Reference no: EM13937668
Record stock transactions, prepare equity section of balance sheet, and calculate ratios.
On January 1, 2007, the Expedite Corporation's shareholders' equity account balances were as follows.
Preferred stock (6%, $100 par noncumulative,
|
25,000 shares authorized)
|
$ 500,000
|
|
Common stock ($5 par value, 8,000,000 shares authorized)
|
4,500,000
|
|
Additional paid-in capital, preferred stock
|
20,000
|
|
Additional paid-in capital, common stock
|
6,300,000
|
|
Retained earnings
|
20,380,000
|
|
Treasury stock-common (5,000 shares, at cost)
|
70,000
|
During 2007, Expedite Corporation engaged in the following transactions.
Jan. 5
Feb. 9
June 1
Dec. 1
Issued 10,000 shares of common stock for $15 per share Purchased 2,000 additional shares of common treasury stock at $13 per share
Declared the annual cash dividend on preferred stock, payable June 30 Declared a $0.25 per share cash dividend to common stockholders payable December 31, 2007
Net income for the year was $2,330,000.
Required
a. Show each of the transactions in the accounting equation.
b. Prepare the shareholders' equity section of the balance sheet at December 31.
|
Trading at premium or discount relative to the spot rate
: Assume that interest rate parity holds and that 90-day risk-free securities yield 5% in the United States and 5.3% in Germany. In the spot market, 1 euro equals $1.40. What is the 90-day forward rate? Is the 90-day forward rate trading at a premium o..
|
|
Walk the appalachian trail unless
: Write the following propositions in the form p → q for appropriate p and q. (a) Willy gets caught whenever he cheats. (b) A necessary condition for Jim to buy a computer is that he obtains $2,000. (c) The website will be accessible only if you hav..
|
|
Pricing one year loan with nonzero recovery
: A borrower has a 5% chance of default on a $100 loan; If default occurs, the bank gets $60 back in principal and no interest; The bank sets the rate on the loan expecting 6% (3% inflation + 3% real) What is the interest rate the bank charges this bor..
|
|
Write function to count the number of sentences
: Count the number of words as well as the sentences and return and average the number of words per sentence.
|
|
Show each of the transactions in the accounting equation
: Show each of the transactions in the accounting equation. Prepare the shareholders' equity section of the balance sheet at December 31.
|
|
Framework of social-emotional development theories
: A brief description of the event or news item you selected. Then conceptualize and explain this event within the framework of social-emotional development theories
|
|
Patent license-motor vehicle distribution agreements
: The European Commission has given exemptions in all of the following areas except: a. exclusive purchasing agreements. b. patent license agreements. c. motor vehicle distribution agreements. d. merger agreements.
|
|
Effective communication in business
: In this assessment students must write a 1250-word essay on a topic relating to effective communication in business. Students must refer to 4 peer reviewed journals in the essay.
|
|
Domain of students enrolled at macquarie
: For the domain of students enrolled at Macquarie let d(x) be the statement "x is enrolled in DMTH137" and r(x, y) be the statement "x has replied to a post by y on iLearn".
|