The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf

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The following transactions relate to Sunlight Mountain Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31 . Assume 2015 was Sunlight's irst year of operations. 1. Sunlight issued 1,000 shares of $1 par value common stock for $70 per share on January 1 , 2015. 2. Sunlight issued 500 shares of no par value, $5 , non-cumulative preferred stock for $50 per share on January 1, 2015. 3. Sunlight reported net income of $2 , 000 during 2015 and paid no dividends. Prepare the company's equity section of the December 31, 2015, balance sheet. Stockholders' Equity: Total Stockholders' Equity 4. On January 1, 2016, Sunlight purchased 200 shares of its common stock for $60 per share. 5. On December 15, 2016, Sunlight declared and paid dividends totaling $6 , 600 during 2016. Prepare the company's equity section from December 31, 2016. 6. Sunlight reported net income of $20 , 000 during 2016. Prepare the company's stockholders' equity section of the December 31,2016 , balance sheet..

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Similar to The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf

On January 1, 2022, Wildhorse Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declareda $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 $40. July 1 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. 31 Issued the shares for the stock dividend. Dec. 1 Declareda $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $326,500.Prepare a stockholders'equity section at December 31. (Enter account name only and do not provide descriptive information.).

On January 1 2022 Wildhorse Corporation had the following .pdf

acetecnagarajan

Donnie Hilfiger has two classes of stock authorized: S1 par preferred and S0.01 par value common. As of the beginning of 2015, 200 shares of preferred stock and 3,900 shares of common stock have been issued. The following transactions affect stockholders\' equity during 2015: March 1 Issues 1,000 shares of common stock for $41 per share. May 15 Repurchases 600 shares of treasury stock for S34 per share. July 10 Reissues 100 shares of treasury stock purchased on May 15 for $39 per share. October 15 Issues 100 shares of preferred stock for $44 per share. December 1 Declares a cash dividend on both common and preferred stock of SO.55 per share to all stockholders of record on December 15. (Hint Dividends are not paid on treasury stock.) December 31 Pays the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders\' equity accounts on January 1, 2015: Preferred Stock, S200; Common Stock, S39; Additional Paid-in Capital, $75,000; and Retained Earnings, $30,000. Net income for the year ended December 31, 2015, is $10,700. Taking into consideration all the transactions during 2015, respond to the following for Donnie Hilfiger: 4 .56 points Prepare the statement of stockholders\' equity for the year ended December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.) Solution Par Value = 1000*0.01 = 10 Additional Paid in Capital = 40990 Par Value = 100 Additional Paid in Capital = 4300 .

Donnie Hilfiger has two classes of stock authorized- S1 par preferred.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

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

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Record the following transactions in the General Journal: Jan 1 When the market rate was 12%, Winnifred Corp. issued $2,000,000, 14%, 5-year bonds. Interest is payable semiannually on June 30 and December 31. The corporation uses the effective interest method of amortizing bond premium or discount. (It would be a good idea to construct a bond amortization schedule) Jan 1 Issued 20,000 Common Shares for 50,000 cash. Mar 5 Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of record on March 9. Dividends will be paid on March 15. Mar 10 Declared a 1 for 2 stock split on Common Shares outstanding. Mar 15 Paid the cash dividend declared on Mar 5. Jun 30 Made the first interest payment on the bond. The company uses the effective interest method. July 20 Repurchased 10,000 common shares, the market price was $5 per share. July 31 Issued 10,000 Preferred shares for 180,000 cash. Sept 30 Declared a 10% common stock dividend to shareholders of record on Oct 15. Market price at the time was $6 per share. Shares will be distributed Nov 25. Nov 25 Distributed the common stock dividend. Dec 31 Made the second interest payment on the bond using the effective interest method. Dec 31 Closed the income summary account which had a credit balance of $153,000 to Retained Earnings. Requirement 3 (5%) Post the transactions from the Journal in requirement 2. Compute the ending balances in the ledger. .

Record the following transactions in the General Journal- Jan 1.pdf

Max3zSLangdonj

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

jeanettehully

The December 31, 2012, trial balances of Pettie Corporation and its 90%-owned subsidiary Sunco Corporation are as follows: Petties's investment in Sunco was purchased for $1,260,000 in cash on January 1,2011 , and was accounted for by the cost method. On January 1, 2011, Sunco had the following equity balances: Pettie's excess of cost over book value on Sunco's investment has been identified as goodwill. Sunco borrowed $100,000 from Pettie on June 30, 2012, with the note maturing on June 30,2013 , at 10% interest. Correct accruals have been recorded by both companies.During 2012, Pettie sold merchandise to Sunco at an aggregate invoice price of $300, 000, which included a profit of $75,000. As of December 31, 2012, Sunco had not paid Pettie for $90,000 of these purchases, and 10% of the total merchandise purchased from Pettie still remained in Sunco's inventory. Sunco declared a $1,000 cash dividend in December 2012 payable in January 2013. Prepare the necessary elimination and adjusting entries. Prepare the worksheet required to produce the consolidated statements of Pettie Corporation and its subsidiary, Sunco Corporation and its subsidiary, Sunco Corporation, for the year ended December 31, 2012. Include the valuation analysis, the determination and distribution of excess schedule, and the income distribution schedules..

The December 31 2012 trial balances of Pettie Corporation .pdf

mukulsingh0025

All answers must be on the answer sheet provided. $ and . needed 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 shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000. Requirements: Prepare the January 1 and December 31 general journal entries for XYZ Company. How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016? Question 3 (10 points) The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.

All answers must be on the answer sheet provided. $ and . needed.docx

milissaccm

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 Anmounced 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 on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 I smed the shares for the stock dividend. Dec. 1 Deciared a 50.30 pee share dividend to stockholders of record on December 15, payable lamuary 5.2023 31 Determined that net income for the year was $326.500 .Feh. 1 Cash Bividends 126000 Dividends Payable 126000 Mar, 1 v Dividends Payabie 126000 Cash 126000 begin{tabular}{|l|l|l|} hline Aore. & NoEntry & 0 & NoEntry & hline end{tabular}Dividends Payable Dec:31 v Income Summary Retained Earnings (To close net income) (To close stock dividends) (To close cash dividends)equity accounts as needed.) (Post entries in the order of journol entries presented in the previous part) Common Stock Common Stock Dividends Distributable.

During the year the following transactions occurred Feb 1.pdf

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The following transactions relate to Penelope Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2013 was Penelope’s first year of operations. 1.Penelope issued 1,000 shares of $1 par value common stock for $70 per share on January 1, 2013. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/13 2.Penelope issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per share on January 1, 2013. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/13 1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the company’s equity section of the December 31, 2013, balance sheet. Stockholders’ Equity: Total Stockholders’ Equity 2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/14 3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014. Prepare the company’s equity section from December 31, 2014. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 12/15/14 Class of Stock Total Dividend Dividend Per Share Preferred Common 4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’ equity section of the December 31, 2014, balance sheet. Stockholders’ Equity: Total Stockholders’ Equity DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/13 Solution 1)a. Cash Debit 70,000 [70 * 1000] Common sto credit 1,000 [1* 1000 ] Additional paid in capital credit 69,000 [69* 1000] [being common stock issued at premium recorded] Asset = liabilities + equity + 70,000 = 0 + +70,000 1b) cash Debit 25,000 [500*50] Preferred stock credit 25,000 [Being preferred stock issued recorded] 1c)Stockholders equity 2) Treasury stock Debit 12,000 [60*200] cash credit 12,000 [being stock repurchased recorded] Asset = Liabilities + equity - 12000 = 0 + (- )12000 3)Retained earnings Debit 6,600 Preferred stock dividend payable credit 2500 [5*500 ] Common stock dividend payable credit 4100 [6600 -2500] [being dividend declared recorded] b)Preferred stock dividend payable Debit 2500 [5*500 ] Common stock dividend payable Debit 4100 cash credit 6600 [being dividend paid recorded] 4)Preferred stock25,000Common stock1,000Additional paid in capital -common stock69,000Retained earnings2,000stockholders equity97,000.

The following transactions relate to Penelope Inc. Prepare journal e.pdf

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Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $555,600 Treasury stock 90,720 Retained earnings 2,426,200 Paid-in capital in excess of par—common stock 1,321,900 Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.) WILCO CORPORATION Stockholders’ Equity December 31, 2012 $ : $ Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 7/1/12 9/1/12 11/1/12 Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital. Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 20 June 1 Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100 Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,330 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,670 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330. May 1 Issued 80,330 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize. Sept. 1 Issued 10,290 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,940 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 M.

Wilco Corporation has the following account balances at December 3.docx

alanfhall8953

On January 1,2021, Dynatech Corporation, a publicly traded company, had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31 , payable February 15. Apr. 16 Deciared a 10\% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30 , and May 15 , the share prices were $12,$11.80, and $11.90, respectively. Oct. 1 Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $653,120. Open T accounts as required and post to the shareholders' equity accounts. (Post entries in the order presented in the question.) Dividends Declared Stock Dividends Distributable.

On January 1,2021, Dynatech Corporation, a publicly traded company, h.pdf

amancallularpanjim

1. (1 point) Trenton Travel Agency purchased land for $90,000 cash on December 10, 2014. At December 31, 2014, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s balance sheet at December 31, 2014? 2. (2 points) Saylor Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000. a. Assuming no additional investment or withdrawals during the period, what is the net income for the period? b. Assuming an additional investment of $13,000 but no withdrawals during the period, what is the net income for the period? 3. (4 points) Transactions for the Jo Smith Company for the month of June are presented below. June 1 4. Jo Smith invests $5,792 cash in a small welding business of which he is the sole proprietor. 2 5. Purchases equipment on account for $1,854. 3 6. $714 cash is paid to landlord for June rent. 12 7. Sends a bill to M. Rodero for $497 for welding work performed on account. Journalize the transactions. 4. (6 points) The following accounts are taken from the ledger of Chloe Company at December 31, 2014. 200 Notes Payable $21,670 101 Cash $7,667 301 Owner’s Capital 29,664 126 Supplies 4,333 157 Equipment 81,667 729 Rent Expense 5,667 306 Owner’s Drawings 9,667 212 Salaries and Wages Payable 4,667 726 Salaries and Wages Expense 39,667 201 Accounts Payable 12,667 400 Service Revenue 89,667 112 Accounts Receivable 9,667 Prepare a trial balance in good form. 5. (5 points) The Green Thumb Lawn Care Company began operations on April 1. At April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance $ 3,700 Equipment 27,800 Notes Payable 21,500 Unearned Service Revenue 4,500 Service Revenue 1,600 Analysis reveals the following additional data. 1. Prepaid insurance is the cost of a 1-year insurance policy, effective April 1. 2. Depreciation on the equipment is $500 per month. 3. The note payable is dated April 1. It is a 6-month, 12% note. 4. Seven customers paid for the company’s 6-month lawn service package of $410 beginning in April. The company performed services for these customers in April. 5. Lawn services performed for other customers but not recorded at April 30 totaled $1,600. Prepare the adjusting entries for the month of April. 6. (16 points) Natalie owns Cookie Creations. After journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance December 31, 2013 Debit Credit Cash $1,180 Accounts Receivable 875 Supplies 350 Prepaid Insurance 1,210 Equipment 1,200 Accumulated Depreciation—Equipment $40 Accounts Payable 75 Salaries and Wages Payable 56 Interest Payable 15 Unearned Service Revenue 300 Notes Payable 2,000 Owner’s Cap.

1.(1 point) Trenton Travel Agency purchased land for $90,000 cas.docx

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The equity sections for Atticus Group at the beginning of the year (Ja.pdf

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Acc 557 homework 4 chapters 11 and 12

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On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2, 020,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,270, 000 and accumulated depreciation of $620,000. Poplar acquired the Spruce shares to obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were valued at $755,000, were not recognized on Spruce's separate-entity balance sheet, and had an useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances of the two companies were as follows: Additional Information - The Year 7 net incomes of the two companies are as follows: - The mineral rights owned by Spruce have increased in value since the date of acquisition and were worth $926,800 at December 31, Year 7. - On January 2, Year 5, Poplar sold equipment to Spruce for $520,000. The equipment had a carrying amount of $416,000 at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7 opening inventories of Poplar contained $502,000 of merchandise purchased from Spruce during Year 6. Spruce had recorded a gross profit of $200,800 on this merchandise. - During Year 7, Spruce's sales to Poplar totalled $1,002,000. These sales were made at a gross profit rate of 35% . - Poplar's ending inventory contains $302,000 of merchandise purchased from Spruce. - On January 2, Year 5, Poplar issued 8%,7 year bonds with a face value of $500,000 for $521,000. Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of this issue on the open market at a cost of $238,000. - Other expenses include depreciation expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O" wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce if Poplar had used the equity method to account for its investment. (Omit $ sign in your response.) Balance, Dec. 31, Year 7 (c) This part of the question is not part of your Connect assignment..

On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf

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On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf

info964273

The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) = $300,000 Common Stock ($4 stated value, 300,000 shares authorized) =1,000,000 Paid-in Capital in Excess of Par Value Preferred Stock) =15,000 Paid-in Capital in Excess of Stated Value Common Stock = 480,000 Retained Earnings =710,000 Treasury Stock (5,000 common shares) = 40,000 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $280,000. Paid the dividend declared on December 1. I am trying to perform a tabular summary with beginning balances on Jan 1 2014 and am confused with the calculations.

The stockholders equity accounts of Miley Corporation on January 1- 20.pdf

ankitgarg9513

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

1. Mike has come to you with these statements about corporations: a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership. b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation. c) When a corporation is formed, organization costs are recorded as an asset. d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation. e) The number of issued shares is always greater than or equal to the number of authorized shares. f) A journal entry is required for the authorization of capital stock. g) Publicly held corporations usually issue stock directly to investors. h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor. i) The market price of common stock is usually the same as its par value. j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock. Directions Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement. 2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock. Jan. 10 Issued 70,000 shares for cash at $5 per share. July 1 Issued 40,000 shares for cash at $7 per share. Directions (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. 3. Locket Co. had the following transactions during the current period: Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate. June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000. July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28th Purchased 2,000 shares of treasury stock for $80,000. Directions Journalize these transactions for Locket. 4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions. Mar. 1st Purchased 50,000 shares for cash at $15 per share. July 1st Re-issued 10,000 treasury shares for cash at $17 per share. Sept. 1st Sold 8,000 treasury shares for cash at $14 per share. Directions (a) Journalize the treasury stock transactions. (b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...

1. Mike has come to you with these statements about corporations.docx

jackiewalcutt

Similar to The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf (20)