Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help me out Nomis Ltd reported the following items on the balance sheet at December 31, 2020. 55,100 109,400 164,500 Assets Current assets Property,

pls help me out
image text in transcribed
image text in transcribed
Nomis Ltd reported the following items on the balance sheet at December 31, 2020. 55,100 109,400 164,500 Assets Current assets Property, plant and equipment, net Total assets Liabilities Current liabilities Bonds, net Total liabilities Shareholders' Equity_ $0.5 cumulative preferred shares; 400 shares issued Common shares: 6,000 shares issued Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 37,600 50,000 87,600 1,500 48,000 27,400 76,900 164,500 During the year 2021. Nimos Ltd. had encountered the following transactions which affected shareholders' equity: Feb-12: Issued 1,000 common shares for $6.1 per share. Jun-17: Declared the regular cash dividend on the preferred shares. Aug-09: Paid the cash dividend. Sep-03: Declared 10% stock dividend on the common shares. Market price of common shares at the time was $6.3 per share. Sep-25: Distributed the stock dividend. Oct-31: Issued 500 common shares for $6.5 per share. Req. 1: Journalize Nimos Ltd.'s transactions. Use the table for req. 1 below. There might be more rows than you need. In this case, leave the remaining ones blank. Req. 2: Report Nimos Ltd.'s shareholders' equity at Dec 31, 2021. Net income for the year was $22,700. Use the table for req. 2 below (scroll down if you do not see the entire window) Req. 3: Calculate the book value per common share' ratio for 2020 and 2021 and indicate whether the company's profitability (based on this ratio) has improved or deteriorated. Use table 3 below to provide your answer. (scroll down if you do not see the table 3 in the response window) Req. 4: Demonstrate your understanding of the relationships among the financial statements by answering the following question (use table 4 to provide your answer, scroll down if you do not see table 4 in the response window): If you could pick a single source of cash for your business, what would it be? Provide a rationale for your decision (2-3 sentences)

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_2

Step: 3

blur-text-image_3

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

Accountability Of Local Authorities In England And Wales, 1831-1935 Volume 1

Authors: Hugh Coombs, J. R. Edwards

1st Edition

1138965758, 9781138965751

More Books

Students also viewed these Accounting questions

Question

Coaching and motivational behavior

Answered: 1 week ago