Question
In: Accounting
The Kimm Company had the following assets and liabilities on the dates indicated. Kimm began business...
The Kimm Company had the following assets and liabilities on the
dates indicated.
Kimm began business on January 1, 2013, with an investment of
$600,000 (60,000 shares, par value = $10).
|
December 31 |
Total Assets |
Total Liabilities |
|
2013 |
$1,700,000 |
300,000 |
|
2014 |
1,900,000 |
100,000 |
|
2015 |
2,500,000 |
1,700,000 |
- In 2013, Kimm paid $50,000 dividends and no additional investment was made. Other comprehensive income was $1,000
- In 2014, Kimm paid $100,000 dividends, additional investment of $200,000 (20,000 shares, par value = $10) was made by shareholders on September 1, 2014. Other comprehensive income (loss) was $(2,000).
- In 2015, Kimm had zero dividends and no additional investment was made. Other comprehensive income (loss) was $(500,000).
P1. Determine net income in 2013, 2014 and 2015. (Show work clearly)
P2. Determine basic earnings per share in 2013, 2014 and 2015. (Show work clearly)
P3. Determine comprehensive income in 2013, 2014 and 2015. (Show work clearly)
P4. Determine the balance of retained earnings at the end of 2015. (Show work clearly)
P5. Determine the balance of common stock at the end of 2015. (Show work clearly)
P6. Determine the balance of accumulated other comprehensive income at the end of 2015. (Show work clearly)
Hint : Use Equity = CS +RE+AOCI, along with A = L + E. No preferred stock (thus no preferred div, net income to common stockholders = net income)
Solutions
ekkarill92 answered 3 months agoRelated Solutions
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1
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Answer__________________
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Equipment
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Items
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Group of answer choices
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