Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The company could issue 300,000 additional shares of $1 par value common stock for $7.50 per share The company will begin paying a dividend to

The company could issue 300,000 additional shares of $1 par value common stock for $7.50 per share The company will begin paying a dividend to ALL the common shareholders of $0.20 per share and this will continue into the future.

I need help with Journal Entries for this, a partial balance sheet, and the below ratios.

Current Ratio Current Assets Current Liabilities Debt to Asset Ratio Total Debt Total Assets Return on Equity Net Income Total Equity Return on Assets Net Income Total Assets

Info provided:

FigMint Consulting and Sales Inc
Post Closing Trial Balance
December 31, 2022
Cash $ 198,600
Accounts Receivable 75,580
Allowance for Uncollectible Accounts $ 4,690
Supplies 56,500
Inventory 58,596
Prepaid Insurance 57,890
Land 260,526
Building 698,950
Accumulated Depr Building 19,356
Office Equipment 356,500
Accumulated Depr Office Equip 45,600
Computer Equipment 658,950
Accumulated Depr - Computer Equip 32,560
Accounts Payable 56,560
Utilities Payable 16,850
Wages Payable 89,850
Short Term Note Payable 485,965
Long term Note Payable 387,590
Mortgage Payable 305,984
Common Stock ($1 par, 1,000,000, 400,000
shares authorized, 400,000 issued
and outstanding)
Retained Earnings 577,087
$ 2,422,092 $ 2,422,092

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 Assurance And Risk

Authors: W Robert Knechel, Steven E Salterio

4th Edition

1315531720, 9781315531724

More Books

Students also viewed these Accounting questions

Question

How is social networking used in informal training?

Answered: 1 week ago

Question

What are some career development methods?

Answered: 1 week ago