Answered step by step
Verified Expert Solution
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
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