Accounting Question

Accounting Principles IIAssessment Project 1
Fall 2023/Spring 2024
Delphian Corporation’s Balance Sheet as of December 31, 2024, as follows:
DELPHIAN CORPORATION
Balance Sheet (Partial)
December 31, 2024
Stockholders’ Equity
Paid in Capital:
Common Stock–$1 Par Value; 11,000,000 shares authorized,
8,000,000 shares issued and outstanding
Paid-in Capital in Excess of Par—Common
Total Paid-In Capital
Retained Earnings
$ 8,000,000
200,000
$ 8,200,000
800,000,000
Total Stockholders’ Equity
$808,200,000
During 2025, Delphian Corporation had the following transactions:
Jan 1
Feb. 15
Mar. 1
Mar. 30
Nov. 1
Nov. 30
Dec. 1
Dec. 20
Issued 10,000 shares of common stock for $10 per share.
Issued 2,000 shares of common stock for $8 per share.
Declared a $0.20 per share cash dividend on its common stock to be paid on
March 30. Date of record: March 15.
Paid the cash dividend to stockholders.
Declared a 1% common stock dividend on all common stock outstanding. The
current market price of the stock was $8. Date of record: November 15.
Distributed stock to stockholders.
Purchased 5,000 shares of treasury stock-common at $12 per share.
Sold 3,000 shares of treasury stock-common at $14 per share.
Requirements:
1. Journalize Delphian’s transactions for 2025 and post them to Ledgers.
2. Prepare the stockholders’ equity section of the balance sheet as of 12/31/2025.
Assume: Delphian had a net income of $20,000,000 during 2025 and that Cash
Dividends and Stock Dividends have been close to the Retained Earnings account.
3. Calculate Delphian’s earnings per share for 2025.
4. Assuming Delphian’s market value per common share as of 12/31/2025, was $15,
calculate Delphian’s price/earnings ratio for 2025.
*** A lot of this information was covered in Chapter F13 – Week 2.***