Date | Account Titles and Explanation | Debit | Credit |
Dec. 1 | Cash dividends (597600* x $0.50) | 298800 | |
Dividends payable | 298800 | ||
Dec. 31 | Retained earnings | 349200 | |
Cash dividends ($50400 + $298800) | 349200 | ||
(To close cash dividends) | |||
Dec. 31 | Dividends payable | 298800 | |
Cash | 298800 | ||
(To record payment of cash dividends payable) |
*Number of common shares outstanding on Dec. 1 = [($2400000/$4) - 12000] + 12000 - 2400 = 600000 - 12000 + 12000 - 2400 = 597600
Common Stock | |||
1/1 Bal. | 2400000 | ||
2/1 | 48000 | ||
12/31 Bal. | 2448000 | ||
Paid-in Capital in Excess of Par Value-Preferred Stock | |||
1/1 Bal. | 36000 | ||
12/31 Bal. | 36000 | ||
Paid-in Capital in Excess of Stated Value-Common Stock | |||
1/1 Bal. | 1152000 | ||
2/1 | 24000 | ||
12/31 Bal. | 1176000 | ||
Retained Earnings | |||
12/31 | 349200 | 1/1 Bal. | 1651200 |
12/31 | 672000 | ||
12/31 Bal. | 1974000 | ||
Cash Dividends | |||
10/1 | 50400 | 12/31 | 349200 |
12/1 | 298800 | ||
12/31 Bal. | 0 | ||
Treasury Stock | |||
1/1 Bal. | 96000 | ||
3/20 | 16800 | ||
12/31 Bal. | 112800 |
AYAYAI CORP. | ||
Partial Balance Sheet | ||
December 31, 2022 | ||
Stockholders' Equity | ||
Paid-in Capital | ||
Capital Stock | ||
Preferred stock | 720000 | |
Common stock | 2448000 | |
Total capital stock | 3168000 | |
Additional Paid-in Capital | ||
Paid-in capital in excess of par value-Preferred | 36000 | |
Paid-in capital in excess of stated value-Common | 1176000 | |
Total additional paid-in capital | 1212000 | |
Total paid-in capital | 4380000 | |
Retained earnings | 1974000 | |
Total paid-in capital and retained earnings | 6354000 | |
Less: Treasury stock | 112800 | |
Total stockholders' equity | 6241200 |
Kindly round off the ratios as required since instructions regarding rounding off are incomplete in the image posted.
Payout ratio = Dividends paid/Net income = $298800/$672000 = 44.46%
Earnings per share = (Net income - Preferred dividends)/Average number of common shares outstanding = ($672000 - $50400)/592800 = $621600/$592800 = $1.05
Average common shares outstanding = [(600000 - 12000) + 597600]/2 = 1185600/2 = 592800
Return on common stockholders' equity = (Net income - Preferred dividends)/Average common stockholders' equity) = ($672000 - $50400)/$5296200 = 11.74%
Average common stockholders' equity = [($2400000 + 1152000 + 1651200 - 96000) + ($2448000 + 1176000 + 1974000 - 112800)]/2 = $5296200
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