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Which of the following line item amounts would be under the Retained Earnings column of a statement of stockholders' equity?

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The CFO of Mulroney Industries plans to have the company issue $300 million of new common stock and to use the proceeds to pay off some of its outstanding bonds. Assume that the company, which does not pay any dividends, takes this action, and that total assets, operating income (EBIT), and its tax rate all remain constant. Which of the following would occur?a. The company's net income would increase.b. The company's taxable income would fall.c. The company would have to pay less taxes.d. The company would have less common equity than before.e. The company's interest expense would remain constant.

On its 2004 balance sheet, Sherman Books showed $510 million of retained earnings, and exactly the same amount was shown the following year. Assuming that no earnings restatements were issued, which of the following statements is CORRECT?a. The company must have had zero net income in 2005.b. The company must have paid no dividends in 2005.c. Dividends could have been paid in 2005, but they would have had to equal the earning for the year.d. If the company lost money in 2005, they must have paid dividends.e. The company must have paid out half of its earnings as dividends.

Maple Furniture recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. This action had no effect on the company's total assets or operating income. Which of the following effects would occur as a result of this action?a. The company's equity multiplier increased.b. The company's return on assets decreased.c. The company's times interest earned ratio decreased.d. The company's debt ratio increased.e. The company's current ratio increased.

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