On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.
Apr. 1
Issued 15,000 additional shares of common stock for $17 per share.
June 15
Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10
Paid the $1 cash dividend.
Dec. 1
Issued 2,000 additional shares of common stock for $19 per share.
Dec. 15
Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.
Your answer is partially correct. Try again.
Prepare the entries, if any, on each of the three dividend dates.
Date
Account/Description
Debit
Credit
June 15
, dividends of $.
In the , dividends payable of $.
E14-1
Financial information for Blevins Inc. is presented below.
December 31, 2012
December 31, 2011
Current assets
$125,000
$100,000
Plant assets (net)
396,000
330,000
Current liabilities
91,000
70,000
Long-term liabilities
133,000
95,000
Common stock, $1 par
161,000
115,000
Retained earnings
136,000
150,000
Complete the schedule showing a horizontal analysis for 2012 using 2011 as the base year. (If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal place, e.g. 10.5. List items in the order given in the question.)
BLEVINS INC.
Condensed Balance Sheet
December 31
Increase or (Decrease)
2012
2011
Amount
Percentage
Assets
$
$
$
[removed]
[removed]
[removed]
[removed]%
Total stockholders equity
$[removed]
$[removed]
$[removed]
[removed]%
Total liabilities and stockholders' equity
$[removed]
$[removed]
$[removed]
[removed]%
DO IT! 14-2
The condensed financial statements of Eau Fraîche Company for the years 2010 and 2011 are presented below.
EAU FRAÎHE COMPANY
Balance Sheets
December 31
2011
2010
Current assets
Cash and cash equivalents
$330
$360
Accounts receivable (net)
470
400
Inventories
460
390
Prepaid expenses
120
160
Total current assets
1,380
1,310
Property, plant, and equipment
420
380
Investments
10
10
Intangibles and other assets
530
510
Total assets
$2,340
$2,210
Current liabilities
$900
$790
Long-term liabilities
410
380
Stockholders' equity - common
1,030
1,040
Total liabilities and stockholders' equity
$2,340
$2,210
EAU FRAÎHE COMPANY
Income Statement
For the Years Ended December 31
2011
2010
Revenues
$3,800
$3,480
Costs and expenses
Cost of goods sold
970
890
Selling and administrative expenses
2,400
2,330
Interest expense
10
20
Total costs and expenses
3,380
3,240
Income before income taxes
420
220
Income tax expense
168
132
Net income
$252
$88
Compute the following ratios for 2010 and 2011. (Round current ratio and inventory turnover to 2 decimal places, e.g. 2.50. Round all other answers to 1 decimal place, e.g. 5.2.)
2011
2010
Current ratio
[removed]:1
[removed]:1
Inventory turnover (Inventory on 12/31/09 was $340)
[removed] times
[removed] times
Profit margin
[removed]%
[removed]%
Return on assets (Assets on 12/31/09 were $1,900)
[removed]%
[removed]%
Return on common stockholders' equity. (Stockholders' equity-common on 12/31/09 was $900.)
neel
13 years ago
