Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 8, Problem 23EA
To determine
Determine whether new shares were issued between March 31, 2009 and March 31, 2010, and identify whether the company has reported net income for the year ended March 31, 2010.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Consider the following financial statements for Dell Corporation:
The closing stock price for Dell was $13.47 on January 28, 2011. The numbers of outstanding shares were 1,944 million in 2011and1,944 million in 2010, respectively. The income tax rates were 21.3% in 2011 and 29.2% in 2010. From the financial data presented, compute the following financial ratios for 2011, and make an informed analysis of Dell's financial health:(a) Debt ratio(b) Times-interest-earned ratio(c) Current ratio(d) Quick (acid test) ratio(e) Inventory-turnover ratio(f) Days-sales-outstanding ratio(g) Total-assets-turnover ratio(h) Profit margin on sales (i) Return on total assets(j) Return on common equity(k) Price/earnings ratio(l) Book value per share
How much is the retained earnings - December 31, 2021? For the computation in your worksheet - Prepare a Statement of Changes in Equity for the year ended December 31, 2021 for Shalimar Corporation with the following columns - Share Capital, Reserves, Retained Earnings, Treasury Shares, and Total.
Field Company should report total stockholders’ equity on December 31, 2007 at?
Chapter 8 Solutions
Financial Accounting
Ch. 8 - Prob. 1YTCh. 8 - Prob. 2YTCh. 8 - Prob. 3YTCh. 8 - Prob. 4YTCh. 8 - 1. Compare a stock split and a stock dividend. 2....Ch. 8 - Prob. 6YTCh. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - Prob. 4Q
Ch. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10QCh. 8 - Prob. 11QCh. 8 - Would treasury stock be considered authorized,...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - What are the two sections of the shareholders...Ch. 8 - Prob. 17QCh. 8 - Prob. 18QCh. 8 - Prob. 19QCh. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Treasury stock is a. a companys own stock that it...Ch. 8 - Prob. 4MCQCh. 8 - Prob. 5MCQCh. 8 - Prob. 6MCQCh. 8 - The number of shares of stock designated as issued...Ch. 8 - Prob. 8MCQCh. 8 - Prob. 9MCQCh. 8 - Prob. 10MCQCh. 8 - Prob. 1SEACh. 8 - Prob. 2SEACh. 8 - Prob. 3SEACh. 8 - Prob. 4SEACh. 8 - Prob. 5SEACh. 8 - Prob. 6SEACh. 8 - Prob. 7SEACh. 8 - Prob. 8SEACh. 8 - Prob. 9SEACh. 8 - Calculate retained earnings balance. (LO 5)....Ch. 8 - Prob. 11SEACh. 8 - Prob. 12SEBCh. 8 - Prob. 13SEBCh. 8 - Prob. 14SEBCh. 8 - Prob. 15SEBCh. 8 - Prob. 16SEBCh. 8 - Prob. 17SEBCh. 8 - Prob. 18SEBCh. 8 - Prob. 19SEBCh. 8 - Prob. 20SEBCh. 8 - Prob. 21SEBCh. 8 - Prob. 22SEBCh. 8 - Prob. 23EACh. 8 - Prob. 24EACh. 8 - Prob. 25EACh. 8 - Prob. 26EACh. 8 - Prob. 27EACh. 8 - Prob. 28EACh. 8 - Prob. 29EACh. 8 - Prob. 30EACh. 8 - Prob. 31EACh. 8 - Analyze equity accounts. (LO 1, 2, 3, 5). The...Ch. 8 - Prob. 33EACh. 8 - Prob. 34EACh. 8 - Prob. 35EACh. 8 - Prob. 36EACh. 8 - Prob. 37EACh. 8 - Prob. 38EACh. 8 - Prob. 39EBCh. 8 - Prob. 40EBCh. 8 - Prob. 41EBCh. 8 - Prob. 42EBCh. 8 - Prob. 43EBCh. 8 - Prob. 44EBCh. 8 - Prob. 45EBCh. 8 - Prob. 46EBCh. 8 - Prob. 47EBCh. 8 - Prob. 48EBCh. 8 - Prob. 49EBCh. 8 - Prob. 50EBCh. 8 - Prob. 51EBCh. 8 - Prob. 52EBCh. 8 - Prob. 53EBCh. 8 - Prob. 54EBCh. 8 - Prob. 55PACh. 8 - Prob. 56PACh. 8 - Prob. 57PACh. 8 - Prob. 58PACh. 8 - Prob. 59PACh. 8 - Prob. 60PACh. 8 - Prob. 61PACh. 8 - Prob. 62PACh. 8 - Prob. 63PBCh. 8 - Prob. 64PBCh. 8 - Prob. 65PBCh. 8 - Prob. 66PBCh. 8 - Prob. 67PBCh. 8 - Prob. 68PBCh. 8 - Prob. 69PBCh. 8 - Prob. 70PBCh. 8 - Prob. 1FSACh. 8 - Prob. 2FSACh. 8 - Prob. 3FSACh. 8 - Prob. 1CTPCh. 8 - Prob. 2CTPCh. 8 - Prob. 1IECh. 8 - Prob. 2IECh. 8 - Prob. 3IECh. 8 - Prob. 4IECh. 8 - Prob. 5IE
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Required: 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.arrow_forwardThe income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.arrow_forwardAssume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?arrow_forward
- The stockholders' equity section of Gunkel Corporation as of December 31, 2012, was as follows: *please refer on the imagearrow_forwardAssume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,255,000 and declared and paid dividends of $11,899,000. Stockholders’ Equity: Current Year Last Year Common stock, Class A—116,740,308 and 116,475,495 shares issued; ? and ? shares outstanding $ 1,167,000 $ 1,165,000 Common stock, Class B (convertible)—4,100,929 shares issued and outstanding 41,000 41,000 Additional paid-in capital 773,055,000 788,987,000 Retained earnings 2,487,727,000 ? Less treasury stock, at cost, Class A—47,306,748 and 45,420,148 shares (1,883,581,000) (938,560,000) Required: What is the par value of Magnum's Class A common stock? How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? What amount was reported in the Retained Earnings account at the end of last year? How is the dollar amount in the treasury…arrow_forwardAssume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,255,000 and declared and paid dividends of $11,899,000. Stockholders’ Equity: Current Year Last Year Common stock, Class A—116,740,308 and 116,475,495 shares issued; ? and ? shares outstanding $ 1,167,000 $ 1,165,000 Common stock, Class B (convertible)—4,100,929 shares issued and outstanding 41,000 41,000 Additional paid-in capital 773,055,000 788,987,000 Retained earnings 2,487,727,000 ? Less treasury stock, at cost, Class A—47,306,748 and 45,420,148 shares (1,883,581,000) (938,560,000) Required: How is the dollar amount in the treasury stock account at the end of the current year reflected on the asset side of the balance sheet? During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity? At the end of the current year, what was the…arrow_forward
- The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: Please see the attachment for details: The 20Y7 net income was $411,000, and the 20Y6 net income was $462,500. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7.a. Determine the return on total assets, the return on stockholders’ equity, and the return on common stockholders’ equity for the years 20Y6 and 20Y7. Round percentages to one decimal place.b. What conclusions can be drawn from these data as to the company’sprofitability?arrow_forwardConsider the following balance-sheet entries for Delta Corporation: (a) Compute the following for the firm:Current assets:$ ________________Current liabilities:$ _____________Working capital:$ _______________Shareholders' equity:$ _________ (b) If the firm had a net income after taxes of $500,000, what are the earnings per share?(c) When the firm issued its common stock, what was the market price of the stock per share?arrow_forwardThe right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the sum of what the initial stockholders paid when they bought company shares and the earnings that the company has retained over the years. Equity is the difference between the paid-in capital and retained earnings. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $136 million. Last year, the company reported a retained earnings balance of $459 million, whereas this year it increased to $540 million. How much was paid out in dividends this year? $4 million $217 million $55 million $280 millionarrow_forward
- The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: 1 Common stock, $47 par $3,073,800.00 2 Paid-In Capital from Sale of Treasury Stock 119,000.00 3 Paid-In Capital in Excess of Par-Common Stock 261,600.00 4 Retained Earnings 19,185,100.00 5 Treasury Stock 326,800.00 Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 8,600 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Accounts and Amount Descriptions Common stock dividends Common stock, $47 par; 80,000 shares authorized, 65,400 issued Excess over par From sale of treasury stock…arrow_forwardThe following financial information is available for Thompson Corporation. (in millions) 2012 2011 Average common stockholders' equity $2,532 $2,591 Dividends declared for common stockholders 298 611 Dividends declared for preferred stockholders 40 40 Net income 504 555 Calculate the payout ratio and return on common stockholders' equity ratio for 2012 and 2011.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage LearningManagerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
- Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningManagerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College PubSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License