Acc 291 Week 1 Wileyplus Assignment Week 4

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Unformatted text preview: 150,000 shares issued and 142,000 outstanding 1,500,000 Total capital stock 1,900,000 Additional paid-in capital In excess of par value-preferred stock $ 288,400 In excess of stated value-common stock 690,000 From treasury stock 6,000 Total additional paid-in capital 984,400 Total paid-in capital 2,884,400 Retained earnings 776,000 Total paid-in capital and retained earnings 3,660,400 Less: Treasury stock 88,000 Total stockholders' equity $ 3,572,400 Compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share. (Round answer to 2 decimal places, e.g. 10.50.) $ 22.06 Total stockholders' equity $3,572,400 Less: Preferred stock equity Call prince ($110 × 4,000) 440,000 Common stock equity $3,132,400 Common shares outstanding 142,000 Book value per share ($3,132,400 ÷ 142,000) $22.06...
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Answer each of the following questions.Your answer is correct.Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Accounts receivable turnovertimesThe average collection period for 2014daysSolutionCLOSEExercise 8-11Accounts receivable turnover= $35,898= 9.4times($3,335 + $4,296)/2Average collection period= 365 days= 38.8days9.4CLOSEBroadening Your Perspective 8-1Your answer is correct.The ±nancial statements of Tootsie Rollare presented below.TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per sharedata)For the year ended December 31,201120102009Net product sales$528,369$517,149$495,592Rental and royalty revenue4,1364,2993,739Total revenue532,505521,448499,331Product cost of goods sold365,225349,334319,775Rental and royalty cost1,0381,088852Total costs366,263350,422320,627Product gross margin163,144167,815175,817Rental and royalty gross margin3,0983,2112,887Total gross margin166,242171,026178,704Selling, marketing and administrative expenses108,276106,316103,755Impairment charges——14,000Earnings from operations57,96664,71060,949Other income (expense), net2,9468,3582,100Earnings before income taxes60,91273,06863,049Provision for income taxes16,97420,0059,892Net earnings$43,938$53,063$53,157Net earnings$43,938$53,063$53,157Other comprehensive earnings (loss)(8,740)1,1832,845Comprehensive earnings$35,198$54,246$56,002Retained earnings at beginning of year.$135,866$147,687$144,949Net earnings43,93853,06353,1579.4138.68

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