Question
[The following information applies to the questions displayed below.] The financial statements for Highland Corporation included the following selected information: Common stock $ 1,545,000 Retained
[The following information applies to the questions displayed below.]
The financial statements for Highland Corporation included the following selected information:
| Common stock | $ | 1,545,000 |
| Retained earnings | $ | 870,000 |
| Net income | $ | 1,140,000 |
| Shares issued | 103,000 | |
| Shares outstanding | 75,000 | |
| Dividends declared and paid | $ | 610,000 |
|
| ||
The common stock was sold at a price of $26 per share.
References
Section BreakE11-4 Reporting Stockholders' Equity LO11-1, 11-2, 11-3
4.
value: 7.14 points
Required information
E11-4 Part 1
Required:
1. What is the amount of additional paid-in capital?
References
eBook & Resources
WorksheetDifficulty: 2 MediumLearning Objective: 11-02 Compute and analyze the earnings per share ratio.
E11-4 Part 1Learning Objective: 11-01 Explain the role of stock in the capital structure of a corporation.Learning Objective: 11-03 Describe the characteristics of common stock and report common stock transactions.
Check my work
5.
value: 7.14 points
Required information
E11-4 Part 2
2. What was the amount of retained earnings at the beginning of the year?
References
eBook & Resources
WorksheetDifficulty: 2 MediumLearning Objective: 11-02 Compute and analyze the earnings per share ratio.
E11-4 Part 2Learning Objective: 11-01 Explain the role of stock in the capital structure of a corporation.Learning Objective: 11-03 Describe the characteristics of common stock and report common stock transactions.
Check my work
6.
value: 7.14 points
Required information
E11-4 Part 3
3. How many shares are in treasury stock?
References
eBook & Resources
WorksheetDifficulty: 2 MediumLearning Objective: 11-02 Compute and analyze the earnings per share ratio.
E11-4 Part 3Learning Objective: 11-01 Explain the role of stock in the capital structure of a corporation.Learning Objective: 11-03 Describe the characteristics of common stock and report common stock transactions.
Check my work
7.
value: 7.14 points
Required information
E11-4 Part 4
4. Compute earnings per share. (Round your answer to 2 decimal places.)
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Auditing Concepts And Methods A Guide To Current Auditing Theory And Practice
Authors: Mcgraw-Hill
5th Edition
0070099995, 978-0070099999
