Earnings (net income) Preferred stock (13,100 shares at $40 par, 6%) Common stock (44,500 shares no par, market value $60) Retained earnings $ 188,000 $ 524,000 518,000 576,500 $1,618,500 Less: Treasury stock Preferred (1,100 shares) Common (1,100 shares) $59,000 24,000 83,000 $1,535,500 Total stockholders' equity Required a. Calcul on equity ratio. (Round intermediate calculations and final answers to 2 decimal places.) the Baird Company's earnings per share ratio, price-earnings ratio and return

Earnings (net income) Preferred stock (13,100 shares at $40 par, 6%) Common stock (44,500 shares no par, market value $60) Retained earnings $ 188,000 $ 524,000 518,000 576,500 $1,618,500 Less: Treasury stock Preferred (1,100 shares) Common (1,100 shares) $59,000 24,000 83,000 $1,535,500 Total stockholders' equity Required a. Calcul on equity ratio. (Round intermediate calculations and final answers to 2 decimal places.) the Baird Company's earnings per share ratio, price-earnings ratio and return

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 1CP: CHALLENGE PROBLEM This problem challenges you to apply your cumulative accounting knowledge to move...

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CHALLENGE PROBLEM This problem challenges you to apply your cumulative accounting knowledge to move a step beyond the material in the chapter. LeeJin Corp. started a two-year period with 200,000 shares of 2 par common stock outstanding. During the two years, LeeJin had the following capital stock transactions: (a) Declared a 10% common stock dividend. The market value of the common stock was estimated at 8 per share. (b) Declared a cash dividend of 0.20 per share on common stock. (c) Declared a 30% common stock dividend. The market value of the common stock was estimated at 9 per share. (d) Declared a cash dividend of 0.20 per share on common stock. (e) Declared a two-for-one stock split. (f) Declared a cash dividend of 0.16 per share on common stock. REQUIRED 1. Prepare general journal entries for each of the transactions. Identify each transaction by the appropriate letter. (Assume that any cash or share distributions have been completed and are a matter of record before the next transaction occurs.) 2. Compute the following: (a) Number of shares of common stock outstanding after all the transactions have been completed. (b) The par value per share of LeeJins common stock after all the transactions have been completed.
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