ACC 2301 Chapter 1: ACCT_2301_CHAPTER 1 VIDEO

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emilypena887

22 Nov 2021

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UHD

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Accounting

Course

ACC 2301

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Answer will the stock value increase or decrease: an example of a feature of the corporate form of business ownership. Answer: double tax: the alternate form of the accounting equation. If stockholders" equity is ,000 and liabilities are ,000, then assets must equal: Answer: costs of providing products and serving others: use the following amounts to calculate net income: assets, ,000; dividends, ,000; Net income: 21,000: stockholder equity is made up of: Answer: common stock plus retained earnings: catalina corporation begins the year with a ,000 balance in retained earnings and a. During the year, the company generated net income of. ,000, issued additional common stock for ,000, and paid a dividend of ,000. Stockholder"s equity equals common stock plus retained earnings (net income minus dividends) Codes and morals that help people understand right and wrong: financial accounting information is provided when the benefits of providing the information exceed the costs.

Related Questions

Accounting Equation

The total assets and total liabilities of Pat's Coffee & TeaInc. and Pam's Corporation are shown below.

	Pat's Coffee & Tea Inc. (in millions)	Pam's Corporation (in millions)
Assets	$41,677	$40,427
Liabilities	18,338	19,405

Determine the stockholders' equity of each company.

Pat's Coffee & Tea Inc. stockholders' equity	$ ______
Pam's Corporation stockholders' equity	$ ______

Go44 is a motivational consulting business. At the end of itsaccounting period, December 31, 2015, Go44 has assets of $720,000and liabilities of $180,000. Using the accounting equation andconsidering each case independently, determine the followingamounts:

a. Stockholders' equity as of December 31,2015.
$

b. Stockholders' equity as of December 31,2016, assuming that assets increased by $96,500 and liabilitiesincreased by $30,000 during 2016.
$

c. Stockholders' equity as of December 31,2016, assuming that assets decreased by $168,000 and liabilitiesincreased by $15,000 during 2016.
$

d. Stockholders' equity as of December 31,2016, assuming that assets increased by $175,000 and liabilitiesdecreased by $18,000 during 2016.
$

e. Net income (or net loss) during 2016,assuming that as of December 31, 2016, assets were $880,000,liabilities were $220,000, and no additional common stock wasissued or dividends paid.
$

lilacplatypus170

Credits are used to record

a. decreases to assets and increases to expenses, liabilities, revenues, and stockholder's equity.

b. decreases to assets and expenses and increases to liabilities, revenues, and stockholder's equity.

c. increases to assets and decreases to expenses, liabilities, and stockholder's equity.

d. increases to assets and expenses and decreases to revenues, liabilities, and stockholder's equity.

e. decreases to assets and stockholder's equity and increases to liabilities, expenses, and revenues.

brownwoodchuck321

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 940,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 12%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the companyâs common stock at the end of the year was $25. All of the companyâs sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
	This Year		Last Year
Assets
Current assets:
Cash	$	5,304	$	5,350
Accounts receivable, net		15,800		10,450
Inventory		10,400		8,760
Prepaid expenses		1,940		2,380
Total current assets		33,444		26,940
Property and equipment:
Land		7,400		7,400
Buildings and equipment, net		20,600		20,400
Total property and equipment		28,000		27,800
Total assets	$	61,444	$	54,740
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	10,900	$	9,000
Accrued liabilities		880		1,400
Notes payable, short term		440		440
Total current liabilities		12,220		10,840
Long-term liabilities:
Bonds payable		10,000		10,000
Total liabilities		22,220		20,840
Stockholders' equity:
Common stock		940		940
Additional paid-in capital		4,900		4,900
Total paid-in capital		5,840		5,840
Retained earnings		33,384		28,060
Total stockholders' equity		39,224		33,900
Total liabilities and stockholders' equity	$	61,444	$	54,740

Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
	This Year		Last Year
Sales	$	93,000	$	88,000
Cost of goods sold		59,000		55,000
Gross margin		34,000		33,000
Selling and administrative expenses:
Selling expenses		9,900		9,400
Administrative expenses		13,400		12,400
Total selling and administrative expenses		23,300		21,800
Net operating income		10,700		11,200
Interest expense		1,200		1,200
Net income before taxes		9,500		10,000
Income taxes		3,800		4,000
Net income		5,700		6,000
Dividends to common stockholders		376		752
Net income added to retained earnings		5,324		5,248
Beginning retained earnings		28,060		22,812
Ending retained earnings	$	33,384	$	28,060

Required:

Compute the following financial data for this year:

1. Earnings per share. (Round your answer to 2 decimal places.)

2. Price-earnings ratio. (Round your intermediate calculations and final answer to 2 decimal places.)

3. Dividend payout ratio. (Round your intermediate calculations and final answer to 2 decimal places.)

4. Dividend yield ratio. (Round your intermediate calculations and final answer to 2 decimal places.)

5. Book value per share. (Round your answer to 2 decimal places.)

1	Earnings per share	?
2	Price-earnings ratio	?
3	Dividentd payout ratio	?	%
4	Dividend yield ratio	?	%
5	Book value per share	?

mauvebear844

ACC 2301 Chapter 1: ACCT_2301_CHAPTER 1 VIDEO

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