QUESTION 52 Indicate the effect of the following event on the company's accounting equation. For each account title affected indicate the specific account name, dollar change, and whether it increased or decreased. Show the correct effect in the Stockholders' Equity column so the Balance Sheet balances. Reissued the 1,000 shrs. acquired in event above, for $40/shr. O Increase the asset cash $40,000 and stockholders' equity àccounts common stock $40,000 O Increase the asset cash $40,000, and stockholders' equity account additional paid in capital-treasury stock $10,000, increased the stockholders' equity account treasury stock $30,000 thereby increasing stockholders' equity O Increase the asset cash $40,000, stockholders' equity accounts common stock $5,000 and additional paid in capital-commom stock $35,000 O Increase the asset cash $40,000, and stockholders' equity actount additional paid in capital-treasury stock $10,000, decreased the stockholders' equity account treasury stock $30,000 thereby increasing stockholders' equity

QUESTION 52 Indicate the effect of the following event on the company's accounting equation. For each account title affected indicate the specific account name, dollar change, and whether it increased or decreased. Show the correct effect in the Stockholders' Equity column so the Balance Sheet balances. Reissued the 1,000 shrs. acquired in event above, for $40/shr. O Increase the asset cash $40,000 and stockholders' equity àccounts common stock $40,000 O Increase the asset cash $40,000, and stockholders' equity account additional paid in capital-treasury stock $10,000, increased the stockholders' equity account treasury stock $30,000 thereby increasing stockholders' equity O Increase the asset cash $40,000, stockholders' equity accounts common stock $5,000 and additional paid in capital-commom stock $35,000 O Increase the asset cash $40,000, and stockholders' equity actount additional paid in capital-treasury stock $10,000, decreased the stockholders' equity account treasury stock $30,000 thereby increasing stockholders' equity

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter5: Accounting For Retailing Businesses

Section: Chapter Questions

Problem 5.6BPR: Single-step income statement and balance sheet Selected accounts and related amounts for Kanpur Co....

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Problem 1-65A Relationships Among Financial Statements Carson Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year. Required: Calculate Carsons net income or net loss for the year in each of the following independent situations: Carson declared no dividends. and its common stock remained unchanged. Carson declared no dividends and issued additional common stock for $40,000 cash. Carson declared dividends totaling $5000 and its common stack remained unchanged. Carson declared dividends totaling $20,000 and issued additional common stock for $35,000.
Retained Earnings Statement Listed below are events that affect stockholders equity. Reported net income of $85,000. Paid a cash dividend of $10,000. Reported sales revenue of $120,000. Issued common stock of $50,000 Reported a net loss of $20,000. Reported of S35,000. Required: For each of the events, indicate whether it increases retained earnings (I), decreases retained earnings (D), or has no effect on retained earnings (NE).
Single-step income statement and balance sheet Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 20Y7, are presented in Problem 5-5B. Instructions 1.Prepare a single-step income statement in the format shown in Exhibit 13. 2. Prepare a statement of stockholders' equity. Additional common stock of 7,300 was issued during the year ended June 30. 20Y7. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Prepare closing entries as of June 30, 20Y7.
RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem 24-8B. REQUIRED Calculate the following ratios and amounts for 20-1 and 20-2 (round all calculations to two decimal places). (a) Return on assets (Total assets on January 1, 20-1, were 111,325.) (b) Return on common stockholders equity (Total common stockholders equity on January 1, 20-1, was 82,008.) (c) Earnings per share of common stock (The average numbers of shares outstanding were 6,300 shares in 20-1 and 6,900 in 20-2.) (d) Book value per share of common stock (e) Quick ratio (f) Current ratio (g) Working capital (h) Receivables turnover and average collection period (Net receivables on January 1, 20-1, were 28,995.) (i) Merchandise inventory turnover and average number of days to sell inventory (Merchandise inventory on January 1, 20-1, was 32,425.) (j) Debt-to-equity ratio (k) Asset turnover (Assets on January 1, 20-1, were 111,325.) (l) Times interest earned ratio (m) Profit margin ratio (n) Assets-to-equity ratio (o) Price-earnings ratio (The market price of the common stock was 120.00 and 110.00 on December 31, 20-2 and 20-1, respectively.)
Problem 1-62B Retained Earnings Statements The table below presents the retained earnings statements for Dillsboro Corporation for 3 successive years. Certain number are missing. Required: Use your understanding of the relationship between successive retained earnings statements to calculate the missing values (a-g).