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Exam 11: Corporate Reporting and Analysis

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Question 111

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A company had stockholders' equity on January 1 as follows: Common Stock, $10 par value, 1,000,000 shares authorized, 250,000 shares issued; Contributed Capital in excess of Par Value, Common Stock, $750,000 and Retained Earnings of $2,700,000. On May 20, $1,500,000 worth of retained earnings was appropriated for a plant expansion to be constructed next year. Prepare the journal entry to record the appropriation.

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Question 112

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During the current year, Quark Company earned $90,000 in income and paid cash dividends of $10,000 to preferred shareholders. Quark had 12,500 weighted-average shares of common stock outstanding for the year. Calculate the company's earnings per share.

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($90,000 -...

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Question 113

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Explain how to calculate the price-earnings ratio and describe how it is used in analysis of a company's financial condition and performance.

Par value of a stock refers to the:

A company has 500,000 common shares authorized, 400,000 common shares issued and 15,000 common shares in treasury stock at the current year-end. It paid $0.24 per share in cash dividends during the year. The year-end market price of the stock is $15. Calculate (1) the total dividends paid and (2) the dividend yield.

Stocks that pay relatively large cash dividends on a regular basis are referred to as:

Duke Corporation reports the following components of stockholders' equity on December 31, 2010. What is the amount in the Retained Earnings account immediately after the dividend on July 15?

A company had the following stockholders' equity on January 1: On January 10, the company declared a 40% stock dividend to holders of record on January 25, to be distributed January 31. The market value of the stock on January 10 prior to the dividend was $20 per share. What is the book value per common share on February 1?

On January 10, a corporation purchased 5,000 shares of its own common stock at $17.50 per share. On August 4, a total of 1,000 treasury shares were sold at $19.00 per share. These are the only treasury stock transactions ever made by the corporation. Prepare the journal entries required on January 10 and August 4.