At December 31 Common stock, $10 par value.. Paid-in capital in excess of par Current Year Prior Year $105,000 $100,000 567,000 342,000 Retained earnings... 313,500 287,500
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The following information is from Princeton Company’s comparative
1. Compute the cash received from the sale of its common stock during the current year.
2. Compute the cash paid for dividends during the current year.
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- Required: 1. Present component percentages for Year 2 only. (Input all amounts as positive values. Round the final answers to the nearest whole percent. Percentages may not add exactly due to rounding.) Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Current liabilities Long-term liabilities Common shares Retained earnings Total liabilities and shareholders' equity Component Percentages Year 2 % do % 0 % de % 0 % % 0 % do do do do do % % % % 0 % % % % % 0 %You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
- Information from the Balance Sheet and Statement of Income are given below for Bramble Inc., a private company reporting under ASPE, for the year ended December 31. Comparative Balance Sheet Cash Accounts receivable Inventory Investments in land Property, plant, and equipment Accumulated depreciation Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Retained earnings Revenues Sales Expenses 2021 $78,110 Profit 90,940 123,440 86.540 286,640 (50,060) $615,610 Gain on disposal of equipment Additional Informati $54,140 13,140 140,000 250,000 158,330 Cost of goods sold Depreciation expense Operating expenses Income tax expense Interest expense 2020 $47,350 37,350 103,750 108,350 202,200 (40,200) $458,800 $49,850 19,250 76,000 207,000 106,700 158,330 $615,610 $ 96,250 57,300 15,470 38,000 2,950 106,700 $458,800 $292,500 8,350 300,850 209,970 $ 90,880Cash dividends of $78,312 were declared during the year. Cash dividends payable were $12,000 and $13,834 at the beginning and end of the year, respectively. Determine the amount of cash for the payment of dividends during the year.Cash dividends of $80,340 were declared during the year. Cash dividends payable were $9,932 at the beginning of the year and $15,749 at the end of the year. The amount of cash paid for dividends during the year is a.$80,340 b.$90,272 c.$74,523 d.$106,021
- Cash dividends of $77,023 were declared during the year. Cash dividends payable were $10,060 and $13,132 at the beginning and end of the year, respectively. Determine the amount of cash for the payment of dividends during the year.Select the correct answer.$77,023 $66,963 $90,155 $73,951The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300. The amount of liabilities reported on the end-of-period balance sheet was A. $11,200. B. $10,400. C. $13,800. D. $9,200.You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $450,000; accounts receivable = $1,100,000; inventory = $2,000,000; accrued wages and taxes = $450,000; accounts payable = $750,000; and notes payable = $500,000. Calculate SophieLex's current ratio.
- Golden Corporation declared and paid $4,600 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Required: 1. Complete the horizontal analyses for each item in Golden Corporation's comparative financial statements. TIP: Calculate the increase (decrease) by subtracting the previous year from the current year. Calculate the percentage by dividing the amount of increase (decrease) by the previous-year balance. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) 2-a. Use the horizontal (trend) analyses to identify the accounts where a large percentage change is accompanied by a small dollar change. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) 2-b. Use the horizontal (trend) analyses to identify the accounts…Solomon Company's income statement information follows: Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (Year 1: $197,000) Common stock, December 31 The average number of shares outstanding was 7,700 for Year 3 and 7,000 for Year 2. Required Compute the following ratios for Solomon for Year 3 and Year 2. a. Number of times interest was earned. Note: Round your answer to 2 decimal places. a. Times interest earned b. Earnings per share c. Price-earnings ratio d. Return on average equity e. Net margin Year 3 b. Earnings per share based on the average number of shares outstanding. Note: Round your answer to 2 decimal places. c. Price-earnings ratio (market prices: Year 3, $64 per share; Year 2, $73 per share). Note: Round your answer to 2 decimal places. d. Return on average equity. Note: Round your percentage answer to 2 decimal places (for example, 0.2345 should be entered as 23.45). e. Net margin. Note: Round your…The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross profit Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Long-term debt (interest rate: 10%) Common shares (6,000 shares) Retained earningst Year 2 Year 1 $367,950 $310,000 312,178 262,000 55,780 48,000 37,410 33,400 18,370 6,310 14,600 4,800 $ 12,060 $ 9,800 $ 4,270 $ 8,400 16,830 48,350 29,810 $ 99,260 $ 11,820 40,480 24,000 22,960 20,000 42,000 25,000 $ 95,400 $14,200 39,200 24,000 18,000 Required: 1 Complete the following columns for each item in the comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places, Le., 0.1243 should be…
