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Stockton Company Adjusted Trial Balance December 31 Cash 6,102 Accounts Receivable 2,938 Prepaid Expenses 703 Equipment 15,970 A

Svetlanka [38]

Answer:

Stockton Company

The retained earnings ending balance is:

= $12,114.

Explanation:

a) Data and Calculations:

Stockton Company

Adjusted Trial Balance December 31

Cash 6,102

Accounts Receivable 2,938

Prepaid Expenses 703

Equipment 15,970

Accumulated Depreciation 6,337

Accounts Payable 1,719

Notes Payable 4,543

Common Stock 1,000

Retained Earnings 10,872

Dividends 916

Fees Earned 6,176

Wages Expense 2,514

Rent Expense 761

Utilities Expense 459

Depreciation Expense 233

Miscellaneous Expense 51

Totals 30,647 30,647

Income Statement for the year:

Fees Earned $6,176

Wages Expense 2,514

Rent Expense 761

Utilities Expense 459

Depreciation Expense 233

Miscellaneous Expense 51 4,018

Net Income $2,158

Statement of Retained Earnings for the year:

Net Income $2,158

Retained Earnings 10,872

Dividends (916)

Retained Earnings, ending $12,114

5 0

3 years ago

Given the following financial structure for Company S for all of 2016:

Mila [183]

Answer:

Explanation:

A.)

The Basic EPS can be determined by using the formula:

$\mathtt{Basic \ EPS = \dfrac{Net \ income \ attributabe \ to\ common \ stock \ holders }{\text{common stock outstanding throughout the year}} }$

$\text{Given Net income = \$2,600,000}$

$\text{Net income available for common stock holders = }$ $\text{ Net income given less dividend}$

$\text{ to preferred holders of stock}$

$\mathtt{=$2,600,000 - $100 \times 50000\times 6\%}$

$=\$2,300,000$

$\text{Common stock} = $800,000$

∴

$\mathbf{Basic \ EPS = \dfrac{\$2,300,000}{800,000} }$

$\mathbf{Basic \ EPS = \$2.88 \ per \ common \ stock}$

B.)

The calculations for the numerator and denominator effect are:

$\text{Calculation of the effect on incremental EPS}$

Convertible on preferred stock $\mathtt{=\dfrac{500,000 \times 100 \times 6\%}{50000\times 5}}$

$=1.20$

Convertible Bond $=\dfrac{500,000 \times 8\%\times 70\%}{\dfrac{500,000}{1000\times 20}}$

= 2.80

Stock options $= \dfrac{0}{100,000- (100,000\times \dfrac{60}{80})}$

= 0

Determination of the numerator & denominator effect for each convertible securities shown above are:

Numerator (N) Denominator (D) Dilution index = N/D

Net income $2,600,000

Less: Preferred $300000

Dividend

Common stock A

Net income $2,300,000 800,000 2.875

Add: Stock

Options (B) 0 25000

Total (C) = (A + B) $2300000 825000 2.788

Add: Convertible

Bonds (D) 428000 10000

Total (E) = (C+D) $2328000 835000 2.787

Add: Convertible

Preferred Stock (F) $300000 250000

Total (E) + (F) $2628000 1085000 2.422

C.)

Particulars Dilutive Index Rank (most dilutive is 1.)

Stock Option 2.788 1

Convertible Bonds 2.787 3

Preferred Stock 2.422 2

D.)

From above, the convertibles are diluted EPS (DEPS)

$\text{ DEPS =Net income available common stockholders + net tax dividend on convertible securities}$ ÷ $\text{weighted average no. of common shares + effect of convertible stock + convertible stock options}$

$\text{DEPS (1{st} stage) for only common stock}= \dfrac{2300000}{800000} = \$2.88}$

$\text{DEPS (2{st} stage)with \ stock \ options}= \dfrac{2300000+0}{800000+25000} = \$2.788}$

$\text{DEPS (3{st} stage)with \ stock \ options \& preferred \ stock }= \dfrac{2300000+300000+0}{800000+250000+25000} = \$2.42}$

3 0

3 years ago

After retiring as a telecommunications executive, chad joined scor. as a score counselor chad will:

xxTIMURxx [149]

He said that he was going to provide consulting services for small businesses that ask for it for free

8 0

3 years ago

Elizabeth is a highly-sought-after scientific researcher. She relocated to Europe ten years ago but is now returning to the Unit

GuDViN [60]

Answer:

2

Explanation:

Reverse brain is a type of brain drain that occurs when a person moves from a more developed country to a less developed country. The knowledge, skills developed in the developing country can be used by the developed country from which she came from

Elizabeth moved from US (developed) to Europe (less developed). On returning to US, the government is concerned about accepting her contributions which she made in Europe

4 0

3 years ago

For most young people, working full-time and going to school are substitutes: You tend to do one or the other. When it’s tough t

Ivahew [28]

Answer:

The answers are:

It lowers the opportunity cost of going to college
The demand for college rises.

Explanation:

The opportunity cost can be defined as what you lose because when decide to choose a different alternative.

In this case going to college means losing the possible revenue (salary) you can get by working. If you can´t find a job, then your possible (salary) decreases, so the cost of opportunity of going to college lowers. Therefore the demand for attending college increases.

5 0

4 years ago