Accounting Problem 23 and 24 091409 Homework

Accounting Problem - Problem 2-1 3/12 X 5000 6/12 X 13000 3/12 X 17000 1250 6500 4250 12000 100000 $8.33 12000 or EPS = Problem 2-2 6/12 X 100000

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Problem 2-1 3/12 X 5000 + 1250 6/12 X 13000 + 6500 3/12 X 17000+ 4250 12000 EPS = 100000/ 12000 or $8.33 Problem 2-2 6/12 X 100000+ 50000 3/12 X 106000+ 26500 3/12 X 112000 + 28000 104500 EPS= 500000/ 104500 or $4.81
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Grandview Co. Income Statement For the year ended 12/31/x7 Sales 85000 COGS -40000 Gross Margin 45000 Operating Expenses Advertising Expense 1000 Rent Expense 12000 Utilities Expense 2000 Wage Expense 10000 Total Operating Expenses 25000 Operating Income 20000 Other Expense Interest Expense 5000 Total Other Expense 5000 Income Before Taxes 15000 Income Tax Expense 4500 Net Income $10,500 EPS= 3/12 X900 225 9/12X1000 750 975 EPS= 10500/ 975 or $10.77 per share Grandview Co Statement of Owner's Equity For the Year Ended 12/31/x7 Common Stock Retained EarnTotal Beginning balances 1/1/x7 $9,000 $57,500 $66,500 Common Stock Issued $1,000 $1,000 Net Income $10,500 $10,500 Dividends Declared $(5,000) $(5,000) Ending Balances $10,000 $63,000 $73,000 Grandview Co Balance Sheet December 31, x7 Assets Current Assets Current Liabilities Cash 47000 Accounts Payable
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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Accounting Problem - Problem 2-1 3/12 X 5000 6/12 X 13000 3/12 X 17000 1250 6500 4250 12000 100000 $8.33 12000 or EPS = Problem 2-2 6/12 X 100000

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