Horngren's Financial & Managerial Accounting, The Financial Chapters Plus MyAccountingLab with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134077321
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.21E
Using the
Green City Builders’ balance sheet data at May 31, 2016, and June 30, 2016, follow:
May 31,2016 | June 30, 2016 | |
Total assets | $ 188,000 | $244,000 |
Total liabilities | 122,000 | 88,000 |
For each of the following situations with regard to common stock and dividends of a corporation, compute the amount of net income or net loss during June 2016.
- a. The company issued $7,500 of common stock and paid no dividends.
- b. The company issued no common stock. It paid cash dividends of $13,000.
- c. The company issued $20,000 of common stock and paid cash dividends of $18,000.
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Use the following selected financial information for Cascabel Corporation to answer questions
Cascabel Corporation
Balance Sheet
December 31, 2015
Assets Liabilities and stockholders' equity
Current assets Current liabilities
Cash 2 Accounts payable 36
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Use the following selected financial information for Cascabel Corporation to answer
questions
Cascabel Corporation
Balance Sheet
December 31, 2015
Assets
Liabilities and stockholders' equity
Current assets
Current liabilities
Cash
Accounts payable
Accrued liabilities
2
36
Short-term investments
10
25
Accounts receivable
52
Total current liabilities
61
Inventory
57
Other current assets
Long-term debt
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Total current assets
129
Total liabilities
163
Long-term assets
Stockholders' equity
Net Plant
195
Common stock
110
Retained earnings
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161
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Total assets
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Cascabel Corporation
Income Statement
For the Year Ended December 31, 2015
Assume the following is the stockholders' equity section from Altria's 2016 balance sheet.
December 31 ($ millions)
2016
$ 935
Common stock, par value $0.33 1/3 per share (2,805,961,317 shares issued)....
Additional paid-in capital.
Earnings reinvested in the business
Accumulated other comprehensive losses (including currency translation of
$1,317 in 2016).
6,061
54,666
Cost of repurchased stock (721,696,918 shares in 2016),
Total stockholders' equity..
(1,853)
(24.102)
$35,707
At what average price has Altria issued its common stock?
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b. $ 0.33
c. $12.73
d. $33.40
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters Plus MyAccountingLab with Pearson eText -- Access Card Package (5th Edition)
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