Reference no: EM13327176

Problem 1:

Arrange the following items in proper balance sheet presentation (Be sure to list the assets in order of their liquidity. Input all amounts as positive values. Omit the "tiny_mce_markerquot; sign in your response):

Accumulated depreciation	$	347,000
Retained earnings		46,000
Cash		14,000
Bonds payable		137,000
Accounts receivable		51,000
Plant and equipment-original cost		668,000
Accounts payable		38,000
Allowance for bad debts		6,000
Common stock, $1 par, 100,000 shares outstanding		100,000
Inventory		71,000
Preferred stock, $52 par, 1,000 shares outstanding		52,000
Marketable securities		28,000
Investments		24,000
Notes payable		39,000
Capital paid in excess of par (common stock)		91,000

Problem 2

Okra Snack Delights, Inc., has an operating profit of $241,000. Interest expense for the year was $35,800; preferred dividends paid were $34,100; and common dividends paid were $39,600. The tax was $61,400. The firm has 23,700 shares of common stock outstanding.

(a) Calculate the earnings per share and the common dividends per share.

Earnings per share
Common dividends per share

(b) What was the increase in retained earnings for the year?

Increase in retained earnings

Problem 3

Quantum Technology had $644,000 of retained earnings on December 31, 2010. The company paid common dividends of $30,100 in 2010 and had retained earnings of $524,000 on December 31, 2009.

(a) How much did Quantum Technology earn during 2010?

Earnings available to common stockholders

(b) What would earnings per share be if 42,700 shares of common stock were outstanding?