Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started