Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer everything! Problem 11-02A The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,500

answer everything! image text in transcribed
image text in transcribed
image text in transcribed
Problem 11-02A The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,500 shares authorized) $270,000 Common Stock ($4 stated value, 270,000 shares authorized) 900,000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 432,000 Retained Earnings 619,200 Treasury Stock (4,500 common shares) 36,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 4,500 shares of common stock for $27,000. Purchased 900 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Determined that net income for the year was $252,000. Paid the dividend declared on December 1. Dec. 1 Dec. 31 BRAMBLE CORP. Partial Balance Sheet SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding December 31 to determine the average shares outstanding) (Round answers to 2 decimal places, e.g. 15.25.) Payout ratio Earnings per share Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work

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

Auditing That Matters Case Studies

Authors: Norman David Marks

1st Edition

B089J17FFW, 979-8650160410

More Books

Students also viewed these Accounting questions

Question

9-4 Discuss the growing importance of scannerbased research 175176

Answered: 1 week ago