The Annapolis Corporation's stockholders' equity accounts have the fol.pdf

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The Annapolis Corporation's stockholders' equity accounts have the following balances as of January 1,201 12% preferred stock, cumulative, $50 par (10,000 shares issued and outstanding) 5500,000 Common stock, $10 par (100,000 shares issued and outstanding) Additional paid-in capitat common Retained earnings Total stockholders' equity 1 , 000 , 000 1 , 000 , 000 3 , 750 , 000 $ , 250 , 000 Annapolis engaged in the following dividend transactions during 2018, 2019, and 2020 . 3 3s Dividends are in arrears for 2016 and 2017, On December 1, 2018, the annual cash dividend plus the dividends in arrears were dectared on the preferred stock. In addition, a 51.50 per share dividend was declared on the common stock. The dividends were paid on December 31,2018 . On December 1, 2019, the annual cash dividend on the preferred stock was declared. The dividend was paid on Decernber 31, 2019. On December 10 , a 30% stock dividend was declared on the common stock, distributable on January 25, 2020. The market price per share for the common stock on December 10,2019, was $28 . On January 25, 2020, the stock dividend declared on Decernber 10, 2019, was issued On December 1, the annual cash dividend on the preferred ttock was declared; it is payable on Jamuary 15 , 2021 . In aquition. on December t 1 = 104 stoek dividend was deolared on the common stock, distributable on January 20, 2021. The market price per share for the common stock on December 1,2020, was $23 . No other stock transactions took place during 2018, 2019, or 2020. Reguired Prepare the entries to record the dividond transactions for 2018, 2019, and 2020. (Do not record any transactions.

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Similar to The Annapolis Corporation's stockholders' equity accounts have the fol.pdf

On January 1, 2024 , Blossom Ltd. had the following shareholders' equity accounts: Common shares (1,090,000 issued) $1,635,000 Retained earnings 1,962,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 109,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 104,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $103,000. Journalize the transactions and the entries to close dividends and the income Summary account. fGredit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is reguired, select "No Entry" for the account titles Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the .

On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx

farrahkur54

16. Stock dividends and stock splits have the following effects on retained earnings: Stock Splits Stock Dividends a. Increase No change b. Decrease Decrease c. No change No change d. No change Decrease 17. Somento Forest Inc. has 10,000 shares of 6%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2014. What is the annual dividend on the preferred stock? a. $60 per share b. $60,000 in total c. $100,000 in total d. $0.60 per share 18. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. the retained earnings account. c. a current year revenue or expense account. d. an asset account. 19. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What is its ending retained earnings balance? a. $1,300 b. $900 c. $1,400 d. $1,200 20. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5. b. 5-for-1. c. 3-for-1 d. 1-for-5. PROBLEM 1 On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 30,000 shares of common stock for $400,000. June 1 Declared a cash dividend of $1.50 per share to stockholders of record on June 15. June 30 Paid the $1.50 cash dividend. Dec. 1 Purchased 10,000 shares of common stock for the treasury for $20 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2 per share to stockholders of record on December 31. Instructions Prepare journal entries to record the above transactions. Use the template below . Date Account Debit Credit PROBLEM 2 The following information is available for Grey Goose Inc.: Beginning retained earnings $600,000 Cash dividends declared 40,000 Net income for 2014 100,000 Stock dividend declared 10,000 Understatement of last year's depreciation expense 20,000 Instructions Based on the preceding information, prepare a retained earnings statement for 2014 in the box below. GREY GOOSE INC. Retained Earnings Statement F.

16. Stock dividends and stock splits have the following effect.docx

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Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid $235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year, earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the balance sheet at December 31, Year 2. Complete this question by entering your answers in the tabs below..

Sun Corporation received a charter that authorized the issuance of 118.pdf

ssuser58be4b1

Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders\' equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35 July 1 Declared a 10% stock dividend to stockholders of record on July 15 distributable uly 31 On uly 1, the market price of the stock was SA er share. 31 Dec. 1 31 Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018. Determined that net income for the year was $300,000 Solution a) Journal Entries Date Accounts and Titles Debit Credit Feb.1 Retained Earnings (50,000 X $1) $50,000.00 Dividends Payable $50,000.00 Mar.1 Dividends Payable $50,000.00 Cash $50,000.00 Apr.1 No Entry Two-for-one stock split increases number of shares to 100,000 = (50,000 X 2) and reduces par value to $10 per share Jul.1 Retained Earnings (100,000 x 10% x $14) $140,000.00 Common Stock Dividends Distributable (10,000 X $10) $100,000.00 Paid-in Capital in Excess of Par Value (10,000 X $4) $40,000.00 Jul.31 Common Stock Dividends Distributable $100,000.00 Common Stock $100,000.00 Dec. 1 Retained Earnings (110,000 X $.30) $33,000.00 Dividends Payable $33,000.00 Dec. 31 Income Summary $300,000.00 Retained Earnings $300,000.00 b) Geffrey Corporation Balance Sheet (Partial) December 31, 2017 Stockholders’ equity Paid- in capital Capital stock Common stock, $10 par value, 110,000 shares issued and outstanding $1,100,000.00 Additional paid-in capital In excess of par value ($190,000 + $40,000) $230,000.00 Total paid-in capital $1,330,000.00 Retained earnings ($300,000 + 33000 + 140000 + 50000) $523,000.00 Total stockholders’ equity $1,853,000.00.

Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf

meerobertsonheyde608

Cash Dividends Date Explanation Ref Feb. 1 Dec. 1 Dec. 31 Debit Credit Balance Stock Dividends Date July 1 Dec. 31 Explanation Ref Credit Balance eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) July 31 Dec. 1 Common Stock Dividends Distributable Common Stock Cash Dividends Dividends Payable Income Summary Retained Earnings (To close net income) Retained Earnings Stock Dividends (To close stock dividends) Dec. 31 136500 Cash Dividends Retained Earnings 151200 Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) On January 1, 2022, Oriole Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declared a \$2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July 1 Declared a 10\% stock dividend to stockholders of record on July 15, distributable July 31 . On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a \$0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $357,500. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Jan. 1 Balance July 1v Credit Balance 212000 Retained Earnings Date Explanation Ref Debit Credit Jan.1 v Balance Dec.31 v Net income Dec.31 Stock dividend Dec.31 Cash dividend Balance 936500 779000 627800.

Cash Dividends Date Explanation Ref Feb. 1 Dec. 1 De.pdf

beautyleathers40

On January 1, 2022, Ivanhoe Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 61,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Mar. 1 Apr. 1 July 1 Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $365,500. 31 Dec. 1 $1,464,000 31 191,000 619,000 Common Stock Date Explanation Ref Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par- Common Stock Date Explanation Ref Debit Credit Balance Balance Retained Earnings Date Explanation Ref Debit: Credit Balance Balance Net income Date Account Titles and Explanation Debit Credit Prepare a stockholders' equity section at December 31. (Enter account nome only and do not provide descriptive informotion.) IVANHOE CORPORATION Balance Sheet (Partial) On January 1, 2022, Ivanhoe Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declared a \$1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2 -for- 1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% stock dividend to stockholders of record an July 15, distributable July 31 . On July 1, the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a \$0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $365,500..

On January 1, 2022, Ivanhoe Corporation had the following stockholde.pdf

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Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Difrancesco Company at March 31, 2019 is shown below. The following transactions, among others, occurred during the fiscal year ended March 31,2020 . April 15, 2019 Declare and pay preferred dividends of $420,000. April 15, 2019 Declare and pay common dividends of $1.50 per share. October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was \$147 per share. March 1, 2020 Declare and pay common dividends of $0.70 per share. (a) Use the financial statement effects template to indicate the effects of these separate transactions. Note: Use negative signs with answers, when appropriate. (b) At March 31. 2020, the company reported net income for the year of $8,900,610. Compute retained earnings as of March 31,2020..

Identifying and Analyzing Financial Statement Effects of Di.pdf

fabscollections

The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 - Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1 - Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected $300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased $150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses. September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000. November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in advance for services to be provided in December and January. December 30 - Declared and paid a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401 Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial balance as of December 31 . 6. Prepare a single-step income statement and statement of retained eamings for the year.

The John Marshall Company Inc which provides consulting s.pdf

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The John Marshall Company Inc which provides consulting s.pdf

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River bed Corporation is preparing its December 31,2020 , balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15,2020 . Riverbed declared a cash dividend of $2.40 per share to stockholders of record on December 31 . The dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. At December 31 , bonds payable of $111, 299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $27,824,750 every September 30 , beginning September 30,2021. 3. At December 31,2019 , customer advances were $13,603,000. During 2020 , Riverbed collected $30,634,000 of customer advances; advances of $26,948,000 should be recognized in income. For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any..

River bed Corporation is preparing its December 312020 ba.pdf

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The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold 6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 , No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Postentries in the order of joumal entries presented in the previous part.) Preferred Stock Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary stock Total Stockholders' Equity.

The stockholders' equity accounts of Sheffield Corporation on January.pdf

aasmaainternational

Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,066,800 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31 , 2022 , the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $144,000. All common stock issued was for cash. In November, 1,680 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 560 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022 . Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital from Treasury Stock Total Additional Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less : Treasury Stock Total Stockholders' Equity.

Whispering Winds Corporation has been authorized to issue 20,000 sh.pdf

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Accounting 970642 paper 4 problem solving (supplementary topics) october nove...

alproelearning

Can someone please help with the ones in RED? Cullumber, Inc. had the following equity investment portfolio at January 1, 2020. During 2020 , the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30 , Cullumber, Inc. sold 310 shares of Chance Company for $10 per share. 3. On May 15, Cullumber, Inc. purchased 110 more shares of Evers Company stock at $16 per share. 4. At December 31,2020 , the stocks had the following price per share values: Evers $17, Rogers $17, and Chance $7. During 2021, the following transactions took place. 5. On February 1, Cullumber, Inc. sold the remaining Chance shares for $7 per share. 6. On March 1, Rogers Company paid a $2 per share dividend. 7. On December 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31, 2021, the stocks had the following price per share values: Evers $19 and Rogers $19. Prepare journal entries for each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (6) Cash 1800 Dividend Revenue (7) Dividend Receivable 3240 Dividend Revenue (8) Fair Value Adjustment Unrealized Holding Gain or Loss - Equity (b) Your answer is partially correct. Prepare a partial balance sheet showing the investment- related amounts to be reported at December 31, 2020 and 2021. Cullumber, Inc. Balance Sheet (Partial) December 31, 2020 December 31, 2021 Current Assets Dividend Receivable $ 0 $3240 Investments Equity Investments.

Can someone please help with the ones in RED Cullumber, Inc. had th.pdf

akpatra2000

ACCT 221 Midterm Problems 1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During 2013, its first year of operation, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $11 per share. Jan. 30 The company’s attorney accepted 3,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $28,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The stock is currently selling on a national exchange at $14 per share. Instructions Journalize the transactions for Albert Corporation. 2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013: The company uses the cost method to account for treasury stock transactions. During 2013, the following treasury stock transactions occurred: March 1 Purchased 12,000 shares at $18 per share. July 1 Sold 3,500 shares at $21 per share. Sept 1 Sold 3,100 shares at $14 per share. Instructions Journalize the treasury stock transactions for 2013. Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder 1 Common Stock, $10 par value $1,500,000 Paid-in Capital in Excess of Par 200,000 Retained Earnings 500,000 Total Stockholders’ Equity $2,200,000 3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued 20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: Year Dividend 2011 5,000 2012 15,000 2013 35,000 Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. (b) Journalize the declaration of the cash dividend at December 31, 2013. 4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of common stock at $14 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on December 31. Net income for 2013 was $550,000. Instructions Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15, 2013, and the issuance of the stock dividend on January 15, 2014. 5. Prepare the journal entries for the following two independent situations: (a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780. The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that Hathaway Corporation would make on January 1. (b) Monaghan, Inc. redeemed .

ACCT 221Midterm Problems1. Albert Corporation is author.docx

annetnash8266

Exercise 6-8 Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service fund levies property taxes in an amount sufficient to cover principal payments. A. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2011. (1)The operating budget for FY 2011 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. (2)Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments. (3)Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made). (4)Property taxes in the amount of $1,019,000 were collected. (5)Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. (6)Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.) B. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2011. C. Prepare a balance sheet for the debt service fund as of December 31, 2011. .

Exercise 6-8Serial Bond Debt Service Fund Journal Entries .docx

rhetttrevannion

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..

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

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Acct 311 final exam answers

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