At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showedstockholders' equity of $511,000. During the year, liabilities increased by $22,000 to $230,000,paid-in capital increased by $37,000 to $179,000, and assets increased by $261,000. Dividendsdeclared and paid during the year were $53,000.Required:Calculate net income or loss for the year.Note: Amounts to be deducted should be indicated with a minus sign.BeginningChangesChangesEndingAssets261,000 =11Liabilities22,000+Stockholders' EquityREPIC37,000+$ 230,000+ $ 179,000+$511,000 SENet incomeDividends

The accounting equation states that assets are equal to the sum of the liabilities and equity.Ending…

Answered: At the beginning of the current fiscal…

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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Corral Limited, a publicly traded company, reported profit of $249,750 on its October 31 year-end income statement. The shareholders' equity section of its balance sheet reported 3,000, $2 noncumulative preferred shares and 50,000 common shares. At the beginning of the fiscal year, 40,000 had been issued,15,000 more were issued on March 1, and 5,000 were repurchased on August 1. The preferred dividend was declared and paid during the year. The market price per share on October 31 was $40. (a) Calculate weighted average (b) Calculate Corral's earnings per share. (c) Calculate Corral's price-earnings ratio.
At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $480,000. During the year, liabilities decreased by $27,000, assets increased by $97,500, and paid-in capital increased from $45,000 to $288,000. Dividends declared and paid during the year were $37,500. At the end of the year, stockholders' equity totaled $643,500. Required: a. Calculate net income (or loss) for the year. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Calculate net income (or loss) for the year. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Beginning: Changes: Changes: Ending: Assets $ 466,200 = 97,500 = = $ 511,700 = Liabilities $ 480,000 + (27,000) $ 453,000 + $ Stockholders' Equity RE PIC 45,000 + 243,000 + $ $288,000 + $
The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $1,212,000 Liabilities: Current liabilities $120,000 Note payable, 6%, due in 15 years 606,000 Total liabilities $726,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) $544,500 Common stock, $10 par (no change during year) 544,500 Retained earnings: Balance, beginning of year $580,000 Net income 226,000 $806,000 Preferred dividends $21,780 Common dividends 58,220 80,000 Balance, end of year 726,000 Total stockholders' equity $1,815,000 Sales $16,351,500 Interest expense $36,360 Assuming that total assets were $2,414,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal…
A company's calendar-year financial data are shown below. The company had total assets of $339,000 and total equity of $144,400 for the prior year. No additional shares were issued during the year. The December 31 market price per share is $49.50. Cash dividends of $19,500 were paid during the year. Calculate the following ratios for the company: (a) Profit margin ratio. (b) Retum on total assets. (c) Return on ordinary shareholders' equity. (d) Basic earnings per share. (e) Price earnings ratio. (f) Dividend yield. Net sales Cost of goods sold..... Gross profit..... Operating expenses Operating income Interest expense Income before taxes Income taxes. Net profit www***** Accounts receivable (net). Inventory..... Property, plant and equipment (net) . Total assets Current liabilities. Long-term notes payable .…..... Share Capital: $5 par value Retained earnings...... Total liabilities and equity. $650,000 422,500 $227,500 140,500 $ 87,000 9,100 $77,900 23,400 $ 54,500 Ending Balances $…
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $28,000; Liabilities = ?; Common Stock = $5,800; Revenue = $12,600; Dividends = $1,150; Beginning Retained Earnings = $4,150; Ending Retained Earnings = $7,800.What is the amount of liabilities reported on the end-of-period balance sheet ?
A company's calendar-year financial data are shown below. The company had total assets of $339,000 and total equity of $144,400 for the prior year. No additional shares were issued during the year. The December 31 market price per share is $49.50. Cash dividends of $19,500 were paid during the year. Calculate the following ratios for the company: (a) Debt ratio (b) Equity ratio (c) Debt-to-equity ratio (d) Times interest earned (e) Total asset turnover Net sales. Cost of goods sold. Gross profit. Operating expenses Operating income. Interest expense Income before taxes. Income taxes Net profit Cash Accounts receivable (net) Inventory Property, plant and equipment (net). Total assets Current liabilities. Long-term notes payable. Share Capital: $5 par value. Retained earnings. Total liabilities and equity $650,000 422,500 $227,500 140,500 $ 87,000 9,100 $ 77,900 23,400 $ 54,500 Ending Balances $ 19,500 65,000 71,500 195,000 $351,000 $74,100 97,500 65,000 114,400 $351,000
At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. During the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities + PIC RE Beginning: Changes: $ 12,400 = $ (750) = 6,400 + (1,400) + $ 0+ $ 6,000 0+ Changes: Ending: $ 11,650 = $ 5,000 + 0+ EA $ 3,050 +Net income (2,400) Dividends 6,650
At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $432,000. During the year, liabilities decreased by $79,000, assets increased by $157,000, and paid-in capital increased by $27,000 to $380,000. Dividends declared and paid during the year were $127,000. At the end of the year, stockholders' equity totaled $758,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Beginning Changes Changes Ending Assets Liabilities $ 432,000+ 157,000 = (79,000) + II Stockholders' Equity RE PIC 27,000 + + $ 380,000+ $758,000 SE
At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $760,000. During the year liabilities increased by $20,000, assets increased by $110,000, and paid-in capital increased by $40,000 to $330,000. Dividends declared and paid during the year were $120,000. At the end of the year, stockholders' equity totaled $804,000. Calculate net income or loss for the year.
For the year ended December 31, Southern Supply had net sales of $7,320,000, costs and other expenses (including income tax) of $6,010,000, and a gain from discontinued operations (net of income tax) of $420,000. a. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply?
Below is select information from DC United Company's income statement. At the end of the current year, the weighted average number of common shares outstanding was 133,000. Select Data from Income Statement, End of Current Year Sales $ 952,000 Cost of goods sold 802, 000 Operating expenses 82,000 Tax expense 16,000 Required: Calculate EPS for DC United.

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