Acc 291 Week 4

Question
E11-13

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On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

Apr. 1

Issued 15,000 additional shares of common stock for $17 per share.

June 15

Declared a cash dividend of $1 per share to stockholders of record on June 30.

July 10

Paid the $1 cash dividend.

Dec. 1

Issued 2,000 additional shares of common stock for $19 per share.

Dec. 15

Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

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Your answer is partially correct. Try again.

Prepare the entries, if any, on each of the three dividend dates.

Date

Account/Description

Debit

Credit

June 15

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July 10

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Dec. 15

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Your answer is partially correct. Try again.

How are dividends and dividends payable reported in the financial statements prepared at December 31?

In the

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, dividends of $

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will be

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.

In the

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, dividends payable of $

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will be reported as a

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.

E14-1

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Financial information for Blevins Inc. is presented below.

December 31, 2012

December 31, 2011

Current assets

$125,000

$100,000

Plant assets (net)

396,000

330,000

Current liabilities

91,000

70,000

Long-term liabilities

133,000

95,000

Common stock, $1 par

161,000

115,000

Retained earnings

136,000

150,000

Complete the schedule showing a horizontal analysis for 2012 using 2011 as the base year.(If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal place, e.g. 10.5. List items in the order given in the question.)

BLEVINS INC.

Condensed Balance Sheet

December 31

Increase or (Decrease)

2012

2011

Amount

Percentage

Assets

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$

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$

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$

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%

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%

Total assets

$

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$

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$

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%

Liabilities

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$

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$

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$

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%

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%

Total liabilities

$

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$

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$

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%

Stockholders’ Equity

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$

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$

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$

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%

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%

Total stockholders equity

$

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$

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$

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%

Total liabilities and stockholders’ equity

$

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$

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$

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%

DO IT! 14-2

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The condensed financial statements of Eau Fraîche Company for the years 2010 and 2011 are presented below.

EAU FRAÎHE COMPANY

Balance Sheets

December 31

2011

2010

Current assets

Cash and cash equivalents

$330

$360

Accounts receivable (net)

470

400

Inventories

460

390

Prepaid expenses

120

160

Total current assets

1,380

1,310

Property, plant, and equipment

420

380

Investments

10

10

Intangibles and other assets

530

510

Total assets

$2,340

$2,210

Current liabilities

$900

$790

Long-term liabilities

410

380

Stockholders’ equity – common

1,030

1,040

Total liabilities and stockholders’ equity

$2,340

$2,210

EAU FRAÎHE COMPANY

Income Statement

For the Years Ended December 31

2011

2010

Revenues

$3,800

$3,480

Costs and expenses

Cost of goods sold

970

890

Selling and administrative expenses

2,400

2,330

Interest expense

10

20

Total costs and expenses

3,380

3,240

Income before income taxes

420

220

Income tax expense

168

132

Net income

$252

$88

Compute the following ratios for 2010 and 2011.(Round current ratio and inventory turnover to 2 decimal places, e.g. 2.50. Round all other answers to 1 decimal place, e.g. 5.2.)

2011

2010

Current ratio

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:1

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:1

Inventory turnover (Inventory on 12/31/09 was $340)

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times

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times

Profit margin

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%

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%

Return on assets (Assets on 12/31/09 were $1,900)

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%

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%

Return on common stockholders’ equity. (Stockholders’ equity-common on 12/31/09 was $900.)

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%

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%

Debt to total assets ratio.

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%

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%

Times interest earned.

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times

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times

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