The financial statements of Friendly Fashions include the following selected data (in millions): ($ in millions except share data)20212020Sales$9,843$10,934Net income$280$798Stockholders' equity$1,710$2,290Average Shares outstanding (in millions) 665 -Dividends per share$0.38 -Stock price$8.50 - Required:Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).) Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactionsaffect stockholders' equity during 2021, its first year of operations:2Issues 100,000 shares of common stock for $35 per share.JanuaryFebruarySeptember 10 Purchases 11,000 shares of its own common stock for $40 per share.Issues 3,000 shares of 8% preferred stock for $11 per share.December 15 Resells 5,500 shares of treasury stock at $45 per share.Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" inthe first account field.)View transaction listJournal entry worksheet124>Record the issuance of 100,000 shares of common stock for $35 per share.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 02, 2021Record entryClear entryView general journal

Since the first question is incomplete we will answer the second question.

Answered: Finishing Touches has two classes of…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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The financial statements of Friendly Fashions include the following selected data (in millions):

($ in millions except share data)	2021	2020
Sales	$	9,843	$	10,934
Net income	$	280	$	798
Stockholders' equity	$	1,710	$	2,290
Average Shares outstanding (in millions)		665		-
Dividends per share	$	0.38		-
Stock price	$	8.50		-

Required:
Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).)

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions
affect stockholders' equity during 2021, its first year of operations:
2
Issues 100,000 shares of common stock for $35 per share.
January
February
September 10 Purchases 11,000 shares of its own common stock for $40 per share.
Issues 3,000 shares of 8% preferred stock for $11 per share.
December 15 Resells 5,500 shares of treasury stock at $45 per share.
Required:
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
View transaction list
Journal entry worksheet
1
2
4
>
Record the issuance of 100,000 shares of common stock for $35 per share.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 02, 2021
Record entry
Clear entry
View general journal

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