Homework Answers
Answer:
| Answer a | |||
| Retained earnings available for common stockholders as on December 31,2014 | |||
| Net Income for 2020 | $868000 | ||
| Net Loss for 2018 | -$252000 | ||
| Net Loss for 2019 | -$39000 | ||
| Preferred stock holders dividend paid for 2018,2019 & 2020 (490000*8%*3) | -$117600 | ||
| Retained earnings available for Comon stockholders | $459400 | ||
| Book value of common stock as on December 31,2014 | |||
| Common stock, par value | $769000 | ||
| Retained earnings available for Comon stockholders | $459400 | ||
| Book value of common stock as on December 31,2014 | $1228400 | ||
| No.of common stock shares outstanding | 769000 | ||
| Book value of per common stock share | $1.60 | ||
| Answer b | |||
| Retained earnings available for common stockholders as on December 31,2020 | |||
| Net Income for 2020 | $868000 | ||
| Net Loss for 2018 | -$252000 | ||
| Net Loss for 2019 | -$39000 | ||
| Preferred stock holders dividend paid for 2018,2019 & 2020 | -$117600 | ||
| Preferred stock liquidating value in excess of par | -$39000 | ||
| Retained earnings available for Comon stockholders | $420400 | ||
| Book value of common stock as on December 31,2014 | |||
| Common stock, par value | $769000 | ||
| Retained earnings available for Comon stockholders | $420400 | ||
| Book value of common stock as on December 31,2014 | $1189400 | ||
| No.of common stock shares outstanding | 769000 | ||
| Book value of per common stock share | $1.55 |
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2018
$268,000 net loss
2019
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2020
$775,000 net income
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follows.
8% cumulative preferred stock, par value $100; authorized,
issued,
and outstanding 4,500 shares
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Common stock, par value $1.00; authorized 1,000,000
shares;
issued and outstanding 741,000
shares
$741,000
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following results for each of its 3 years of operations.
2018
$268,000 net loss
2019
$38,000 net loss
2020
$775,000 net income
At December 31, 2020, Martinez Inc. capital accounts were as
follows.
8% cumulative preferred stock, par value $100; authorized,
issued,
and outstanding 4,500 shares
$450,000
Common stock, par value $1.00; authorized 1,000,000
shares;
issued and outstanding 741,000
shares
$741,000
Martinez Inc. has never paid a cash or stock...
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