1.) Ethelred Corp. reported net income for the current year of $480,000. Ethelred Corp. had 8,500 shares of $100 par value, 15% preferred stock outstanding and 50,000 shares of $10 par value common stock outstanding for the entire year. Earnings per share was:
2.) Jennings Corporation's net income for the current year was $270,000. The corporation had outstanding 5,000 shares of 10%, $100 par value nonconvertible preferred stock and 10,000 shares of $20 par value common stock. No shares were issued or retired during the year. The amount of income to be used in the basic calculation of earnings per share is:
3.)Deferred tax liability is normally classified as a ___3a_____ and income tax payable is classified as a ___3b____ on the balance sheet.
4.)Deferred tax liability is normally classified as a ___3a_____ and income tax payable is classified as a ___3b____ on the balance sheet.
5.) On January 1, Victory Corporation's Common Stock account had a balance of $100,000, representing 20,000 shares of $5 par value issued at $40 per share. On May 15, 5,000 shares were issued for $120,000 cash. On August 31, a 10% stock dividend was declared and distributed. What is the balance in Common Stock appearing on the statement of stockholders' equity on December 31?
6.) On January 1, Kimberling Corporation's Retained Earnings account had a balance of $400,000. During the year, the board of directors declared cash dividends of $50,000 and stock dividends with a market value of $40,000. Net income for the year amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of stockholders' equity on December 31?
2.) Jennings Corporation's net income for the current year was $270,000. The corporation had outstanding 5,000 shares of 10%, $100 par value nonconvertible preferred stock and 10,000 shares of $20 par value common stock. No shares were issued or retired during the year. The amount of income to be used in the basic calculation of earnings per share is:
3.)Deferred tax liability is normally classified as a ___3a_____ and income tax payable is classified as a ___3b____ on the balance sheet.
4.)Deferred tax liability is normally classified as a ___3a_____ and income tax payable is classified as a ___3b____ on the balance sheet.
5.) On January 1, Victory Corporation's Common Stock account had a balance of $100,000, representing 20,000 shares of $5 par value issued at $40 per share. On May 15, 5,000 shares were issued for $120,000 cash. On August 31, a 10% stock dividend was declared and distributed. What is the balance in Common Stock appearing on the statement of stockholders' equity on December 31?
6.) On January 1, Kimberling Corporation's Retained Earnings account had a balance of $400,000. During the year, the board of directors declared cash dividends of $50,000 and stock dividends with a market value of $40,000. Net income for the year amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of stockholders' equity on December 31?