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Financial Accounting
4th Edition
ISBN: 9780134125053
Author: Kemp, Robert S., Waybright, Jeffrey.
Publisher: Pearson Education,
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Chapter 10, Problem 13SE
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(Learning Objective 6: Analyze and evaluate liquidity and debt-paying ability) LO 6McClain Company’s condensed and adapted balance sheet at December 31, 2018, follows:(In millions)Total current assets....................................................... $15.9Property, plant, equipment, and other assets................. 16.2$32.1Total current liabilities.................................................. $ 9.6Total long-term liabilities.............................................. 5.5Total shareholders’ equity............................................. 17.0$32.1Assume that during the first quarter of the following year, 2019, McClain completed the following transactions:a. Earned revenue of $2.8 million, on account.b. Borrowed $7.0 million in long-term debt.c. Paid half of the current liabilities.d. Paid selling expense of $0.6 million.e. Accrued general expense of $0.8 million. Credit General Expense Payable, a currentliability.f. Purchased equipment for $4.6 million, paying cash…
(Learning Objectives 2, 3, 4: Reconstruct transactions from the financial statements)Parker Networking Solutions began operations on January 1, 2018, and immediately issuedits stock, receiving cash. Parker’s balance sheet at December 31, 2018, reported the followingstockholders’ equity:Common stock, $1 par...................... $ 59,000Additional paid-in capital.................. 473,500Retained earnings.............................. 40,000Treasury stock, 300 shares................ (3,600)Total stockholders’ equity............ $568,900During 2018, Parkera. issued stock for $9 per share.b. purchased 800 shares of treasury stock, paying $12 per share.c. resold some of the treasury stock.d. declared and paid cash dividends.
Using the following balance sheet, calculate net working capital:
Cash
Marketable Securities
Accounts receivable
Inventory
Current assets
Net fixed assets
Total assets
Select one:
O A. $60.00
O B. $40.00
O C. $10.00
O D. $90.00
$10 Accounts payable
30 Accruals
50 Notes payable
40 Current liabilities
$130 Long-term debt
100 Common equity
Retained earnings
$230 Total liab. & equity
$20
20
50
$90
0
30
50
$230
Chapter 10 Solutions
Financial Accounting
Ch. 10 - What are the four baste rights of stockholders?Ch. 10 - Assume you are a CFO of a company that is...Ch. 10 - Prob. 3DQCh. 10 - What accounts, if any, are involved in the journal...Ch. 10 - With which type of stock would dividends in...Ch. 10 - What accounts are affected by the declaration and...Ch. 10 - What are some of the reasons for issuing a stock...Ch. 10 - Prob. 8DQCh. 10 - What could you reasonably conclude if a company...Ch. 10 - Prob. 10DQ
Ch. 10 - Prob. 1SCCh. 10 - Prob. 2SCCh. 10 - Prob. 3SCCh. 10 - Prob. 4SCCh. 10 - Prob. 5SCCh. 10 - Prob. 6SCCh. 10 - Prob. 7SCCh. 10 - Prob. 8SCCh. 10 - Prob. 9SCCh. 10 - Prob. 10SCCh. 10 - Prob. 11SCCh. 10 - Prob. 12SCCh. 10 - Stockholders' equity terminology (Learning...Ch. 10 - Stock issuance (Learning Objective 3) 5-10 min....Ch. 10 - Issuance of stock for cash and noncash assets...Ch. 10 - Prob. 4SECh. 10 - Prob. 5SECh. 10 - Prob. 6SECh. 10 - Prob. 7SECh. 10 - Prob. 8SECh. 10 - Prob. 9SECh. 10 - Prob. 10SECh. 10 - Prob. 11SECh. 10 - Prob. 12SECh. 10 - Prob. 13SECh. 10 - Prob. 14SECh. 10 - Prob. 15AECh. 10 - Prob. 16AECh. 10 - Prob. 17AECh. 10 - Prob. 18AECh. 10 - Prob. 19AECh. 10 - Prob. 20AECh. 10 - Prob. 21AECh. 10 - Accounting for cash and stock dividends (Learning...Ch. 10 - Prob. 23AECh. 10 - Prob. 24AECh. 10 - Prob. 25AECh. 10 - Accounting for treasury stock (Learning Objectives...Ch. 10 - Prob. 27AECh. 10 - Prob. 28AECh. 10 - Prob. 29AECh. 10 - Prob. 30AECh. 10 - Prob. 31BECh. 10 - Prob. 32BECh. 10 - Prob. 33BECh. 10 - Prob. 34BECh. 10 - Prob. 35BECh. 10 - Prob. 36BECh. 10 - Prob. 37BECh. 10 - Accounting for cash and stock dividends (Learning...Ch. 10 - Prob. 39BECh. 10 - Prob. 40BECh. 10 - Accounting for treasury stock (Learning Objectives...Ch. 10 - Prob. 42BECh. 10 - Prob. 43BECh. 10 - Prob. 44BECh. 10 - Prob. 45BECh. 10 - Prob. 46BECh. 10 - Prob. 47APCh. 10 - Prob. 48APCh. 10 - Prob. 49APCh. 10 - Prob. 50APCh. 10 - Prob. 51APCh. 10 - Prob. 52APCh. 10 - Prob. 53APCh. 10 - Prob. 54BPCh. 10 - Prob. 55BPCh. 10 - Prob. 56BPCh. 10 - Prob. 57BPCh. 10 - Prob. 58BPCh. 10 - Prob. 59BPCh. 10 - Prob. 60BPCh. 10 - Prob. 1CECh. 10 - Prob. 1CPCh. 10 - Prob. 1EIACh. 10 - Case 2. The board of directors for Atlantic...Ch. 10 - Prob. 1FACh. 10 - Prob. 1IACh. 10 - Prob. 1SBACh. 10 - Prob. 1WC
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- Roswell Corporation reported the following data:Dividends.................. $ 5,000Purchase returns........ 6,000Sales revenue ............. 440,000Ending inventory....... 45,000Freight in..................... $ 22,000Purchases .................... 206,000Beginning inventory .... 51,000Purchase discounts...... 4,500Roswell’s gross profit percentage isa. 49.2.b. 50.8.c. 56.0.d. 48.2.arrow_forwardGold Company's comparative balance sheet and income statement for last year appear below: Statement of Financial Position Ending Beginning Balance Balance Cash........................................................... $ 70,000 $ 38,000 Accounts receivable.................................. 76,000 52,000 Inventory.................................................... 24,000 42,000 Prepaid expenses....................................... 8,000 16,000 Long-term investments.............................. 260,000 210,000 Plant and equipment.................................. 530,000 510,000 Accumulated depreciation......................... ( 398,000) ( 350,000) Total assets................................................ $570,000 $518,000 Accounts payable....................................... $ 32,000 $ 54,000 Accrued…arrow_forwardThe following account balances are available for Pincus, Inc. as of 12/31/19: Common Stock ………………………………………………… $500,000 Additional Paid-In Capital ……………………………… 40,000 Retained Earnings ……………………………………………… 190,000 Treasury Stock …………………………………………………. 20,000 What is the total stockholders’ equity? $____________________arrow_forward
- The year-end balance sheet of Social Systems, Inc. includes the following stockholders’ equity section (with certain details omitted): Stockholders’ equity: 8% cumulative preferred stock, $100 par value, callable at $104, 100,000 shares authorized................................................. $3,200,000 Common stock, $3 par value, 1,000,000 shares authorized................................................................................................. 1,200,000 Additional paid-in capital: Common stock........................................................ 2,800,000 Donated capital............................................................................................... 610,000 Retained earnings............................................................................................ 3,470,000 Total stockholders’…arrow_forward1.Mackerel Company has provided the following data: Common stock: Shares outstanding .................................. 20,000 Market value, December 31 ................... $150,000 Book value, December 31 ...................... $80,000 Dividends paid ........................................ $40,000 Preferred stock, 8%, 100 par ..................... $100,000 Net income ................................................ $100,000 Interest on long-term debt ......................... $10,000 The price-earnings ratio is closest to: A) 1.50 B) 2.50 C) 1.63 D) 2.88 Hammer Company has 40,000 shares of common stock outstanding. The following data pertain to these shares for the most recent year: Price originally issued.................... $25 per share Book value, December 31.............. $40 per share Market value, January 1................. $50 per share Market value, December 31........... $60 per share The total dividend on common stock was $480,000. Cammer Company's dividend yield…arrow_forwardUsing a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…arrow_forward
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License