Problem 15-8 Sheridan Company provides you with the following condensed balance sheet information: Assets Current assets...
Problem 15-8
Sheridan Company provides you with the following condensed balance sheet information:
|
Assets |
||||
| Current assets | $ 37,600 | |||
| Equity investments | 58,800 | |||
| Equipment (net) | 248,300 | |||
| Intangibles | 59,800 | |||
| Total assets | $404,500 | |||
|
Liabilities and Stockholders’ Equity |
||||
| Current and long-term liabilities | $107,900 | |||
| Stockholders’ equity | ||||
| Common stock ($5 par) | $ 20,800 | |||
| Paid-in capital in excess of par | 117,100 | |||
| Retained earnings | 158,700 | 296,600 | ||
|
Total liabilities and stockholders’ equity: $404,500 For each transaction below, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (Each situation is independent.) For each A, B, C D and E, answer if there is an increase, decrease or no effect and if it does increase or decrease, write the amount. (a) Sheridan declares and pays a $0.60 per share cash dividend. (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (b) Sheridan declares and issues a 10% stock dividend when the market price of the stock is $15 per share.
|
|
|||
Homework Answers
|
Total Assets |
Common Stock |
Paid in Capital in excess of Par |
Retained Earnings |
Stockholders Equity |
|
|
(a) |
Decrease by (4160 * 0.60) =2496 |
No effect |
No effect |
Decrease by (4160 * 0.60) =2496 |
Decrease by (4160 * 0.60) =2496 |
|
(b) |
No effect |
Increase by (416 * 5) =2080 |
Increase by (416 * 10) =4160 |
Decrease by (416 * 15) =6240 |
No effect |
|
(c) |
No effect |
Increase by (1248* 5) =6240 |
Increase by (1248 * 10) =12480 |
Decrease by (1248 * 15) =18720 |
No effect |
|
(d) |
Decrease by 49920 |
No effect |
No effect |
Decrease by 49920 |
Decrease by 49920 |
|
(e) |
No effect |
No effect |
No effect |
No effect |
No effect |
Add Answer to:
Problem 15-8
Sheridan Company provides you with the following condensed
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Problem 15-08
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