ACC 201 Ch 13 Problem (LinkedIn)

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Out-of-Class Problem
Chapter 13
Fundamental Accounting Principles, 22nd
Edition
ABC Corporation is authorized to issue 35,000 shares of $77.00 par value, preferred stockand 97,000 shares of
$5.50 par value common stock. Please prepare journal entries to record the following transactions that occurred
during the first year of operations:
January 1 Exchanged 650 shares of common stockfor $8,500 worth of services incurred to get the
corporation organized.
February 1 Sold 36,500 shares of common stockfor $6.00 per share and received cash.
February 15 Sold 23,000 shares of preferred stockfor $98 per share and received cash.
March 1 Sold 13,755 shares of common stockfor $8.75 per share and received cash.
March 25 Sold 8,500 shares of preferred stock for $97 per share and received cash.
April 1 Sold 600 shares of common stockfor $11.95 per share and received cash.

Page 1
DEBIT CREDIT
Jan 1 Organizational Expense 8,500.00
Common Stock 3,575.00
Paid-In Capital In Excess of Par Value 4,925.00
(Gave 650 shares of common stock to promoters at $5.50 par value)
Feb 1 Cash 219,000.00
Common Stock 200,750.00
Paid-In Capital In Excess of Par Value 18,250.00
(Sold 36,500 shares of common stock to investors at $5.50 par value)
15 Cash 2,254,000.00
Preferred Stock 1,771,000.00
Paid-In Capital In Excess of Par Value 483,000.00
(Sold 23,000 shares of preferred stock to investors at $77 par value)
Mar 1 Cash 120,356.25
Common Stock 75,652.50
Paid-In Capital In Excess of Par Value 44,703.75
(Sold 13,755 shares of common stock to investors at $5.50 par value)
25 Cash 824,500.00
Preferred Stock 654,500.00
Paid-In Capital In Excess of Par Value 170,000.00
(Sold 8,500 shares of preferred stock to investors at $77 par value)
Apr 1 Cash 7,170.00
Common Stock 3,300.00
Paid-In Capital In Excess of Par Value 3,870.00
(Sold 600 shares of common stock to investors at $5.50 par value)
GENERAL JOURNAL
DATE DESCRIPTION
2015
Shares Outstanding
650 Common
Shares Outstanding
37,150 Common
Shares Outstanding
23,000 Preferred
Shares Outstanding
50,905 Common
Shares Outstanding
31,500 Preferred
Shares Outstanding
51,505 Common

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Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1, 2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income $850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need a column for Preferred shares instead of Contributed Surplus) Solution Journal Entries Date Particulars Debit Credit 31-Jan Cash $66,500.00 Preferred Shares $66,500.00 Preferred Shares being issued 2-Mar Cash $80,000.00 Treasury stock $80,000.00 Common stocks being repurchased 28-Jun No entry required, since stocks do not have any par value 15-Sep Dividends - Preferred $30,800.00 Dividends Payable - Preferred $30,800.00 Preferred dividends at $4 per dividend being declared 30-Sep Dividends Payable - Preferred $30,800.00 Cash $30,800.00 Preferred dividends declared being paid 31-Oct Dividends - Common $217,500.00 Dividends Payable - Common $217,500.00 Common stock dividends being declared 15-Dec Dividends Payable - Common $217,500.00 Cash $217,500.00 Common dividends declared being paid Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800 Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500 Stocks repurchased at $16 = 5,000 x $16 = $80,000 Statement of Changes in Shareholders\' Equity Year ended on December 31, 2017 Preferred Share Capital Common Share Capital Treasury Shares Retained Earnings Accumulated Other Comprehensive Income Total Equity Balance at January 1, 2017 $850,000 $2,250,000 $0 $1,750,000 $22,000 $4,872,000 Profit for the year $0 $0 $0 $450,000 $0 $450,000 Other Comprehensive Income $0 $0 $0 $0 $15,000 $15,000 Dividends - Preferred $0 $0 $0 $30,800 $0 $30,800 Dividends - Common $0 $0 $0 $217,500 $0 $217,500 Purchase of Own Shares $0 $0 $80,000 ($80,000) $0 $0 Balance at December 31, 2017 $850,000 $2,250,000 $80,000 $2,368,300 $37,000 $5,585,300 Journal Entries Date Particulars Debit Credit 31-Jan Cash $66,500.00 Preferred Shares $66,500.00 Preferred Shar.

Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf

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Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf

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Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section: Jacobi Company Balance Sheet (Shareholders' Equity) December 31, 2015 1 Contributed Capital: 2 Preferred stock, 6%, $100 par $200,000.00 3 Additional paid-in capital on preferred stock 12,000.00 $212,000.00 4 Common stock, $5 par $150,000.00 5 Additional paid-in capital on common stock 240,000.00 390,000.00 6 Total contributed capital $602,000.00 7 Retained earnings 627,000.00 8 Accumulated other comprehensive income (loss): 9 Unrealized decrease in value of available-for-sale securities (41,000.00) 10 Total contributed capital, retained earnings, and accumulated other comprehensive income $1,188,000.00 11 Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015) (20,000.00) 12 Total Shareholders’ Equity $1,168,000.00 The company engaged in the following stock transactions during 2016: Jan. 4 Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015. 5 Issued 500 shares of preferred stock at $110 per share. 22 Issued 4,000 shares of common stock at $23 per share. Apr. 2 Reissued 700 shares of treasury stock at $24 per share. May 14 Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share. Jun. 4 Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5. 29 Issued the stock dividend declared on May 14. Jul. 5 Paid the cash dividend declared on June 4. 20 Split the common stock 2-for-1 and reduced the par value to $2.50 per share. Aug. 3 Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000. Sep. 14 Paid the property dividend declared on August 3. Dec. 3 Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock. Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000). X .

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For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, underlines & double underlines. Question1: 30% points: On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2014 and were not recorded: a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each. c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each. d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each. e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. One December 15, Flimsy split common stock 2 shares for 1. g. Net Income for 2014 was $275,000. Requirements: a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders\' section of a classified balance sheet as of December 31, 2014. Ensure to include correct dollar signs, underlines & double underlines. Date Account Debit Credit Comment Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 Solution Journal entries: Date Accounts Title Debit $ Credit $ Jan. 1 Retained Earnings (100000 Shares x 5%x$15) 75,000.00 Dividend Distributable (100000 Shares× 5%x$15) 75,000.00 (Being Stock Dividend Declared) Jan. 31 Dividend Distributable 75,000.00 Paid-in Capital in Excess of par, Common (100,000 Shares x5%x($15- $10) 25,000.00 Common Stock (100000 Shares ×5%x$10) 50,000.00 (Being Stock Dividend Distributed) Feb. 15 Treasury Stock 20,000.00 Cash (1,000x$20) 20,000.00 (Being 1000 Shares required) Mar. 31 Cash (250 Sharesx$25) 6,250.00 Paid-in Capital in Excess of par, Common (250 Shares x ($25-20) 1,250.00 Treasury Stock (250 Shares x $20) 5,000.00 Rissued 250 shares of treasury stock for $25 each) Jul. 1 Cash (500 Shares x $16) 8,000.00 Paid-in Capital in Excess of par, Common (500 Shares x ($20-16) 2,000.00 Treasury Stock (500 Shares x$20) 10,000.00 (To record the issued 500 shares of treasury stock for $16 each) Oct. 1 Reatined Earnings 199,625.00 Dividend Distributable (50,000+149,625) 199,625.00 (To record the Dividend Declared) Pref.

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Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf

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Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000 sibrtansactions occurred stock with a stated value of $4 per share. The following select equity, debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8 Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash. Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased 100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for $8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun. 15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold 4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8 per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec. 31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the adjusting entries at December 31,2022 , to report the investment securities at fair value. All securities are considered to be short-term, except for the JW Company commn stock..

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Winnie Corporation was organized on January 1- 2022- It is authorized.pdf

Winnie Corporation was organized on January 1- 2022- It is authorized.pdf

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Questions 1-5 are all based on the following information. On January 2, 2014, Max Corporation acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000. This acquisition gave Max the ability to exercise significant influence over the investee. The book value of the acquired shares was $790,000. Any excess cost over the book value was assigned to a patent that was undervalued on Rich\'s balance sheet. This patent has a remaining useful life of 7 years. For the year ended December 31, 2014, Rich reported net income of $250,000 and paid cash dividends of $95,000. 1)At December 31, 2014, how much is the basic equity accrual (increase)? 2)How much is the excess payment? 3)At December 31, 2014, how much is the dividend allocation? 4)For 2014, how much is the excess amortization of the patent? 5)At December 31, 2014, how much should Max report as its investment in Rich? Solution 1) Basic equity accrual on 31/12/2014 155,000/- 2) The xecess payment for patent 210,000/- 3) Dividend allocation 95,000/- 4) Excess amortisation of patent 28,500/- (95,000 *30 %) 5) Max investment in rich after dividend is accounted 971,500/- (1,000,000 - 28,500).

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Questions 11-15 are based on the followingRose Corporation acquir.pdf

Questions 11-15 are based on the followingRose Corporation acquir.pdf

Acct 221Final Exam Student Name: Question 1: 30 points a. General Journal Entries Date Account Debit Credit b. Partial Classified Balance Sheet Question 2: 5 points a. General Journal Entries Date Account Debit Credit b. Stock Investments Accounts Balance 12/31/14: Question 3: 10 points Question 4: 15 points Date Account Debit Credit Question 5: 10 points a.1. Breakeven Sales Dollars a.2. Breakeven Units b.1. Breakeven Sales Dollars b.2. Breakeven Units Question 6: 5 points Question 7: 6 points Produce Buy Question 1 (30 points) QUESTION 1A On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 The following events occurred during 2015 and were not recorded: a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.  c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.  d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.  e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.  f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above). g. Then, paid preferred shareholders on October 15  h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.  i. Then, paid common shareholders on October 15.  j. On December 15, Raleigh split common stock 2 shares for 1. QUESTION 1B Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014 b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding. c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding d Additional paid-in capital: Preferred stock in excess of par value is $34,000 Common stock in excess of stated value is $437,000    Requirements: Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014. Question 2 (5 points) On January 1, 2016, XYZ Company purchased.

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Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx

Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx

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ACC 201 Ch 13 Problem (LinkedIn)

1. Out-of-Class Problem Chapter 13 Fundamental Accounting Principles, 22nd Edition ABC Corporation is authorized to issue 35,000 shares of $77.00 par value, preferred stockand 97,000 shares of $5.50 par value common stock. Please prepare journal entries to record the following transactions that occurred during the first year of operations: January 1 Exchanged 650 shares of common stockfor $8,500 worth of services incurred to get the corporation organized. February 1 Sold 36,500 shares of common stockfor $6.00 per share and received cash. February 15 Sold 23,000 shares of preferred stockfor $98 per share and received cash. March 1 Sold 13,755 shares of common stockfor $8.75 per share and received cash. March 25 Sold 8,500 shares of preferred stock for $97 per share and received cash. April 1 Sold 600 shares of common stockfor $11.95 per share and received cash.

2. Page 1 DEBIT CREDIT Jan 1 Organizational Expense 8,500.00 Common Stock 3,575.00 Paid-In Capital In Excess of Par Value 4,925.00 (Gave 650 shares of common stock to promoters at $5.50 par value) Feb 1 Cash 219,000.00 Common Stock 200,750.00 Paid-In Capital In Excess of Par Value 18,250.00 (Sold 36,500 shares of common stock to investors at $5.50 par value) 15 Cash 2,254,000.00 Preferred Stock 1,771,000.00 Paid-In Capital In Excess of Par Value 483,000.00 (Sold 23,000 shares of preferred stock to investors at $77 par value) Mar 1 Cash 120,356.25 Common Stock 75,652.50 Paid-In Capital In Excess of Par Value 44,703.75 (Sold 13,755 shares of common stock to investors at $5.50 par value) 25 Cash 824,500.00 Preferred Stock 654,500.00 Paid-In Capital In Excess of Par Value 170,000.00 (Sold 8,500 shares of preferred stock to investors at $77 par value) Apr 1 Cash 7,170.00 Common Stock 3,300.00 Paid-In Capital In Excess of Par Value 3,870.00 (Sold 600 shares of common stock to investors at $5.50 par value) GENERAL JOURNAL DATE DESCRIPTION 2015 Shares Outstanding 650 Common Shares Outstanding 37,150 Common Shares Outstanding 23,000 Preferred Shares Outstanding 50,905 Common Shares Outstanding 31,500 Preferred Shares Outstanding 51,505 Common