Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following table presents the long-term liabilities and stockholders equity of Information Control Corp. one year ago: Long-term debt $ 65,800,000 Preferred stock 4,080,000 Common

The following table presents the long-term liabilities and stockholders equity of Information Control Corp. one year ago:

Long-term debt $ 65,800,000
Preferred stock 4,080,000
Common stock ($1 par value) 15,800,000
Capital surplus 45,800,000
Accumulated retained earnings 135,800,000

During the past year, the company issued 10.8 million shares of new stock at a total price of $59.6 million, and issued $35.8 million in new long-term debt. The company generated $10.6 million in net income and paid $2.8 million in dividends. Prepare the current balance sheet reflecting the changes that occurred at the company during the year. (Do not round intermediate calculations. Enter your answers in dollars, not millions of dollars, e.g., 1,234,567.)

INFORMATION CONTROL CORP. Current Balance Sheet
(Click to select)Accumulated retained earningsLong-term debtPreferred stockCapital surplusAccounts payableCommon stock $
Total long-term debt $
Shareholders' equity
(Click to select)Accounts payableCapital surplusCommon stockAccumulated retained earningsPreferred stockLong-term debt $
(Click to select)Accumulated retained earningsAccounts payableCommon stockCapital surplusLong-term debtPreferred stock
(Click to select)Preferred stockCapital surplusCommon stockAccumulated retained earningsLong-term debtAccounts payable
(Click to select)Common stockAccumulated retained earningsPreferred stockCapital surplusLong-term debtAccounts payable
Total equity $
Total liabilities & equity $

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

The Clinical Audit Book Improving The Quality Of Health Care

Authors: Clare Mayo, Gill Harvey

1st Edition

070202418X, 978-0702024184

More Books

Students also viewed these Accounting questions

Question

What objectives should a marketing plan accomplish?

Answered: 1 week ago