Homework Answers
1.
| Date | Account title and Explanation | Debit | Credit |
| Jan.15 | Retained earnings (50,000*$1.05) | $52,500 | |
| Cash | $52,500 | ||
| Apr.15 | Retained earnings (50,000*10%*$13) | $65,000 | |
| Common stock (5,000*$10) | $50,000 | ||
| Paid in capital in excess of par | 15,000 | ||
| May.15 | Treasury stock (2,000*$16) | $32,000 | |
| Cash | $32,000 | ||
| Nov.15 | Cash | $19,000 | |
| Treasury stock (1,000*$16) | $16,000 | ||
| Paid in capital in excess of par | 3,000 | ||
| Dec.31 | Income summary | $366,000 | |
| Retained earnings | $366,000 |
2.
Paid in capital = $502,000+15,000+3,000 = $520,000
Retained earnings = $605,000+366,000-117,500 (52,500+65,000) = $853,500
Stockholders' equity = $550,000 (common stock)+520,000(paid in capital in excess of par)+853,500(retained earnings) - 32,000 (Treasury stock purchased)+16,000 (Treasury stock reissued) = $1,907,500
3.
Payout ratio = Dividend / Net income
Payout ratio = $117,500 / 366,000 * 100 = 32.10%
Return on common stock equity ratio = Net income / Average common stockholders' equity
Return on common stock equity ratio = $366,000 / $1,757,250 (1,607,000+1,907,500 /2) = 20.83%
3.
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On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi
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Retained Earnings
616,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
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Apr. 15
Declared and paid a 10% stock dividend. The market price of the
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On January 1, 2020, Agassi
Corporation had the following stockholders’ equity accounts.
Common Stock ($10 par value, 50,000 shares issued and
outstanding)
$500,000
Paid-in Capital in Excess of Par—Common Stock
493,000
Retained Earnings
616,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
stockholders.
Apr. 15
Declared and paid a 10% stock dividend. The market price of the
stock was $13 per share.
May 15
Reacquired 1,800 common shares at a...
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