Details of this Paper

Acc 291 Week 4

Description

solution


Question

Question;E11-13On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.Apr. 1Issued 15,000 additional shares of common stock for $17 per share.June 15Declared a cash dividend of $1 per share to stockholders of record on June 30.July 10Paid the $1 cash dividend.Dec. 1Issued 2,000 additional shares of common stock for $19 per share.Dec. 15Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.Your answer is partially correct. Try again.Prepare the entries, if any, on each of the three dividend dates.DateAccount/DescriptionDebitCreditJune 15Retained earningsDividends payableCash dividendsDividend expenseAccounts payableCashAccounts receivableCommon stockCommon stock dividends distributable Retained earningsAccounts receivableDividends payableCashCash dividendsCommon stockCommon stock dividends distributableDividend expenseAccounts payableJuly 10CashRetained earningsAccounts payableCommon stock dividends distributableAccounts receivableCommon stockDividend expenseCash dividendsDividends payable Accounts payableDividends payableAccounts receivableRetained earningsCommon stockCashCommon stock dividends distributableDividend expenseCash dividendsDec. 15Retained earningsDividends payableCashAccounts payableAccounts receivableCommon stock dividends distributableCash dividendsCommon stockDividend expense Accounts payableDividends payableRetained earningsCashCommon stockAccounts receivableDividend expenseCommon stock dividends distributableCash dividendsYour answer is partially correct. Try again.How are dividends and dividends payable reported in the financial statements prepared at December 31?In theRetained earnings statementIncome statementBalance sheet, dividends of $will beaddeddeducted.In theIncome statementBalance sheetRetained earnings statement, dividends payable of $will be reported as acurrent assetcurrent liability.E14-1Financial information for Blevins Inc. is presented below.December 31, 2012December 31, 2011Current assets$125,000$100,000Plant assets (net)396,000330,000Current liabilities91,00070,000Long-term liabilities133,00095,000Common stock, $1 par161,000115,000Retained earnings136,000150,000Complete the schedule showing a horizontal analysis for 2012 using 2011 as the base year.(If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal place, e.g. 10.5. List items in the order given in the question.)BLEVINS INC.Condensed Balance SheetDecember 31Increase or (Decrease)20122011AmountPercentageAssetsPlant assets (net)Retained earningsCurrent liabilitiesLong-term liabilitiesCommon stock, $1 parCurrent assets$$$%Common stock, $1 parRetained earningsCurrent liabilitiesPlant assets (net)Current assetsLong-term liabilities% Total assets$$$%LiabilitiesCurrent assetsRetained earningsCurrent liabilitiesPlant assets (net)Long-term liabilitiesCommon stock, $1 par$$$%Common stock, $1 parCurrent assetsRetained earningsLong-term liabilitiesPlant assets (net)Current liabilities% Total liabilities$$$%Stockholders' EquityCommon stock, $1 parCurrent assetsCurrent liabilitiesPlant assets (net)Long-term liabilitiesRetained earnings$$$%Retained earningsCommon stock, $1 parCurrent assetsPlant assets (net)Current liabilitiesLong-term liabilities% Total stockholders equity$$$% Total liabilities and stockholders' equity$$$%DO IT! 14-2The condensed financial statements of Eau Fra?che Company for the years 2010 and 2011 are presented below.EAU FRA?HE COMPANYBalance SheetsDecember 3120112010Current assets Cash and cash equivalents$330$360 Accounts receivable (net)470400 Inventories460390 Prepaid expenses120160 Total current assets1,3801,310Property, plant, and equipment420380Investments1010Intangibles and other assets530510 Total assets$2,340$2,210Current liabilities$900$790Long-term liabilities410380Stockholders' equity - common1,0301,040 Total liabilities and stockholders' equity$2,340$2,210EAU FRA?HE COMPANYIncome StatementFor the Years Ended December 3120112010Revenues$3,800$3,480Costs and expenses Cost of goods sold970890 Selling and administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,3803,240Income before income taxes420220Income tax expense168132Net income$252$88Compute the following ratios for 2010 and 2011.(Round current ratio and inventory turnover to 2 decimal places, e.g. 2.50. Round all other answers to 1 decimal place, e.g. 5.2.)20112010Current ratio:1:1Inventory turnover (Inventory on 12/31/09 was $340)timestimesProfit margin%%Return on assets (Assets on 12/31/09 were $1,900)%%Return on common stockholders' equity. (Stockholders' equity-common on 12/31/09 was $900.)%%Debt to total assets ratio.%%Times interest earned.timestimes

 

Paper#45444 | Written in 18-Jul-2015

Price : $27
SiteLock