Crane Company has $1,140,000 in assets and $1,140,000 in stockholders’ equity, with 36,600 shares outstanding the entire year. It has a return on assets of 15%. During 2021, it had net income of $171,000. On January 1, 2022, it issued $397,000 in debt at 6% and immediately repurchased 18,300 shares for $397,000. Management expected that, had it not issued the debt, it would have had net income of $171,000 in 2022.
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Crane Company has $1,140,000 in assets and $1,140,000 in stockholders’ equity, with 36,600 shares outstanding the...
Exercise 11-20 a-c Crane Company has $1,140,000 in assets and $1,140,000 in stockholders’ equity, with 36,600...
Exercise 11-20 a-c
Crane Company has $1,140,000 in assets and $1,140,000 in
stockholders’ equity, with 36,600 shares outstanding the entire
year. It has a return on assets of 15%. During 2021, it had net
income of $171,000. On January 1, 2022, it issued $397,000 in debt
at 6% and immediately repurchased 18,300 shares for $397,000.
Management expected that, had it not issued the debt, it would have
had net income of $171,000 in 2022.
Determine the company’s net income and...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in stockholders’ equity, with 42,200 shares outstanding the...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in
stockholders’ equity, with 42,200 shares outstanding the entire
year. It has a return on assets of 10%. During 2021, it had net
income of $120,000. On January 1, 2022, it issued $386,000 in debt
at 6% and immediately repurchased 21,100 shares for $386,000.
Management expected that, had it not issued the debt, it would have
had net income of $120,000 in 2022. Assume the company pays
dividends on common stock equal...
Crane Company has $1,020,000 in assets and $1,020,000 in stockholders’ equity, with 39,000 shares outstanding the...
Crane Company has $1,020,000 in assets and $1,020,000 in stockholders’ equity, with 39,000 shares outstanding the entire year. It has a return on assets of 10%. During 2021, it had net income of $102,000. On January 1, 2022, it issued $370,000 in debt at 6% and immediately repurchased 19,500 shares for $370,000. Management expected that, had it not issued the debt, it would have had net income of $102,000 in 2022. Assume the company pays dividends on common stock equal...
Cabo Company has $1,000,000 in assets and $1,000,000 in stockholders’ equity, with 40,000 shares outstanding the...
Cabo Company has $1,000,000 in assets and $1,000,000 in
stockholders’ equity, with 40,000 shares outstanding the entire
year. It has a return on assets of 10%. During 2016, it had net
income of $100,000. On January 1, 2017, it issued $400,000 in debt
at 4% and immediately repurchased 20,000 shares for $400,000.
Management expected that, had it not issued the debt, it would have
had net income of $100,000 in 2017.
Determine the company’s net income and earnings per share...
Oriole Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, with 43,600 share...
Oriole Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, with 43,600 shares outstanding the entire year. It has a return on assets of 10%. During 2016, it had net income of $111,000. On January 1, 2017, it issued $409,000 in debt at 4% and immediately repurchased 21,800 shares for $409,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2017. Determine the company's net income and earnings per share...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in stockholders equity, with 42,200 shares outstanding the...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in
stockholders equity, with 42,200 shares outstanding the entire
year. It has a return on assets of 10%. During 2016, I had net
income of $120,000. On January 1, 2017, it issued $386,000 in debt
at 6% and immediately re-purchased 21,100 shares for $386,000.
Management expected that, had it not issued the debt, it would have
had net income of $120,000 in 2017.
Exercise 11-15 Ivanhoe Company has $1,200,000 in assets and...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245,000 Cost of goods sold 1,010,000 Selling and administrative expenses 910,000 Interest expense 85,000 Income tax expense 72,000 Net income $ 168,000 146,350 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $ 63,300 Debt investments 87,000 Accounts receivable (net) 169,100 Inventory Total current assets 465,750 Plant assets (net) 570,500 Total assets $...
The following financial information is for Crane Company. CRANE COMPANY Balance Sheets December 31 Assets 2022...
The following financial information is for Crane Company. CRANE COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,000 $ 69,000 Debt investments (short-term) 50,000 41,000 Accounts receivable 107,000 92,000 Inventory 234,000 162,000 Prepaid expenses 29,000 23,000 Land 135,000 135,000 Building and equipment (net) 261,000 187,000 Total assets $887,000 $709,000 Liabilities and Stockholders’ Equity Notes payable $169,000 $106,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 250,000 171,000 Common stock, $10 par 203,000 203,000 Retained...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,660,000 1,805,000 1,255,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $107 per share 111,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 12,800 shares of its...
The stockholders’ equity accounts of Crane Company on January 1,2022, were as follows.Preferred Stock...
The stockholders’ equity accounts of Crane Company on January 1,
2022, were as follows.Preferred Stock (8%, $100 par noncumulative, 5,000 shares
authorized)$350,000Common Stock ($10 stated value, 800,000 shares authorized)1,400,000Paid-in Capital in Excess of Par Value—Preferred Stock50,000Paid-in Capital in Excess of Stated Value —Common Stock800,000Retained Earnings740,000Treasury Stock (7,000 common shares)56,000During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.Mar1Issued 6,000 shares of common stock for $80 per share.June22Purchased 1,000 additional shares of common treasury stock at...
Exercise 11-20 a-c
Crane Company has $1,140,000 in assets and $1,140,000 in
stockholders’ equity, with 36,600 shares outstanding the entire
year. It has a return on assets of 15%. During 2021, it had net
income of $171,000. On January 1, 2022, it issued $397,000 in debt
at 6% and immediately repurchased 18,300 shares for $397,000.
Management expected that, had it not issued the debt, it would have
had net income of $171,000 in 2022.
Determine the company’s net income and...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in
stockholders’ equity, with 42,200 shares outstanding the entire
year. It has a return on assets of 10%. During 2021, it had net
income of $120,000. On January 1, 2022, it issued $386,000 in debt
at 6% and immediately repurchased 21,100 shares for $386,000.
Management expected that, had it not issued the debt, it would have
had net income of $120,000 in 2022. Assume the company pays
dividends on common stock equal...
Cabo Company has $1,000,000 in assets and $1,000,000 in
stockholders’ equity, with 40,000 shares outstanding the entire
year. It has a return on assets of 10%. During 2016, it had net
income of $100,000. On January 1, 2017, it issued $400,000 in debt
at 4% and immediately repurchased 20,000 shares for $400,000.
Management expected that, had it not issued the debt, it would have
had net income of $100,000 in 2017.
Determine the company’s net income and earnings per share...
Oriole Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, with 43,600 shares outstanding the entire year. It has a return on assets of 10%. During 2016, it had net income of $111,000. On January 1, 2017, it issued $409,000 in debt at 4% and immediately repurchased 21,800 shares for $409,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2017. Determine the company's net income and earnings per share...
Ivanhoe Company has $1,200,000 in assets and $1,200,000 in
stockholders equity, with 42,200 shares outstanding the entire
year. It has a return on assets of 10%. During 2016, I had net
income of $120,000. On January 1, 2017, it issued $386,000 in debt
at 6% and immediately re-purchased 21,100 shares for $386,000.
Management expected that, had it not issued the debt, it would have
had net income of $120,000 in 2017.
Exercise 11-15 Ivanhoe Company has $1,200,000 in assets and...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245,000 Cost of goods sold 1,010,000 Selling and administrative expenses 910,000 Interest expense 85,000 Income tax expense 72,000 Net income $ 168,000 146,350 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $ 63,300 Debt investments 87,000 Accounts receivable (net) 169,100 Inventory Total current assets 465,750 Plant assets (net) 570,500 Total assets $...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,660,000 1,805,000 1,255,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $107 per share 111,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 12,800 shares of its...
The stockholders’ equity accounts of Crane Company on January 1,
2022, were as follows.Preferred Stock (8%, $100 par noncumulative, 5,000 shares
authorized)$350,000Common Stock ($10 stated value, 800,000 shares authorized)1,400,000Paid-in Capital in Excess of Par Value—Preferred Stock50,000Paid-in Capital in Excess of Stated Value —Common Stock800,000Retained Earnings740,000Treasury Stock (7,000 common shares)56,000During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.Mar1Issued 6,000 shares of common stock for $80 per share.June22Purchased 1,000 additional shares of common treasury stock at...
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