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# Accounting Text And Cases 13th Ed. Hawkens

5566 words - 23 pages

CHAPTER 9 SOURCES OF CAPITAL: OWNERS’ EQUITY
Changes from Eleventh Edition Updated from Eleventh Edition Approach By comparison with Chapter 8, this chapter’s equity topics are relatively straightforward. I try to downplay the differences between equity accounting for unincorporated and incorporated businesses. As a consultant to the former, I urge them to impute market salaries for their employee-owners, so that their income can be compared with the pretax earnings of incorporated firms. Cases Xytech, Inc. provides practice in accounting for various owners’ equity transactions. Innovative Engineering Company involves comparison of alternative financing arrangements for a new company. UPC, ...view middle of the document...

, capital structure) is between the risks inherent in taking on fixed debt obligations versus the opportunity to increase the shareholders’ profitability by having some debt in the capital structure. (A more detailed study of capital structure decisions is covered in finance courses.)

1

Accounting: Text and Cases 12e – Instructor’s Manual

Anthony/Hawkins/Merchant

Problem 9–2 a. Basic earnings per share = (\$19,550,000 − \$3,900,000) = \$7.83 2,000,000 shares (\$19,550,000 − \$3,900,000) = \$7.45 2,000,000 + (200,000 − 100,000) *

b. Diluted earnings per share =

*Assume 200,000 optional shares issued less assumed 100,000 shared repurchased with option payments (200,000 shares x \$10 per exercised option) at \$20 per share. Problem 9–3 Weighted average number of shares outstanding during the fiscal year is (100,000 + 300,000 + 300,000 + 300,000) = 250,000 shares 4 Problem 9–4

Total Johns Schwartz Salaries........................................................................................................................................................................................... \$ 55,000 \$15,000 \$40,000 Interest on capital........................................................................................................................................................................... 12,000 5,000 7,000 Remainder...................................................................................................................................................................................... 54,000 27,000 27,000 Total............................................................................................................................................................................................... \$121,000 \$47,000 \$74,000 Problem 9–5 December 31, 2006 (a) No entry (except to show 10,000,000 shares issued and outstanding) (b)

If retired: dr. Preferred Stock......................................................................................................................................................................... 1,200,000 Retained Earnings or Paid-In Capital........................................................................................................................................ 168,000 cr. Cash....................................................................................................................................................................................... 1,368,000 Or If not retired: dr. Treasury Stock.......................................................................................................................................................................... 1,368,000 cr. Cash....................................................................................................................................................................................... 1,368,000

January 1, 2007 (a) dr. Dividends on Preferred...

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