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In: Accounting

[The following information applies to the questions displayed below.] The following account balances were selected from...

[The following information applies to the questions displayed below.]

The following account balances were selected from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed:

Common stock ($17 par value; 104,000 shares authorized, 43,000 shares issued, 38,000 shares outstanding) $ 731,000
Additional paid-in capital 169,000
Dividends declared and paid during the year 12,000
Retained earnings at the beginning of the year 75,000
Treasury stock at cost (5,000 shares) (40,000 )

Net income for the year was $39,000. The stock price is currently $24.89 per share.

4.

value:
11.11 points

Required information

Required:

1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. (Amounts to be deducted should be indicated by a minus sign.)

References

eBook & Resources

WorksheetLearning Objective: 11-01 Explain the role of stock in the capital structure of a corporation.Learning Objective: 11-04 Discuss and report dividends.

Difficulty: 3 HardLearning Objective: 11-03 Describe the characteristics of common stock and report common stock transactions.Learning Objective: 11-05 Compute and analyze the dividend yield ratio.

Check my work

5.

value:
11.11 points

Required information

2-a. Compute and evaluate the dividend yield ratio. (Enter your answer as a percentage rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34).)


2-b. Determine the number of shares of stock that received dividends.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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