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Unformatted text preview: View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Question 1: Score 3/3 Question 2: Score 0/3 Shown below are selected data from the financial statements of Ideal Co. dollar amounts are in (millions, except for the per share data). Per share data (these amounts stated in actual dollars, not millions): Ideal reported earnings per share for the year of $3 and paid cash dividends of $1.2 per share. At year end, the Wall Street Journal listed Ideal's capital stock as trading at $150 per share. Refer to the above data. Ideal's return on assets (rounded) was: Income Statement data: Net sales $2,000 Cost of goods sold 800 Operating expenses 700 Net income 600 Balance sheet data: Average total equity 1,000 Average total assets 4,500 Your Answer: Choice Selected 27%. 11%. 0%. Some other percentage. Feedback: 500/4,500 = 11% The stockholders' equity section of the balance sheet of Handy Corporation at December 31, 2006, appears as follows: (The company engaged in no treasury stock transactions prior to 2006) Stockholders’ equity: $3 preferred stock, $100 par 13,000 shares authorized 8,000 shares issued $800,000 Common stock, $2 par, 120,000 shares authorized, 52,000 shares issued, of which 5,500 are held in treasury 104,000 Additional paid-in capital: From issuance of preferred stock 40,000 From issuance of common stock 150,000 From treasury stock transactions 3,000 From common stock dividends 7,000 Total paid-in capital $1,104,000 Page 1 of 13 Homework Manager - View My Grades - Financial Accounting ACCT 116A - Tuttle (Su... 8/10/2008 http://mh7.brownstone.net/modules/viewRecord.Login Question 3: Score 0/3 Question 4: Score 3/3 A small stock dividend of 1,000 shares was declared and distributed during 2006. What was the market price per share on the date of declaration? Retained earnings ($42,000 equal to cost of treasury stock is not available for dividends) 330,000 $1,434,000 Less: Treasury stock (at cost: 5,500 common shares) (42,000) Total stockholders’ equity $1,392,000 Your Answer: Choice Selected $11.5 per share. $9 per share. $10 per share. $8 per share. Selected Feedback: ((1,000 x 2) + 7,000)/1,000 = 9 An analysis of Lancaster Corporation's Investment in Marketable Securities account during 2007 disclosed the following: Lancaster's 2007 income statement included a $55,000 loss on sale of marketable securities and $38,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. Refer to the above data. The cash proceeds received by Lancaster Corporation in 2007 for the sale of marketable securities was: Debit entries $370,000 Credit entries 250,000 Your Answer: Choice Selected $353,000. Selected $305,000....
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This note was uploaded on 09/24/2008 for the course ACCT 116A taught by Professor Tuttle during the Summer '08 term at San Diego.
- Summer '08
- Financial Accounting