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The balance sheet for Bearing Industries Inc. at the end of the current fiscal year indicated the following: Bonds payable, 7% (issued in 2002, due in 2022) $1,500,000 Preferred $5 stock, $100 par 192,000 Common stock, $12 par 1,008,000 Income before income tax was $210,000, and income taxes were $32,400, for the current year. Cash dividends paid on common stock during the current year totaled $80,640. The common stock was selling for $24 per share at the end of the year. Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent.
a. Number of times bond interest charges are earned: times
b.Number of times preferred dividends are earned: times
c.Earnings per share on common stock: $ d.Price-earnings ratio: e.Dividends per share of common stock: $ f.Dividend yield: %
the inventory accounts for billings incorporated for the years ending december 31 2011 2012 and 2013 are shown in the
List one difference that can cause a corporations book income to differ from its taxable income. Provide an example of a transaction to illustrate this difference. Why do you think these differences exist, and that IRS and GAAP/IFRS regulations ca..
given the following cost and activity observations for johnson companys utilities use the high low method to calculate
Each involves an adjustment that must be made to the accounting system before financial statements can be prepared. Show the effects of each adjusting entry on the accounting system.
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
Their net profit margin for the year was 20 percent, while the operating profit margin was 30 percent. What are Cisco's net income, EBIT ROA, ROA, and ROE?
Prepare the Current Liabilities section of the balance sheet for New Wave Co. on March 31, 2013.
What makes a contribution income statement unique? Discuss how a contribution income statement could be used to improve planning in a company.
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale?
Forecast the separate financial statements of Parent, Inc. Using Ms. Franklin's assumptions and Parent's 2008 financial statements, prepare pro forma 2009 financial statements for Parent, Inc., assuming that the acquisition is not attempted.
cochrane inc. is considering a new three-year expansion project that requires an initial fixed asset investment of
how and why might the importance of the budget affect generally accepted accounting principles for external general-
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