Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 7%, $100 par, cumulative preferred stock

A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 7%, $100 par, cumulative preferred stock and 39,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. If necessary, round dividends per share to the nearest cent. If your answer is zero, please enter "0" Preferred Common Year Dividends. Total Per Share Total Per Share 1 $10,500 2 14,000 3 20,080 The comparative balance sheet of ConnieJo Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed form: Assets Year 2 Year 1 Cash $45,000 $53,500 Accounts receivable (net) 51,300 58,000 Inventories 147,200 135,000 Investments 0 60,000 Equipment. 493,000 375,000 Accumulated depreciation-equipment (113,700) (128,000). Total assets $622,800 $553,500 Liabilities and Stockholders' Equity Accounts payable $61,500 $42,600 Bonds payable, due Year 4 0 100,000 Common stock, $10 par 250,000 200,000 Paid-in capital in excess of par-common stock 75,000 50,000 Retained earnings 236,300 160,900 Total liabilities and stockholders' equity $622,800 $553,500 The income statement for the current year is as follows: The income statement for the current year is as follows: Sales Cost of goods sold Gross profit $629,700 341,800 $287,900 Operating expenses: Depreciation expense $ 24,700 Other operating expenses 75,300 Total operating expenses 100,000 Income from operations $187,900 Other income: Gain on sale of investment $5,000 Other expense: Interest expense 12,000 (7,000) Income before income tax $180,900 64,100 Income tax Net income $116,800 Additional data for the current year are as follows: a. Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000. b. Bonds payable for $100,000 were retired by payment at their face amount. Income tax Net income Additional data for the current year are as follows: 64,100 $116,800 a. Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000. b. Bonds payable for $100,000 were retired by payment at their face amount. c. 5,000 shares of common stock were issued at $15 for cash. d. Cash dividends declared were paid $41,400. e. All sales are on account. Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. ConnieJo Company Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: blank blank 0000000 blank Net cash flow from operating activities Cash flows from investing activities: blank blank Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: blank blank Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow used for financing activities Cash at the beginning of the year Cash at the end of the year blank 0 0 blank blank 000000 00 00 10000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Learning System Management Accounting Performance Evaluation Edition

Authors: Robert Scarlett

4th Edition

0750684305, 978-0750684309

More Books

Students also viewed these Accounting questions