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Description / Instructions: Please use the assignment as week 7 Homework Assignment
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Exercise 11-13
Korsak Corporation decided to issue common stock and used the $297,000 proceeds to redeem all of its outstanding bonds on January 1, 2014. The following information is available for the company for 2013 and 2014.
2014 2013
Net income $ 186,400 $ 150,500
Dividends declared for preferred stockholders 8,300 9,400
Average common stockholders’ equity 1,249,000 770,000
Total assets 1,546,400 1,295,700
Current liabilities 252,200 102,600
Total liabilities 297,400 525,700

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Compute the return on common stockholders’ equity for both years. (Round answers to 1 decimal place, e.g. 12.5%.)
2014 2013
The return on common stockholders’ equity ratio % %

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Compute the debt to total assets ratio for both years. (Round answers to 1 decimal place, e.g. 12.5%.)
2014 2013
The debt to total assets ratio % %

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Exercise 11-4
The stockholders’ equity section of Leyland Corporation’s balance sheet at December 31 is presented here.
LEYLAND CORPORATION Balance Sheet (partial)
Stockholders’ equity
   Paid-in capital
      Preferred stock, cumulative, 8,667 shares authorized, 5,200 shares issued and outstanding $ 530,400
      Common stock, no par, 773,276 shares authorized, 598,000 shares issued 2,392,000  
   Total paid-in capital 2,922,400
   Retained earnings 1,158,900  
   Total paid-in capital and retained earnings 4,081,300
   Less: Treasury stock (6,020 common shares) (32,107 )
Total stockholders’ equity $4,049,193  
From a review of the stockholders’ equity section, answer the following questions. (a) How many shares of common stock are outstanding?
Common stock outstanding shares
(b) Assuming there is a stated value, what is the stated value of the common stock?
The stated value of the common stock $ per share
(c) What is the par value of the preferred stock?
The par value of the preferred stock $ per share
(d) If the annual dividend on preferred stock is $42,432, what is the dividend rate on preferred stock?
The dividend rate %
(e) If dividends of $72,900 were in arrears on preferred stock, what would be the balance reported for retained earnings?
The Retained Earnings balance $

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Exercise 11-7
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $550,200 and retained earnings $420,200. Pele is considering the following two courses of action:
(1) Declaring a 7% stock dividend on the 91,700 $6 par value shares outstanding
(2) Effecting a 2-for-1 stock split that will reduce par value to $3 per share.
The current market price is $18 per share. Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s Balance Sheet
Before Action After Stock Dividend After Stock Split
Stockholders’ equity
   Paid-in capital $ $ $
   Retained earnings
      Total stockholders’ equity $ $ $
Outstanding shares

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Exercise 11-9
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Roder Corporation at December 31, 2014.
Common Stock ($4 stated value) $800,000
Paid-in Capital in Excess of Par Value—Preferred Stock 22,500
Paid-in Capital in Excess of Stated Value—Common Stock 525,000
Preferred Stock (7%, $100 par, noncumulative) 300,000
Retained Earnings 667,000
Treasury Stock (6,000 common shares) 36,000
Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.
RODER CORPORATION Partial Balance Sheet December 31, 2014
$
$
$
: 
$

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