On December 31, 2010 and 2011, Taft Corporation had 100,000 shares of common stock issued and outstanding. Additional information is as follows:Stockholders' equity at 12/31/2011$4,500,000Net income year ended 12/31/20111,200,000Market price per share of common stock at 12/31/2011144 The price-earnings ratio on common stock at December 31, 2011, was:

Information concerning common stock as of November 30, the end of the company’s current fiscal year, is presented below.Number of shares outstanding460,000Par value per share$  5.00Dividends paid per share in current year6.00Market price per share54.00Basic earnings per share18.00Diluted earnings per share12.00The price-earnings ratio for the common stock is

A company reported the following stockholders’ equity on January 1 of the current year:Common stock–$10 par value, 1,000,000 shares authorized; 270,000 shares issued $ 2,700,000Paid-in capital in excess of par value, common stock 1,280,000Retained earnings 1,695,000Total stockholders’ equity $ 5,675,000Prepare journal entries for the following selected transactions.March 1  Purchased 12,000 shares of its own stock for $25 cash per share.May 5  Sold 6,000 shares of its treasury stock for $25 cash per share.October 12  Sold 4,000 shares of its treasury stock for $26 cash per share.

earnings per share is the ratio of net income after taxes to the number of common stock shares outstanding.

A company issues 10,000 shares of $0.05 par value common stock for $25 per share. Which of the following is recorded at issuance?Multiple ChoiceCredit Common Stock for $500.Credit Additional Paid-In Capital for $500.Credit Additional Paid-In Capital for $250,000.Credit Common Stock for $250,000.

At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.Common stock, $14 par value $ 360,000Paid-in capital in excess of par value, common stock 90,000Retained earnings 380,000In the fourth quarter, the following entries related to its equity are recorded.Date General Journal Debit CreditOctober 2 Retained Earnings 60,000    Common Dividend Payable   60,000October 25 Common Dividend Payable 60,000    Cash   60,000October 31 Retained Earnings 91,000    Common Stock Dividend Distributable   44,000  Paid-In Capital in Excess of Par Value, Common Stock   47,000November 5 Common Stock Dividend Distributable 44,000    Common Stock, $14 Par Value   44,000December 1 Memo—Change the title of the common stock      account to reflect the new par value of $4.    December 31 Income Summary 210,000    Retained Earnings   210,000Required:2. Complete the following table showing the equity account balances at each indicated date.