1.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.

PLEASE INPUT FORMULAS EXACTLY HOW IT SHOULD BE IN THE CELL

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2. Record the stock dividend assuming a large (100%) stock dividend.

3. Record the stock dividend assuming a 2-for-1 stock split.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2. Record the entry on the date of record.

3. Record the payment of cash dividends.

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or 2018 2017 Decrease (D) $96,000$82,000 Cash $14,000 (1) Accounts receivable 46,600 52,000 5,400 (D) Inventory 69,000 52,000 17,000 (0) Prepaid rent 2,400 3,800 1,400 (D) Accounts payable 39,000 34,000 5,000 (0) Income tax payable 4,400 7,000 2,600 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (List cash outflows as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2018 Cash flows from operating activities: Net cash flows from operating activities $ 0 Required: Complete the statement of cash flows (indirect method) shown below by using formulas that reference data from the income statement and balance sheet (found by clicking the tabs at the bottom of this worksheet. Note: Blank cells may be included in calculations. INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain (on sale of land) Changes in current assets and current liabilities: Accounts receivable Inventory Prepaid insurance Accounts payable Interest payable Income tax payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Purchase investments Sale of land Net cash provided by (used in investing activities Cash Flows from Financing Activities: Issue common stock Issue long term note Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at end of the period Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows. INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 Net sales $ 2,430,000 Gain on sale of land 6,500 Total revenues 2,436,500 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense $ 1,565,000 598,000 16,000 17,000 63,000 Total expenses 2,259,000 Net income $ 177,500 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows. Note: Additional information is included at the bottom of the statement. INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 20X2 20X1 Assets Current assets: Cash $ 184,420 $ 25,740 Accounts receivable 68,700 83,000 Inventory 134,500 128,000 Prepaid insurance 2,980 4,560 Long-term assets: Investments 211,000 120,000 Land 208,500 255,000 Equipment 203,000 203,000 Accumulated depreciation (117,500) (101,500) Total assets $ 895,600 $ 717,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Income Statement Balance Sheet 26,500 $ 81,000 Cash Flow Total assets $ 895,600 $ 717,800 $ 26,500 $ 3,400 30,200 81,000 2,300 32,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 255,000 242,000 273,000 307,500 230,000 130,000 Total liabilities and stockholders' equity $ 895,600 $ 717,800 Additional Information for 20X2: 1. Assume that all increases and decreases in long term assets, long term liabilities, and common stock are a result of cash transactions. 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other long-term assets were sold. 3. Additional long-term investments were purchased. 4. An additional long-term note payable was signed. No repayments on notes were made. 5. Additional common stock was issued. Income Statement Balance Sheet Cash Flow + 6 Nathan's Athletic Apparel has 1,800 shares of 6%, $100 par value preferred stock the company issued at the beginning of 2017. All remaining shares are common stock. The company was not able to pay dividends in 2017, but plans to pay dividends of $23,000 in 2018. Required: 1. & 2. Assuming the preferred stock is cumulative and noncumulative, how much of the $23,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2018? 15 points Cumulative Non Cumulative eBook Preferred dividends for 2018 Preferred dividends in arrears for 2017 Remaining dividends to common stockholders Total dividends References 0 $ 0 4 Required information (The following information applies to the questions displayed below. Financial information for Forever 18 includes the following selected data (in millions): 15 points Skipped 2018 $ 259 $ 26 2017 134 17 $ ($ in millions) Net income Dividends on preferred stock Average shares outstanding in millions) Stock price 350 11.12 200 $ 10.07 $ eBook References 2-a. Calculate the price-earnings ratio in 2017 and 2018. (Enter your Price-earning ratio values to two decimal places. Enter your answers in millions (i.e. 5,550,000 should be entered as 5.55).) ($ in millions) Price-Earnings Ratio 2017 2018 3 United Apparel has the following balances in its stockholders' equity accounts on December 31, 2018: Treasury Stock, $710,000; Common Stock, $460,000; Preferred Stock, $2,200,000; Retained Earnings, $1,500,000; and Additional Paid-in Capital, $7,400,000. Required: Prepare the stockholders' equity section of the balance sheet for United Apparel as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) 15 points UNITED APPAREL Skipped Balance Sheet (Stockholders' Equity Section) December 31, 2018 Stockholders' equity: eBook References Total paid-in capital 0 Total stockholders' equity $ 0 2 On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on its 21,000, $12 par, common shares. The market price of the common stock is $41 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 15 points Skipped View transaction list Journal entry worksheet eBook 2 3 > Recen References Record the stock dividend assuming a small (10%) stock dividend. Note: Enter debits before credits. General Journal Debit Credit Date September 01 Record entry Clear entry View general Journal 5 On March 15, American Eagle declares a quarterly cash dividend of $0.115 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 212 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (.e. $5.5 should be entered as 5,500,000).) 15 points Skipped View transaction list Journal entry worksheet eBook References Record the declaration of cash dividends. Note: Enter debits before credits. Date General Journal Debit Credit March 15 Record entry Clear entry View general journal