Herbie Corp-'s Balance Sheet showed the following at 12-31-13 Common S.docx
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Herbie Corp\'s Balance Sheet showed the following at 12/31/13 Common Stock, $10 par $100,000 APIC $50,000 Retained Earnings $20,000 A cash dividend is declared on 12/31/13, and is payable on 1/20/14 to shareholders of record as of 1/10/14. Show all appropriate journal entires assuming a cash dividend of $1 per share Show all appropriate entries for a $5 per share dividend Solution 1. Journal entry to record dividend of $1 per share. No. of shares is 10,000 ($100,000/$10) 31-12-2013 - Entry for dividend declaration will be recorded Retained earnings (10,000X1) Debit 10,000 To Dividend payable Credit 10,000 20-1-2014, Entry to record dividend payment. There will be no entry on 10-1-2014 i.e. the record date. As record date merely determines the names of the stakeholders that will receive dividend. Dividend payable Debit 10,000 To Cash Credit 10,000 2. Cash dividend of $5 per share. Retained earnings can be used for dividend payments. APIC cannot be used because the Company cannot declare dividends more than retained earnings. In this case, Retained earnings balance will be negative. 31-12-14 Retained earnings Debit 50,000 To Dividend payable Credit 50,000 20-1-14 Dividend payable Debit 50,000 To cash Credit 50,000 .
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Recommended
Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credit
4. When Such Dividend is Paid
Dividend Account Debit
Bank Account Credit
Examples :
Let’s assume that the Reliance Corporation, on Dec. 20, 2011, declared a cash dividend of Rs. 2
per share on 4,00,000 shares payable April 1, 2012, to all stockholders of record March 15. The
following journal entries are required:
1. Date of declaration, Dec. 20, 2011
Retained Earning Account Debit 8,00,000
Dividend Payable Account Credit 8,00,000
2. When dividend is paid on Date of payment, April 1, 2012
Dividend Payable Account Debit 8,00,000
Bank Account Credit 8,00,0000
Important : Sometime company may not have sufficient cash, at that time, company may give his
fully paid up new equity shares or other investments. So, we will not credit the bank account but
we will credit the equity share capital or investment.
Solution
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credi.
Wilco Corporation has the following account balances at December 3.docx
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.
1-The party to receive a distribution of principal from an estate is l.docx
1.The party to receive a distribution of principal from an estate is legally called a(n):
2.Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.
What was Cleary\'s capital account balance at the end of 2013?
3. What was the total capital balance for the partnership at December 31, 2012?
$545,000
Solution
Distribution of Income for 2012:
Capital Account for 2013:
1. Estate Distributee.
2. $139,420
3. $564,000
.
Accounting Principles, 12th Edition Ch14
Accounting Principles, 12th Edition
International student version, Willy
WEYGANDT
KIMMEL
KIESO
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
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
.
eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf
Do you believe Americans\' concern for the environment is a stronger value than their
materialism? What ethical issues do you see relating to green marketing? Please answer in 300-
400 words.
Solution
Americans\' concern for the environment is less strong compared to their materialism as both of
these are contradictory most of the times where the environmental concerns around recycling
wastes, energy saving through controllable use etc. outdo the increasing consumption of
materials or products that add to the wastes and result in increase in energy consumption. Few
examples include consumers buying mobile phones and latest gadgets that increase the energy
consumption while switching of electrical appliances when they are not using them to save the
energy.
Consumers can identify green marketing as a solution to the environmental issues without the
need to reduce the consumption of the materials/products while compromising to an extent on
the features or specifications of the products.
Below are the ethical issues relating to green marketing –.
Recommended
Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credit
4. When Such Dividend is Paid
Dividend Account Debit
Bank Account Credit
Examples :
Let’s assume that the Reliance Corporation, on Dec. 20, 2011, declared a cash dividend of Rs. 2
per share on 4,00,000 shares payable April 1, 2012, to all stockholders of record March 15. The
following journal entries are required:
1. Date of declaration, Dec. 20, 2011
Retained Earning Account Debit 8,00,000
Dividend Payable Account Credit 8,00,000
2. When dividend is paid on Date of payment, April 1, 2012
Dividend Payable Account Debit 8,00,000
Bank Account Credit 8,00,0000
Important : Sometime company may not have sufficient cash, at that time, company may give his
fully paid up new equity shares or other investments. So, we will not credit the bank account but
we will credit the equity share capital or investment.
Solution
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credi.
Wilco Corporation has the following account balances at December 3.docx
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.
1-The party to receive a distribution of principal from an estate is l.docx
1.The party to receive a distribution of principal from an estate is legally called a(n):
2.Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.
What was Cleary\'s capital account balance at the end of 2013?
3. What was the total capital balance for the partnership at December 31, 2012?
$545,000
Solution
Distribution of Income for 2012:
Capital Account for 2013:
1. Estate Distributee.
2. $139,420
3. $564,000
.
Accounting Principles, 12th Edition Ch14
Accounting Principles, 12th Edition
International student version, Willy
WEYGANDT
KIMMEL
KIESO
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
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
.
eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf
Do you believe Americans\' concern for the environment is a stronger value than their
materialism? What ethical issues do you see relating to green marketing? Please answer in 300-
400 words.
Solution
Americans\' concern for the environment is less strong compared to their materialism as both of
these are contradictory most of the times where the environmental concerns around recycling
wastes, energy saving through controllable use etc. outdo the increasing consumption of
materials or products that add to the wastes and result in increase in energy consumption. Few
examples include consumers buying mobile phones and latest gadgets that increase the energy
consumption while switching of electrical appliances when they are not using them to save the
energy.
Consumers can identify green marketing as a solution to the environmental issues without the
need to reduce the consumption of the materials/products while compromising to an extent on
the features or specifications of the products.
Below are the ethical issues relating to green marketing –.
WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx
WEEK 2
H/W
Due in LEO no later than 11:00 PM on 30-AUG-2015 U.S. Eastern Time (Washington, DC)
Brief Exercise 15-1
Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant.
(a)
Issuance of 160,000 shares of common stock at the market price of $10 per share.
(b)
Issuance of $1,600,000, 8% bonds at face value.
Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.)
Issue Stock
Issue Bond
Income before interest and taxes
$701,100
$701,100
Interest expense from bonds
Income before income taxes
Income tax expense (25%)
Net income
$
$
Outstanding shares
541,100
Earnings per share
$
$
Indicate which alternative is preferable.
Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding.
Brief Exercise 15-2
Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100.
Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
Top of Form
Bottom of Form
Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
July 1
Bottom of Form
Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Bottom of Form
Brief Exercise 15-4
Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds.
1.
On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value.
2.
On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104.
3.
On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98.
Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
July 1
Sept. 1
Brief Exercise 16-1
Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800.
Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy
disagreements among the partners and several unprofitable periods, the partners decided to
liquidate the partnership. Before the liquidation, the partnership balance sheet showed the
following:
Cash $10,000
Total “other assets,” $106,000
Total liabilities, $88,000
Sand, Capital, $1,200
Mell, Capital, $11,700
Rand, Capital, $15,100
The “other assets” were sold for $ 85,000. Proceeds from the sale of other assets were used to
payoff existing liabilities.
Determine the following:
1)The gain (or loss) realized on the sale of the assets and recording of liabilities’ payment.
2)The balances in the partners’ capital accounts after the distribution of this gain or loss to the
capital accounts.
3)Assume that if any capital deficits exist, they are not made up and the deficient partner pays
down his or her deficit to zero. How much cash will each of the partners receive in the final
liquidation?
Solution
Balance Sheet Assets Amount Liabilities Amount Cash $ 10,000.00 Total
liabilities $ 88,000.00 Other Assets $ 106,000.00 Partner\'s Capital A/c Sand $
1,200.00 Mell $ 11,700.00 RAND $ 15,100.00 Total $ 116,000.00 Total $
116,000.00 Journal Entries Particular Amount(DR) Amount(CR) 1) Cash
A/c $ 85,000.00 Loss on realization $ 21,000.00 To Other Assets $
106,000.00 (Being amount realized on sale of assets) Sand=($21000*1/10) $
2,100.00 Mell=($21000*4/10) $ 8,400.00 Rand=($21000*5/10) $ 10,500.00
To Loss on realization $ 21,000.00 (Being loss on realization distribute to
partner\'s in their profit sharing ratio) Total Liabilities $ 88,000.00 To Cash
$ 88,000.00 (Being amount paid to total liabilities) 2) Sand\'s Capital
A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $
2,100.00 By Balance B/d $ 1,200.00 By Cash A/c $ 900.00 Total $ 2,100.00
Total $ 2,100.00 Mell\'s Capital A/c Particular Amount(Dr) Particular
Amount(Cr) To Loss on realization $ 8,400.00 By Balance B/d $ 11,700.00 To
Cash $ 3,300.00 Total $ 11,700.00 Total $ 11,700.00 Rand\'s Capital A/c
Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 10,500.00 By
Balance B/d $ 15,100.00 To Cash $ 4,600.00 Total $ 15,100.00 Total $
15,100.00 3) Cash A/c Particular Amount(Dr) Particular Amount(Cr) To
Balance b/d $ 10,000.00 By Total Liabilities $ 88,000.00 To Other assets $ 85,000.00
By Mell\'s Capital A/c $ 3,300.00 To Sand\'s Capital A/c $ 900.00 By Rand\'s
Capital A/c $ 4,600.00 Total $ 95,900.00 Total $ 95,900.00.
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ACC/ 291 - 40918999 I Week Four Assignment
E11-16
Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.
1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.
2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.
3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.
Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)
CCoUflt/ DescriDtion Debit’ Credit
Ii. Dec.
bi I I I
I I II
12. Dec.
L31 I____________________________
I i___________________________________________________________________
I I I I
I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I
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ACC/291. - 40918999 / Week Five Assignment
P13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450
Total $682,500 $514,750
ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales $392,780
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest
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Question 2Wilco Corporation has the following account balances a.docx
Question 2
Wilco Corporation has the following account balances at December 31, 2014.
Common stock, $5 par value
$510,000
Treasury stock
90,000
Retained earnings
2,340,000
Paid-in capital in excess of par—common stock
1,320,000
Prepare Wilco’s December 31, 2014, stockholders’ equity section. (Enter account name only and do not provide descriptive information.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2014
$
:
$
Question 4
Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.
Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. 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.)
Account Titles and Explanation
Debit
Credit
Question 5
The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value common.
Assuming that the company has retained earnings of $90,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.
(a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
Matt Schmidt Company’s ledger shows the following balances on December 31, 2014.
7% Preferred Stock—$10 par value, outstanding 20,000 shares
$ 200,000
Common Stock—$100 par value, outstanding 30,000 shares
3,000,000
Retained Earnings
630,000
Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below. One year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(b) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(c) The preferred stock is noncumulative and is participating in distributions in excess of a 10% dividend rate on the common stock. (Round the rate of participa ...
Brief Exercise 15-4Ravonette Corporation issued 375 shares of $1.docx
Brief Exercise 15-4
Ravonette Corporation issued 375 shares of $15 par value common stock and 110 shares of $48 par value preferred stock for a lump sum of $20,025. The common stock has a market price of $30 per share, and the preferred stock has a market price of $100 per share.
Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. 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.)
Account Titles and Explanation
Debit
Credit
Cash
20025
Preferred Stock
Paid-in Capital in Excess of Par - Preferred Stock
Common Stock
Paid-in Capital in Excess of Par - Common Stock
Exercise 15-12
Lotoya Davis Corporation has 10.12 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 62 cents per share cash dividend to stockholders of record as of June 14, payable June 30.
(a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. (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.)
Date
Account Titles and Explanation
Debit
Credit
6/1
6/14
6/30
(b) How would the entry differ if the dividend were a liquidating dividend? (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.)
Account Titles and Explanation
Debit
Credit
Warning
Exercise 15-19
Shown below is the liabilities and stockholders’ equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,418,100.
Jana Kingston Co.
Mary Ann Benson Co.
Current liabilities
$315,600
Current liabilities
$754,600
Long-term debt, 10%
1,281,000
Common stock ($20 par)
2,945,000
Common stock ($20 par)
2,103,000
Retained earnings (Cash dividends, $328,900)
718,500
Retained earnings (Cash dividends, $227,700)
718,500
$4,418,100
$4,418,100
For the year, each company has earned the same income before interest and taxes.
Jana Kingston Co.
Mary Ann Benson Co.
Income before interest and taxes
$1,203,000
$1,203,000
Interest expense
128,100
0
1,074,900
1,203,000
Income taxes (45%)
483,705
541,350
Net income
$591,195
$661,650
At year end, the market price of Kingston’s stock was $101 per share, and Benson’s was $63.50. Assume balance sheet amounts are representative for the entire year.
(a) Calculate the return on total assets? (Round answers to 2 decimal places, e.g. 16.85%.)
Return on total assets
Kingston Company
%
Benson Company
%
Which company is more profitable in terms of return on total assets? (b) Calculate the return on common sto ...
The following transactions relate to Penelope Inc. Prepare journal e.pdf
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.
16. Stock dividends and stock splits have the following effect.docx
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.
Accounting Principles, 12th Edition Ch11
Accounting Principles, 12th Edition
International student version, Willy
WEYGANDT
KIMMEL
KIESO
Statement of Cash FlowHint Pay attention to increase, de.docx
Statement of Cash Flow
Hint: Pay attention to increase, decrease, received and paid
Complete the following statement of cash flows using the indirect method:
Statement of Stockholders Equity Problem
M Corporation had the following beginning balances on 1/1/11:
Common Stock: 100,000
APIC: 2,600,000
Retained Earnings: 222,000
During 2011 the company recorded the following transactions:
1/2/11 Issued 10,000 shares of $100 par value cumulative preferred stock at par.
7/1/11 Issued 40,000 shares $1 par value common stock for $42 per share.
10/1/11 Repurchased 16,000 shares of treasury stock for $34 per share. M Corp. uses the cost method to account for treasury shares.
12/1/11 Sold 3,000 shares of treasury stock for $29 per share.
12/30/11 Declared and paid a dividend of $0.20 per share on common stock and a 6% dividend on the preferred stock.
M Corporation had net income of $380,000 for 2011.
Indicate the impact that the transactions for M Company have on its owner equity accounts. Place the appropriate amounts in the table below. If an amount is negative, show the amount in parentheses. Make sure to start with beginning balances.
DateTransactionPreferred StockCommon StockAPIC - Common StockRetained EarningsTreasury Stock
1/1/2011Beginning balance
1/2/2011Issue preferred stock
7/1/2011Issue common stock
10/1/2011Repurchase treasury stock
12/1/2011Sell treasury stock
12/30/2011Declare and pay dividends
12/31/2011Net income
12/31/2011Ending balance
.
Crystal clear water sports has 14-000 shares of $1 par value common st.docx
Crystal clear water sports has 14,000 shares of $1 par value common stock outstanding. Crystal Clear distributes a 10% stock dividend when the market value of its stock is $20 per share. Journalize Crystal Clear\'s declaration of the stock dividend on July 15 and distribution on July 31. What is the overall effect of the stock dividend on Crystal Clear\'s total assets? What is the overall effect on total stockholder\'s equity?
Solution
Date Account heads Debit Credit 15-Jul To record declaration of stock dividend Retained earnings (14000 * 10% = 1400 * $20) 28000 Stock dividend distributable (1400 * 1) 1400 Paid in Capital in excess of par (1400 * 19) 26600 31-Jul To record distribution of stock dividend Stock dividend distributable (1400 * 1) 1400 Common stock account 1400 2. Unlike cash dividend, stock dividend involves no distribution of assets or liabilities. So, it has no effect on the Assets or Liabilities 3. Stockholders\' equity, also called owners\' equity, is the surplus of a company\'s assets over its liabilities. Cash dividends reduce stockholders\' equity by distributing excess cash to shareholders. Stock dividends distribute additional shares to shareholders and do not affect the balance of stockholders\' equity. Net worth (Share capital + retained earnings) is not affected. It is an inter change of Numbers between the two. Equity capital balance is increased and retained earnings balance is reduced
.
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
How can I calculate the missing amounts for each of the independent ca.docx
How can I calculate the missing amounts for each of the independent cases??
Solution
Hi,
Please find the answer as follows:
Notes:
Net Income = Revenues - Expenses
Stockholder\'s Equity = Total Assets - Total Liabilities.
Thanks.
.
How can other countries respond to international piracy-Solutiona-) St.docx
How can other countries respond to international piracy?
Solution
a.) Strengthening the maritime security is important to protect the shipping and humanitarian assistance.Gunboats alone won\'t be sufficient.As the pirates can\'t be forced to walk down a plank since there is a legal vacuum to be filled.
b.) The suspects should be held for court trials in the country that they come from or in the country where the seized ship comes from.
c.) Else they should be held for trials in the country whose ships seized them.Or the other option is to send them for trials in the region where thry have been arrested by the local police.
d.) International countries can now think of using the latest technologies to catch these pirates and to put an end to piracy.
e.) Though this is not na easy task,the pirates have their vulnerabilities which need to be identified and the international governments should make use of this as their advantage and exploit them.
.
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Brief Exercise 15-1
Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant.
(a)
Issuance of 160,000 shares of common stock at the market price of $10 per share.
(b)
Issuance of $1,600,000, 8% bonds at face value.
Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.)
Issue Stock
Issue Bond
Income before interest and taxes
$701,100
$701,100
Interest expense from bonds
Income before income taxes
Income tax expense (25%)
Net income
$
$
Outstanding shares
541,100
Earnings per share
$
$
Indicate which alternative is preferable.
Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding.
Brief Exercise 15-2
Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100.
Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
Top of Form
Bottom of Form
Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
July 1
Bottom of Form
Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Bottom of Form
Brief Exercise 15-4
Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds.
1.
On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value.
2.
On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104.
3.
On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98.
Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
July 1
Sept. 1
Brief Exercise 16-1
Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800.
Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy
disagreements among the partners and several unprofitable periods, the partners decided to
liquidate the partnership. Before the liquidation, the partnership balance sheet showed the
following:
Cash $10,000
Total “other assets,” $106,000
Total liabilities, $88,000
Sand, Capital, $1,200
Mell, Capital, $11,700
Rand, Capital, $15,100
The “other assets” were sold for $ 85,000. Proceeds from the sale of other assets were used to
payoff existing liabilities.
Determine the following:
1)The gain (or loss) realized on the sale of the assets and recording of liabilities’ payment.
2)The balances in the partners’ capital accounts after the distribution of this gain or loss to the
capital accounts.
3)Assume that if any capital deficits exist, they are not made up and the deficient partner pays
down his or her deficit to zero. How much cash will each of the partners receive in the final
liquidation?
Solution
Balance Sheet Assets Amount Liabilities Amount Cash $ 10,000.00 Total
liabilities $ 88,000.00 Other Assets $ 106,000.00 Partner\'s Capital A/c Sand $
1,200.00 Mell $ 11,700.00 RAND $ 15,100.00 Total $ 116,000.00 Total $
116,000.00 Journal Entries Particular Amount(DR) Amount(CR) 1) Cash
A/c $ 85,000.00 Loss on realization $ 21,000.00 To Other Assets $
106,000.00 (Being amount realized on sale of assets) Sand=($21000*1/10) $
2,100.00 Mell=($21000*4/10) $ 8,400.00 Rand=($21000*5/10) $ 10,500.00
To Loss on realization $ 21,000.00 (Being loss on realization distribute to
partner\'s in their profit sharing ratio) Total Liabilities $ 88,000.00 To Cash
$ 88,000.00 (Being amount paid to total liabilities) 2) Sand\'s Capital
A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $
2,100.00 By Balance B/d $ 1,200.00 By Cash A/c $ 900.00 Total $ 2,100.00
Total $ 2,100.00 Mell\'s Capital A/c Particular Amount(Dr) Particular
Amount(Cr) To Loss on realization $ 8,400.00 By Balance B/d $ 11,700.00 To
Cash $ 3,300.00 Total $ 11,700.00 Total $ 11,700.00 Rand\'s Capital A/c
Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 10,500.00 By
Balance B/d $ 15,100.00 To Cash $ 4,600.00 Total $ 15,100.00 Total $
15,100.00 3) Cash A/c Particular Amount(Dr) Particular Amount(Cr) To
Balance b/d $ 10,000.00 By Total Liabilities $ 88,000.00 To Other assets $ 85,000.00
By Mell\'s Capital A/c $ 3,300.00 To Sand\'s Capital A/c $ 900.00 By Rand\'s
Capital A/c $ 4,600.00 Total $ 95,900.00 Total $ 95,900.00.
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ACC/ 291 - 40918999 I Week Four Assignment
E11-16
Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.
1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.
2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.
3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.
Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)
CCoUflt/ DescriDtion Debit’ Credit
Ii. Dec.
bi I I I
I I II
12. Dec.
L31 I____________________________
I i___________________________________________________________________
I I I I
I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I
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ACC/291. - 40918999 / Week Five Assignment
P13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450
Total $682,500 $514,750
ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales $392,780
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest
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Question 2Wilco Corporation has the following account balances a.docx
Question 2
Wilco Corporation has the following account balances at December 31, 2014.
Common stock, $5 par value
$510,000
Treasury stock
90,000
Retained earnings
2,340,000
Paid-in capital in excess of par—common stock
1,320,000
Prepare Wilco’s December 31, 2014, stockholders’ equity section. (Enter account name only and do not provide descriptive information.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2014
$
:
$
Question 4
Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.
Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. 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.)
Account Titles and Explanation
Debit
Credit
Question 5
The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value common.
Assuming that the company has retained earnings of $90,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.
(a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
Matt Schmidt Company’s ledger shows the following balances on December 31, 2014.
7% Preferred Stock—$10 par value, outstanding 20,000 shares
$ 200,000
Common Stock—$100 par value, outstanding 30,000 shares
3,000,000
Retained Earnings
630,000
Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below. One year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(b) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(c) The preferred stock is noncumulative and is participating in distributions in excess of a 10% dividend rate on the common stock. (Round the rate of participa ...
Brief Exercise 15-4Ravonette Corporation issued 375 shares of $1.docx
Brief Exercise 15-4
Ravonette Corporation issued 375 shares of $15 par value common stock and 110 shares of $48 par value preferred stock for a lump sum of $20,025. The common stock has a market price of $30 per share, and the preferred stock has a market price of $100 per share.
Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. 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.)
Account Titles and Explanation
Debit
Credit
Cash
20025
Preferred Stock
Paid-in Capital in Excess of Par - Preferred Stock
Common Stock
Paid-in Capital in Excess of Par - Common Stock
Exercise 15-12
Lotoya Davis Corporation has 10.12 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 62 cents per share cash dividend to stockholders of record as of June 14, payable June 30.
(a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. (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.)
Date
Account Titles and Explanation
Debit
Credit
6/1
6/14
6/30
(b) How would the entry differ if the dividend were a liquidating dividend? (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.)
Account Titles and Explanation
Debit
Credit
Warning
Exercise 15-19
Shown below is the liabilities and stockholders’ equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,418,100.
Jana Kingston Co.
Mary Ann Benson Co.
Current liabilities
$315,600
Current liabilities
$754,600
Long-term debt, 10%
1,281,000
Common stock ($20 par)
2,945,000
Common stock ($20 par)
2,103,000
Retained earnings (Cash dividends, $328,900)
718,500
Retained earnings (Cash dividends, $227,700)
718,500
$4,418,100
$4,418,100
For the year, each company has earned the same income before interest and taxes.
Jana Kingston Co.
Mary Ann Benson Co.
Income before interest and taxes
$1,203,000
$1,203,000
Interest expense
128,100
0
1,074,900
1,203,000
Income taxes (45%)
483,705
541,350
Net income
$591,195
$661,650
At year end, the market price of Kingston’s stock was $101 per share, and Benson’s was $63.50. Assume balance sheet amounts are representative for the entire year.
(a) Calculate the return on total assets? (Round answers to 2 decimal places, e.g. 16.85%.)
Return on total assets
Kingston Company
%
Benson Company
%
Which company is more profitable in terms of return on total assets? (b) Calculate the return on common sto ...
The following transactions relate to Penelope Inc. Prepare journal e.pdf
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.
16. Stock dividends and stock splits have the following effect.docx
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.
Accounting Principles, 12th Edition Ch11
Accounting Principles, 12th Edition
International student version, Willy
WEYGANDT
KIMMEL
KIESO
Statement of Cash FlowHint Pay attention to increase, de.docx
Statement of Cash Flow
Hint: Pay attention to increase, decrease, received and paid
Complete the following statement of cash flows using the indirect method:
Statement of Stockholders Equity Problem
M Corporation had the following beginning balances on 1/1/11:
Common Stock: 100,000
APIC: 2,600,000
Retained Earnings: 222,000
During 2011 the company recorded the following transactions:
1/2/11 Issued 10,000 shares of $100 par value cumulative preferred stock at par.
7/1/11 Issued 40,000 shares $1 par value common stock for $42 per share.
10/1/11 Repurchased 16,000 shares of treasury stock for $34 per share. M Corp. uses the cost method to account for treasury shares.
12/1/11 Sold 3,000 shares of treasury stock for $29 per share.
12/30/11 Declared and paid a dividend of $0.20 per share on common stock and a 6% dividend on the preferred stock.
M Corporation had net income of $380,000 for 2011.
Indicate the impact that the transactions for M Company have on its owner equity accounts. Place the appropriate amounts in the table below. If an amount is negative, show the amount in parentheses. Make sure to start with beginning balances.
DateTransactionPreferred StockCommon StockAPIC - Common StockRetained EarningsTreasury Stock
1/1/2011Beginning balance
1/2/2011Issue preferred stock
7/1/2011Issue common stock
10/1/2011Repurchase treasury stock
12/1/2011Sell treasury stock
12/30/2011Declare and pay dividends
12/31/2011Net income
12/31/2011Ending balance
.
Crystal clear water sports has 14-000 shares of $1 par value common st.docx
Crystal clear water sports has 14,000 shares of $1 par value common stock outstanding. Crystal Clear distributes a 10% stock dividend when the market value of its stock is $20 per share. Journalize Crystal Clear\'s declaration of the stock dividend on July 15 and distribution on July 31. What is the overall effect of the stock dividend on Crystal Clear\'s total assets? What is the overall effect on total stockholder\'s equity?
Solution
Date Account heads Debit Credit 15-Jul To record declaration of stock dividend Retained earnings (14000 * 10% = 1400 * $20) 28000 Stock dividend distributable (1400 * 1) 1400 Paid in Capital in excess of par (1400 * 19) 26600 31-Jul To record distribution of stock dividend Stock dividend distributable (1400 * 1) 1400 Common stock account 1400 2. Unlike cash dividend, stock dividend involves no distribution of assets or liabilities. So, it has no effect on the Assets or Liabilities 3. Stockholders\' equity, also called owners\' equity, is the surplus of a company\'s assets over its liabilities. Cash dividends reduce stockholders\' equity by distributing excess cash to shareholders. Stock dividends distribute additional shares to shareholders and do not affect the balance of stockholders\' equity. Net worth (Share capital + retained earnings) is not affected. It is an inter change of Numbers between the two. Equity capital balance is increased and retained earnings balance is reduced
.
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
Similar to Herbie Corp-'s Balance Sheet showed the following at 12-31-13 Common S.docx (20)
WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx
WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx
Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx
Question 2Wilco Corporation has the following account balances a.docx
Question 2Wilco Corporation has the following account balances a.docx
Brief Exercise 15-4Ravonette Corporation issued 375 shares of $1.docx
Brief Exercise 15-4Ravonette Corporation issued 375 shares of $1.docx
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal e.pdf
16. Stock dividends and stock splits have the following effect.docx
16. Stock dividends and stock splits have the following effect.docx
Statement of Cash FlowHint Pay attention to increase, de.docx
Statement of Cash FlowHint Pay attention to increase, de.docx
Crystal clear water sports has 14-000 shares of $1 par value common st.docx
Crystal clear water sports has 14-000 shares of $1 par value common st.docx
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
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How can I calculate the missing amounts for each of the independent ca.docx
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Solution
Hi,
Please find the answer as follows:
Notes:
Net Income = Revenues - Expenses
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How can other countries respond to international piracy-Solutiona-) St.docx
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Solution
a.) Strengthening the maritime security is important to protect the shipping and humanitarian assistance.Gunboats alone won\'t be sufficient.As the pirates can\'t be forced to walk down a plank since there is a legal vacuum to be filled.
b.) The suspects should be held for court trials in the country that they come from or in the country where the seized ship comes from.
c.) Else they should be held for trials in the country whose ships seized them.Or the other option is to send them for trials in the region where thry have been arrested by the local police.
d.) International countries can now think of using the latest technologies to catch these pirates and to put an end to piracy.
e.) Though this is not na easy task,the pirates have their vulnerabilities which need to be identified and the international governments should make use of this as their advantage and exploit them.
.
How do I block a certain range of IP addresses in a CENTOS server from.docx
How do I block a certain range of IP addresses in a CENTOS server from the command line for Apache users?
Solution
How do I block a certain range of IP addresses in a CENTOS server from the command line for Apache users?:-
By using iptables you can block particular IP address or a range of IP addresses on your server to protect your server. In this way you can block IPs which are in listed on your secure log for unnecessary login attempts or something like that. That’s why, simply you can secure your server from unwanted connections.
To block an IP address from server, you need to add blocking rules to your iptables INPUT chain. The important iptables switches required to perform this actions are;
How do I block an IP address on CENTOS server ?
You can simply block by using the above mentioned switches. See the below pasted examples;
Syntax:
Example:
Where xx.xx.xx.xx is the IP address which you want to block.
Then save the newly added rules to iptables.
How can I block a particular PORT for a particular IP on your CENTOS Linux server ?
Yes, in some situations we have to block some ports to a particular IP address. We can simply manage this from command-line using the iptables command.
Additional switches required;
Syntax:
Example:
Where port 25 will be blocke for that particular IP address.
.
How can we reduce software requirement errors -SolutionIf we want to r.docx
How can we reduce software requirement errors ?
Solution
If we want to reduce the error firstly we have to identify the error for improve the quality of software. Finding and fixing a software problem after delivery is often 100 times more expansive than finding and fixing it during requirement phase. Requirement errors can be categorized into two main types: specification generation errors and unwanted/unnecessary/incorrect user functionality.
We are using two step methodology for reduce the requirement errors.
Step 1:
Operational demonstration for user requirement
Involves user during early phases, as opposed to the later phases or after system delivery
Eliminate unnecessary and incorrect functionalities
Find how much risk on that phase and manage that risk (risk management)
Step 2:
Software inspection conducted on requirement specification
Ensure user and developer requirements are accurately specified
Detect errors associated with all phases regarding development
Reduce software development cost by detecting errors early
.
How do arrays compare with variables and how do they differ- Give a si.docx
How do arrays compare with variables and how do they differ? Give a simple example
(Programming Logic and Design)
Solution
Arrays : Array is a homogeneous (same kind of elements) collection of elements in memory in a contagious locations.
The first element of array is stored at index =0 and last element is stored at index=size-1.
For example, int marks [5] ={10,20,30,40,50};
10
20
30
40
50
Variable : The variable is a name given to memory location in a computer memory. The element is stored in that memory location can be pointed by the variable name.
For example, int id=10;
Where id is a name given to the memory location where the value 10 is stored.
Comparison of array elements with variables :
Since arrays are stored index based, the elements are compared using index location of the element in an array.
int min=50;
for(int i=0;i<5;i++)
//comparison of array element with variable, min
if(marks[index]==min)
//code follows
.
How can the use of Internet search engines to locate information about.docx
How can the use of Internet search engines to locate information about people be controversial from a privacy perspective?
Solution
Using search engines to lacate informantion about people is controversial from privacy perspective because, it is effecting the wealth of the personal information.here the privacy is the issue because almost anything about an indivudual can be known through the search engines. Ordinary people put their data on the Internet for various reasond like, connectivity with family and friends, educational forums, research forums etc. All these are the puroses due to which personal information of an individual is put over Internet. To make the access easy these search engines record all sorts of data which include personal information also.
These search engines are useed for malicious purposes. Using search engines many people can know the movement of other people. Let us consider one example.As in today\'s world every one uses mobile phone with internet connection,from a normal person to the higher official, celebrities every one uses Internet over phone. let us consider a celebrity has been to a coffee shop. If an admirer of the celebrity is willing to know where the celebrity is, he can know with the help of the search engines. There are some websites which help you follow a particular person through internet. using GPS the current location of the celebity can be traced and if the admirer in the same geographical domain he can even reach the celebrity without his knowledge and permission into his personal space. This is called as stalking. there are many websites which help you stalk.
This example explains how controversial locating information through search engines with respect to the privacy.There are many other issues with respect to privacy
for further queries kindly get back
.
How change in a corporation-'s natural and societal environments can a.docx
How change in a corporation\'s natural and societal environments can affect the corporation through its task environment. Explain in detail and provide an example.
Solution
Corporate Interests And Actions Can Harm The Environment
In the developing world, many development projects have come under criticism fordamaging the environment, even when they are presented as helping it. Concerns haveincreased in line with the rising investment in the developing world.
In the late 1990s attention was drawn to a United Nations (U.N.) project to get corporate collaboration/sponsorship in development projects, supporting human rights and the environment, and being generally more responsible and accountable. However it fell under a lot of criticism for involving corporations that are known to have contributed or caused some of the more severe human rights and environment problems, allowing these companies to attempt to repair their tarnished image, while not actually tackling the problems.
In May 2002, the United Nations Environment Program (UNEP) released an extensivereport saying that,
.
How can you prevent intruders from accessing your wireless network- a).docx
How can you prevent intruders from accessing your wireless network?
a) Encrypt network traffic with WPA or WEP
b) Restrict access to trusted MAC addresses
Both
None of the above
Solution
a)Encrypt network traffic with WPA or WEP
Explanation:
Restricting wireless access prevents intruders from connecting to your network.Wired Equivalent Privacy (WEP) security is the most basic and simplest form of wireless security. It is the most often used, but least secure of the available options. WEP Shared Key authentication and WEP data encryption block all but the most determined eavesdropper
.
How are standing waves similar to beats and how are they different- Ty.docx
How are standing waves similar to beats and how are they different?
Typing only, no handwriting
Solution
Standing waves and beats are similar in many aspects both have same amplitude .but in standing waves frequencies of both waves are same but in beats two waves have nearly equal frequencies not exactly same. Standing waves propagate in same direction. But in stationary waves propagate in different direction. Standing wavea also known as stationary waves. When two sets of progressive waves trains of the same type (i.e. both longitudinal or both transverse) having the same amplitude and same time period/ frequency/ wavelength travelling with same speed along the same straight line in opposite directions superimpose, a new set of waves are formed. These are called stationary waves or standing waves. When two sound waves of equal amplitude and nearly equal frequencies travelling in a medium along the same direction superimpose on each other, the intensity of the resultant sound at a particular position rises and falls alternately with time. The phenomenon of alternate variation in the intensity of sound with time at a particular position, when two sound waves of newly equal frequencies and amplitudes travelling in the same direction superimpose on each other.
.
How are corporate abuse of power corporate fraud- and corporate econom.docx
How are corporate abuse of power corporate fraud, and corporate economic exploitation interrelated? Which segments of society seem to bear the largest burden from these forms of corporate crime, and which segments seem least vulnerable? Which of these forms of corporate crime concern you most, and which concern you least, and why?
Solution
Nader Proposes Crackdown on Corporate Crime, Fraud and Abuse
The US needs to crackdown on corporate crime, fraud and abuse that have in the last four years looted and drained trillions of dollars from workers, investors, pension holders and consumers. Among the reforms needed are resources to prosecute and convict the corporate executive crooks and to democratize corporate governance so shareholders have real power; pay back ill-gotten gains; rein in executive pay; and enact corporate sunshine laws, among others.
Below are twelve initial steps for an effective crackdown on corporate crime, fraud and abuse. The Nader campaign will return to this issue and expand the discussion on the solution to corporate crime and abuse.
Twelve Steps to an Effective Crackdown on Corporate Crime
While Smith wrote the earlier piece in 1994, it is applicable today as well, with wave of news about
.
How can biometric technology be used to fight cybercrime and cyber rel.docx
How can biometric technology be used to fight cybercrime and cyber related crimes? What controversies does the use of this technology raise?
Solution
Biometric technology is a measurement of unique behavioural and physical characteristics of a human required for personal identification since each individual has a unique identitiy. Features like DNA, face detection, finderprints, voice recognition, palm prints etc. This technology is used largely in figting and preventing crimes.
Biometric technology in Cyber crime works as below:
1. Record - Record basic data of the user, then capture image of voice of the user using a sensor or scanner.
2.Store- Store the image or voice recorded as a graph using a computer
3.Compare - Compare the stored information with recorded information and either accept or reject the authenticated information.This requires a specific software to analyse the characteristics of a code and compare.
Controversies:Use of biometric technology is not without controversies.
1. Many people fear that the Government of Cyber Crime Cell may use biometrics to track people during everyday transactions.
2.There is chance of personal identification information being misplaced.
3. There is fear in hackers using biometrics to hack one\'s personal data.
.
Holmes- CPA- assisted Williams Corporation in preparing its financial.docx
Holmes, CPA, assisted Williams Corporation in preparing its financial statements and gave Williams permission to use Holmes\'s name in communications containing these financial statements. If Holmes did not audit the financial statements, what type of opinion should be expressed?
a) Unmodified opinion with an other-matter paragraph limiting the level of assurance provided by Holmes
b) Qualified opinion with an additional paragraph indicating a circumstance-imposed scope limitation
c) Disclaimer of opinion because Holmes did not audit the financial statements
d) Homes is not required to issue a report or opinion in this situation
Solution
d) Homes is not required to issue a report or opinion in this situation. This is not a financial data that needs to b audited but a mere performance of accounts preparation by Holmes, which does not amount to qualification in the audit report of Williams Corporation.
The auditor is not restricted to access of any information or data as required b him. Hence, this can neither be treated as a disclaimer.
.
HNO2 has a Ka of 4-00x10^-3- What is the pH of a solution prepared by.docx
HNO2 has a Ka of 4.00x10^-3. What is the pH of a solution prepared by adding 1.5 moles of HNO2 to enough water to Make 1 liter of solution
HNO2 has a Ka of 4.00x10^-3. What is the pH of a solution prepared by adding 1.5 moles of HNO2 to enough water to Make 1 liter of solution
Solution
Concentration of HNO2,c= number of moles/volume in L
c=1.5 moles/1 L = 1.5 M
Let a be the dissociation of the weak acid
HA <---> H + + A-
initial conc. c 0 0
change -ca +ca +ca
Equb. conc. c(1-a) ca ca
Dissociation constant , Ka = ca x ca / ( c(1-a)
= c a2 / (1-a)
In the case of weak acids a is very small so 1-a is taken as 1
So Ka = ca2
==> a = ? ( Ka / c )
Given Ka = 4.00x10^-3
c = concentration = 1.5 M
Plug the values we get a = 2.67x10^-3
[H+]=ca=4*10^-3 M
pH=-log[H+]= 2.40
.
Hi- Can you answer this question- Please show all your work and show i.docx
Hi, Can you answer this question. Please show all your work and show important comment sections ( Please comment what the codes of lines do!!). Please avoid command fucntions like nargin function command. Code w/ MATLab 2015a or higher. I know hw to do the math but failed toomany times at coding. THank you again!!! =)
Write a function file for the bisection method to find the roots of a function. Test your code on e a functionrition. Determine what cos(x) = x 5. the following function. Determine what your inputs and outputs should be.
Solution
The given Matlab code uses the string facility to pass the name of a function to bisection. A % indicates the comments
function d = bisection(fn,a1,b1,tol)
% d = bisection(\'fn\',a1,b1,tol)
%
% Â Â This function locates a root of the function fn on the interval
%Â Â [a1,b1] to within a tolerance of tol.
% Evaluating the function to the endpoints and checking if it
% changes sign.
Fa1 = feval(fn,a1);
Fb2 = feval(fn,b1);
if Fa1*Fb2 >= 0
error(\'Tis fn have opposite signs at a and b\')
end
% done is used to flag the unlikely event that we find
% the root exactly before the interval has been sufficiently reduced.
done = 0;
% Bisect the interval
d = (a1+b1)/2;
% Main loop
while abs(a1-b1) > 2*tol & ~done
% Evaluate the function at the midpoint
Fc1 = feval(fn,d);
if Fa1*Fc1 < 0Â Â Â Â Â Â % The root is left of d
b1 = d;
Fb1 = Fc1;
d = (a1+b1)/2;
elseif Fc1*Fb1 < 0Â Â % The root is right of d
a1 = d;
Fa1 = Fc1;
d = (a1+b1)/2;
else              % the root
done = 1;
end
end
the file is named as bisect.m, it can be run as follows:
.
Hi! I think the answer is C Outsource the software- I juyst wanted to.docx
Hi! I think the answer is C Outsource the software. I juyst wanted to have some opinion from the experts. Thanks!
If your software runs on an IBM mainframe, and you want to adapt it for Windows desktop PCs, you must _____ the software.
A. filter
B. port
C. outsource
D. crowdsource
Files can be retrieved from a dump backup by using gunzip. True or False
I think the answer is FALSE
Solution
A filter is a computer program or subroutine to process a stream, producing another stream
A port is an endpoint of communication in an operating system
Movement of software from one platform to another is called outsourcing(This is a common word in terms of business process ) . So answer is C (Outsourcing)
gunzip takes a list of files on its command line and replaces each file whose name ends with .gz, -gz, .z, -z, _z or .Z.So answer is false .
.
Hi all! someone help me pls Fraud examination I need to write an essay.docx
Hi all! someone help me pls
Fraud examination
I need to write an essay with five paragraphs
Chapter 5, Case 9
Sally was aware of a fraud being committed by one of her coworkers, but she never reported it. What are some possible reasons for her hesitancy to come forward?
Solution
Fraud is an act of unlawful gain without hurting physically to others. This is a secret act of stealing benefits.
Fraud was noticed but not reported due to the following reasons:
Self-centered : The person might be self-centered. She might have no interest of seeing other things apart from her duty.
Unaware of consequence : The person might have no knowledge of consequence of fraud. Fraud not only creates loss of wealth, but it is also the loss of net income on regular basis. She might be unaware of such loss.
Threat of life : The person might have belief that if the fraud is reported, her life would be in danger. In that case she will not report it.
Corruption all rounds : If everybody is corrupted, reporting would be useless. Therefore, she may be reluctant to do reporting.
Well-known coworker : If the coworker is well-known, the person might be manipulated not to disclose the fraud.
.
Here is a list of the main characters in Shakespeare-'s Romeo and Juli.docx
Here is a list of the main characters in Shakespeare\'s Romeo and Juliet. The first seven characters are male and the last four are female.
Escalus, prince of Verona
Paris, kinsman to the prince
Romeo, of Montague Household
Mercutio, friend of Romeo
Benvolio, friend of Romeo
Tybalt, nephew to Lady Capulet
Friar Lawrence, a Franciscan
Lady Montague, of Montague Household
Lady Capulet, of Capulet Household
Juliet, of Capulet Household
Juliet\'s Nurse
A total of 13 male and 7 female actors are available to play these roles. How many possible casts are there? (All roles are to be played by actors of the same gender as the character.)
I have worked this out multiple times and just can\'t get it right...please help. I would like the solution as well as how you came to it if possible.
Solution
We need to combine a choice of 7 out of 13 possible male actors with a choice of 4 out of 7 possible female actors.
13C7 * 7C4
= [13! / (7! 6!)] * [7! / (4! 4!)]
= [13*12*11*10*9*8 / (6*5*4*3*2*1)] * [7*6*5 / (4*3*2*1)]
= 1716 * 8.75
= 15015 possible casts.
.
1- How many ATOMS of sulfur are present in 2-25 moles of sulfur trioxi.docx
1. How many ATOMS of sulfur are present in 2.25 moles of sulfur trioxide ?
____ atoms of sulfur.
2. How many MOLES of oxygen are present in 1.01×1023 molecules of sulfur trioxide ?
___moles of oxygen.
Solution
Ans. #1. 1 mol SO 3 consists of 1 S-atoms.
So, moles of S in SO 3 = 2.25 mol
Now,
Number of S-atoms = Moles of S x N A
= 2.25 mol x (6.022 x 10 23 atoms/ mol)
= 1.355 x 10 24 atoms
#2. Moles of SO 3 = Number of SO 3 molecules / N A
= 1.01 x 10 23 molecule / (6.022 x 10 23 molecules / mol)
= 0.1677 mol
# 1 SO 3 molecule consists of 3 O-atoms.
So,
Moles of O = 3 x Moles of SO 3 = 3 x 0.1677 mol = 0.5032 mol
.
1- How does having a scope and WBS help project teams during project e.docx
1. How does having a scope and WBS help project teams during project execution? Why is it difficult to develop good plans? 2. Name the main planning tasks performed as part of project integration management? What are the main documents created, and what should they contain? 3. Identify the planning tasks performed as part of project time management. What is the critical path for a project? Why is it important to know which tasks are on the critical path? How would you gain support from the project sponsor on the tasks on the critical path? 4. During project cost management, what are the main planning tasks performed? Identify the difference between a cost estimate and a cost performance baseline. Why is it important to have clear ground rules and assumptions for a cost estimate?
Solution
1. How does having a scope and WBS help project teams during project execution? Why is it difficult to develop good plans?
The main purpose of project planning is to guide project execution. To guide execution, plans must be realistic and useful, so a fair amount of effort must go into the project planning process (Schwalbe, 2013).
Planning is often the most difficult and unappreciated process in project management because people often do not want to take the time to plan well, but theory and practice show that good planning is crucial to good execution (Schwalbe, 2013).
2. Name the main planning tasks performed as part of project integration management? What are the main documents created, and what should they contain?
Project integration management involves coordinating all the project management knowledge areas throughout a project
.
1- How did the Roman Catholc church influence music in the Middle Ages.docx
1. How did the Roman Catholc church influence music in the Middle Ages?
2. What is polyphony? Why did composers of the earliest polyphony use chant as the basis for their works?
3. How are medieval instruments similar to todays instruments? How are they different?
4. What is the importance of Josquin des Prez to musical composition?
Solution
1. How did the Roman Catholc church influence music in the Middle Ages?
The Roman Catholic Church used the Gregorian Chant as their official music during the Middle Ages. Chanting was monotonous and performed by monks but eventually developed a more melodic sound. Masses were sung. The Church did not use musical instruments to accompany the singing because that was associated with Pagan rites. Secular music was extremely popular at that time as was dancing. Both were enjoyed at gatherings. Secular music employed flutes, horns, drums and stringed instruments. Church music and secular music were very different and the Church didn\'t have much of an influence on secular music during the Middle Ages.
2. What is polyphony? Why did composers of the earliest polyphony use chant as the basis for their works?
P olyphony is a texture consisting of two or more simultaneous lines of independent melody, as opposed to music with just one voice (monophony) or music with one dominant melodic voice accompanied by chords (homophony).
Twelfth-century composers, such as L
.
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Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
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Event Link:-
https://meetups.mulesoft.com/events/details/mulesoft-mysore-presents-exploring-gemini-ai-and-integration-with-mulesoft/
Agenda
● Java 17 Upgrade Overview
● Why and by when do customers need to upgrade to Java 17?
● Is there any immediate impact to upgrading to Mule Runtime 4.6 and beyond?
● Which MuleSoft products are in scope?
For Upcoming Meetups Join Mysore Meetup Group - https://meetups.mulesoft.com/mysore/
YouTube:- youtube.com/@mulesoftmysore
Mysore WhatsApp group:- https://chat.whatsapp.com/EhqtHtCC75vCAX7gaO842N
Speaker:-
Shubham Chaurasia - https://www.linkedin.com/in/shubhamchaurasia1/
Priya Shaw - https://www.linkedin.com/in/priya-shaw
Organizers:-
Shubham Chaurasia - https://www.linkedin.com/in/shubhamchaurasia1/
Giridhar Meka - https://www.linkedin.com/in/giridharmeka
Priya Shaw - https://www.linkedin.com/in/priya-shaw
Shyam Raj Prasad-
https://www.linkedin.com/in/shyam-raj-prasad/
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- 1. Herbie Corp's Balance Sheet showed the following at 12/31/13 Common Stock, $10 par $100,000 APIC $50,000 Retained Earnings $20,000 A cash dividend is declared on 12/31/13, and is payable on 1/20/14 to shareholders of record as of 1/10/14. Show all appropriate journal entires assuming a cash dividend of $1 per share Show all appropriate entries for a $5 per share dividend Solution 1. Journal entry to record dividend of $1 per share. No. of shares is 10,000 ($100,000/$10) 31-12-2013 - Entry for dividend declaration will be recorded Retained earnings (10,000X1) Debit 10,000 To Dividend payable Credit 10,000 20-1-2014, Entry to record dividend payment. There will be no entry on 10-1-2014 i.e. the record date. As record date merely determines the names of the stakeholders that will receive dividend. Dividend payable Debit 10,000 To Cash Credit 10,000 2. Cash dividend of $5 per share. Retained earnings can be used for dividend payments. APIC cannot be used because the Company cannot declare dividends more than retained earnings. In this case, Retained earnings balance will be negative.
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