During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. At

Question:

During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. At the end of the year, the corporation had a net income of $350,000. The board of directors declared a cash dividend of $5 per share.

Instructions

Answer these questions in your working papers.

1.) How much of the net income did Longhorn distribute to the stockholders?

2.) How much of the net income did the corporation retain?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

See More Books

Question Posted: Jun 14, 2022 08:34 AM

See More Questions

During its first year of operation in 2014, Browne Sales Corporation made most of its sales on credit. At the end of the year, accounts receivable amounted to $199,000. On December 31, 2014,...
During its first year of operation in 2014, Jameson Sales Corporation made most of its sales on credit. At the end of the year, accounts receivable amounted to $175,000. On December 31, 2014,...
During its first year of operation Salon Manufacturing Company sold 1,000 units of inventory. Salon incurred variable product cost of $4 per unit and $1,875 of fixed manufacturing overhead costs. The...
Write a version of Gambler that uses two nested while loops or two nested for loops instead of a while loop inside a for loop.
The problem in our initial discussion of A-grade insurance markets was that adverse selection led to non-randomness in the insurance pool: Although almost everyone was willing to pay the insurance...
A vertical spring-block system with a period of $2.3 \mathrm{~s}$ and a mass of $0.35 \mathrm{~kg}$ is released $40 \mathrm{~mm}$ below its equilibrium position with an initial upward velocity...
A certain computer contains a random number generator that generates random numbers with uniform relative frequencies (or probability density) on the interval $(0,1)$. Suppose, however, that it is...
The following is a list of eight control plans from this chapter: Control Plans A. Limit checks B. Tickler files C. Public key cryptography D. Compare input data with master data E. Batch sequence...
How would you help employees build cultural intelligence in your fictional organization? Name and explain two specific actions you would take to help employees build cultural intelligence. Explain...
Richard chooses technique 0 and 2 requiring 10+10-20 efforts and provising 10+11=21 benefits. Hence, 21 is returned as the output Example 2: input1: 3 input2: (10,10,10,10) input3: (10,11,12,15)...
a . When stock is sold at a price above its par value, what amount is credited to the capital stock account? b . What is the classification of the Paid-in Capital in Excess of Par account? What is...
Annabelle Bradly owns Aussie Diners in Australia and North America. The corporation is considering going public and offering common stock on the New York Stock Exchange. She calls you to invite the...
Are the Hyatts bound by the contract terms specified on Cyber Tools Terms of Service page that they did not read? Which of the required elements for contract formation might the Hyatts claim lack?...
A financial institution starts the first day of operations with $10 million in capital. It has $150 million in checkable deposits. It makes $35 million commercial loan and 55 million in mortgages...
An investment costs $1,668 and pays $230 in perpetuity. If the interest rate is 14%, what is the NPV?
Allison Corp. has just issued preferred stock with an annual dividend of $1.25. If your required rate of return is 11%, what is the most that you should be willing to pay for a share of the stock.
YTM versus Bond Price Suppose Chinese Treasury department issued a 6-year bond with 4% coupon rate (p.a.), and its face value is 1,000 RMB. Three years later, now this bond is traded with 800 RMB,...
What is the profitability index of a project that requires an initial investment of $47 million and produces positive cash flows of $47 million annually for 4 years? Assume an opportunity cost of...
PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is comprised of the following: a. How much of the...
For all of the following words, if you move the first letter to the end of the word, and then spell the result backwards, you will get the original word: banana dresser grammar potato revive uneven...
Bonnies charitable contributions and AGI for the past four years were as follows: What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers are...
Tim and Monica Nelson are married, file a joint return, and are your newest tax clients. They provide you with the following information relating to their 2017 tax return: 1. Tim works as a...
What opportunities are available for a taxpayer to defer the recognition of certain types of prepaid income? That is, what advice could you give someone who wishes to defer the reporting of prepaid...
Having a bit of trouble completing part of the code for my guessing game in java. Basically, I need to add the part of the code that will allow the user to choose how many games they wish to play....
Find all the "daffodil numbers" between 100 and 999 and output them. "Daffodil number" refers to a three-digit number, and the cube of each digit is exactly equal to the number itself. For example,...
Complete the program so that each cell of array sum contains the sum of the corresponding cells of valA and valB: class Exercise3 { public static void main(String[] args) { int[] valA = {13, -22, 82,...

During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. At

Question:

Step by Step Answer:

common stock 17500 shares net income at the end of the ye...View the full answer

Glencoe Accounting First Year Course

Students also viewed these Business questions