3 years ago

The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. one year ago:

Business

1 answer:

Elena-2011 [213]3 years ago

3 0

Answer:

See explanation.

Explanation:

We can compute the new balances as below,

Long term debt = (66.9 + 36.9) = $103,800,000

Preferred stock (unchanged) = $4,190,000

Common Stock = (16.9+11.9) = $28,800,000

Capital Surplus = (46.9 + (61.8-11.9)) = $96,800,000

Accumulated Retained earnings = (136.9+12.8-3.9) = $145,800,000

Capital surplus is computed by subtracting share par value of 11.9 million from total price of share issue.

Accumulated retained earnings are calculated by subtracting the dividends and adding current net income.

Hope that helps.

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