Homework Answers
| (a) | |
| $ | |
| Cash | 150000 |
| Marketable securities | 200000 |
| Accounts Receivable | 150000 |
| Inventories | 50000 |
| Prepaid taxes and Insurance | 30000 |
| Total Current Assets | 580000 |
| Note Payable | 50000 |
| Accounts Payable | 100000 |
| Income Tax Payable | 80000 |
| Total current liabilities | 230000 |
| Working Capital = Current Assets - Current Liabilities | |
| = $580000 - $230000 | |
| = $350000 | |
| $ | |
| Preferred Share capital | 100000 |
| Common Stock | 150000 |
| Capital Surplus | 150000 |
| Retained Earnings | 70000 |
| Shareholders' equity | 470000 |
| b) EPS = Net Income - Preference dividend / Number of Common shares | |
| EPS = ($500000-$6000) / 10000 shares = $49.4 per share | |
| c) The market price per share at the time of issue was $150000 / 10000 shares = $15 per share | |
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