the financial ratio of VENUS TRADING COMPANY in 2017 below: • Current ratio • Account receivable turnover • Inventory turnover • Asset turnover • Return on assets • Return on ordinary shareholders equity • Earnings per share • Debts to total assets ratio Provide an interpretation for each of the financial ratio calculations above. b. Based on the calculation results in point a, provide an analysis of performance finance VENUS TRADING COMPANY in 2017.arrow_forwardThe income statement of a corporation shows the following balance in Sales Revenue for the years 2017, 2016, and 2015. 2017: $676,000 2016: $625,000 2015: $610,000 Performing horizontal analysis on Sales Revenue would result in what percentage change for 2017? (Round to two decimal places.) 8% 108% 2% 11%arrow_forward
- Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was $1,400,000, and cash dividends declared and paid during 2017 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2017.arrow_forwardThe following are selected numbers from the financial statements of a publically traded firm for 2016 and 2017 (in millions): 2016 2017 Revenues $618.0 $644.0 (Less) Operating Expenses ($392.4) ($405.94) (Less) Depreciation ($10.37) ($12.50) = Earnings before Interest and Taxes $215.23 $225.56 (Less) Interest Expenses ($0.0) ($0.0) (Less) Taxes ($31.28) ($30.40) = Net Income $183.95 $195.16 Working Capital $202.0 $260.50 The firm had capital expenditures of $21 million in 2016 and $17 million in 2017. The working capital in 2015 was $144 million. Estimate the cash flows to equity in 2016 and 2017.arrow_forwardFind in the Selected Financial Data or calculate, the following data: Dividends per share declared in 2017. Capital expenditures in 2016. Year total equity grew by the greatest amount over the previous year. Change in total debt from 2013 to 2017.arrow_forward
- What is the total earning per share for 2017?arrow_forwardI need assistance on the following regarding the attached balance sheet and income statement: Required: a) Calculate the following financial ratios for 2016 and 2017 13. Debt-to-equity ratio 14. Times-interest-earned ratio 15. Operating-cash-flow-to-capital-expenditures ratioarrow_forwardBlossom Construction Company earned $474,000 during the year ended June 30, 2017. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $846,060 at the end of fiscal year 2017, what were the retained earnings on its balance sheet on July 1, 2016? Balance of retained earnings, July 1, 2016 $enter balance of retained earnings on July 1, 2016arrow_forward
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