In January 2017, Crane Company, a newly formed company, issued 9500 .pdf
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In January 2017, Crane Company, a newly formed company, issued 9500 shares of its $8 par common stock for $13 per share. On July 1, 2017, Crane Company reacquired 950 shares of its outstanding stock for $10 per share. The acquisition of these treasury shares a. increased total stockholders\' equity. b. decreased the number of issued shares. c. decreased total stockholders\' equity. d. did not change total stockholders\' equity. Solution The right answer is option (C) decreased total stockholders\' equity. Justification: Statement of stockholders equity at the time of Formation of company Particulars Per Share Number of Shares Total Amount ($) Paid up Capital 8 9500 76,000.00 Paid in capital in excess of par 5 9500 47,500.00 Total Share holders equity 13 9500 1,23,500.00 Statement of stockholders equity after requiring treasury shares Particulars Per Share Number of Shares Total Amount ($) Paid up Capital 8 8550 (9500-950) 68,400.00 Paid in capital in excess of par 5 8550 42,750.00 Share holders equity before Treasury Shares 13 8550 111,150.00 Treasury Shares 10 950 9,500.00 Total Share holders equity 9500 (8550+950) 1,20,650.00 (9500+111,150) Statement of stockholders equity at the time of Formation of company Particulars Per Share Number of Shares Total Amount ($) Paid up Capital 8 9500 76,000.00 Paid in capital in excess of par 5 9500 47,500.00 Total Share holders equity 13 9500 1,23,500.00.
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HELP! Thought I can figure this one out but got it wrong. I have one.pdf
HELP! Thought I can figure this one out but got it wrong. I have one more attempt.
Exercise 3-4
A tabular analysis of the transactions made during August 2017 by Sandhill Co. during its first
month of operations is shown below. Each increase and decrease in stockholders’ equity is
explained.
Assets
Liabilities
Stockholders’ Equity
Retained Earnings
(1)
Com. Stock
(2)
(3)
(4)
Serv. Rev.
(5)
(6)
Div.
(7)
Rent Exp.
(8)
(9)
Salar. Exp.
(10)
Util. Exp.
(b) Determine how much stockholders’ equity increased for the month.
Increase in stockholders’ equity
(c) Compute the net income for the month.
The net income
Assets=
Liabilities+
Stockholders’ EquityCash+A/R+Supp.+Equip.=Accounts Payable+Common Stock+
Retained EarningsRevenues–Expenses–Dividends
(1)$15,700$15,700
Com. Stock
(2)–1,300$5,000$3,700
(3)–850$850
(4)4,300$6,400$10,700
Serv. Rev.
(5)–2,400–2,400
(6)–2,600–$2,600
Div.
(7)–870–$870
Rent Exp.
(8)420–420
(9)–3,700–3,700
Salar. Exp.
(10)270–270
Util. Exp.
Solution
b) Calculate stockholder\'s equity increase for the month :
(c) Compute the net income for the month.Common stock15700Revenue10700Rent
exp(870)Utilities exp(270)Salaries exp(3700)Dividend(2600)Increase in stockholder\'s
equity18960.
11) Purrfect Paws Company issues 1-000 shares of $50 par preferred sto.pdf
11) Purrfect Paws Company issues 1,000 shares of $50 par preferred stock for $250.000 . The
company is not required to buy back the preferred stock. However, the preferred stock includes a
redemption feature that gives the holder the option to redeem the shares for cash at specified
dates. This would be classified as under U.S. GAAP and under IFRS. A) debt; equity B) debt;
debt C) equity; debt D) equity; equity 12) Stinson Corporation has 7% participating preferred
shares. In 2015 the company pays common shareholders dividends that are 9% of common par
value. What, if any, additional dividend will preferred shareholders receive? A) 2% B) 9% C)
100% D) none 13) Bach, Inc. issued 800 shares of 8% , $80 par value, preferred stock for $80 ,
000 . The board of directors declared dividends on December 30 , to be paid in January. What
journal entry is necessary to record the payment of dividends?.
1) Retained earning isa. Always equal to the amount of cash that.docx
1) Retained earning is
a. Always equal to the amount of cash that the corporation has generated from operations.
b. A part of the paid-in capital of the corporation.
c. A part of the stockholders’ claim on the total assets of the corporation.
d. Closed at the end of each accounting period.
2) When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the
a. stated value of the stock.
b. par value of the stock.
c. market value of the stock.
d. book value of the stock.
3) If Vickers Company issues 4,000 shares of $5 par value common stock for $140,000,
a. Common Stock will be credited for $140,000.
b. Paid-In Capital in Excess of Par will be credited for $20,000.
c. Paid-In Capital in Excess of Par will be credited for $120,000.
d. Cash will be debited for $120,000.
4) If common stock is issued for an amount greater than par value, the excess should be
credited to
a. Cash.
b. Retained Earnings.
c. Paid-in Capital in Excess of Par.
d. Legal Capital.
5) If stock is issued for a noncash asset, the asset should be recorded on the books of the
corporation at
a. fair value.
b. cost.
c. zero.
d. a nominal amount
6) If stock is issued for less than par value, the account
a. Paid-In Capital in Excess of Par is credited.
b. Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.
c. Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.
d. Retained Earnings is credited.
7) Which of the following represents the largest number of common shares?
a. Treasury shares
b. Issued shares
c. Outstanding shares
d. Authorized shares
8) New Corp. issues 2,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to
a. Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $8,000.
b. Common Stock $28,000.
c. Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000.
d. Common Stock $20,000 and Retained Earnings $8,000.
9) If Keene Company issues 4,500 shares of $5 par value common stock for $80,000, the account
a. Common Stock will be credited for $22,500.
b. Paid-in Capital in Excess of Par will be credited for $22,500.
c. Paid-in Capital in Excess of Par will be credited for $80,000.
d. Cash will be debited for $57,500.
10) Carson Packaging Corporation began business in 2013 by issuing 25,000 shares of $3 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $12. On its December 31, 2013 balance sheet, Carson Packaging would report
a. Common Stock of $300,000.
b. Common Stock of $75,000.
c. Common Stock of $200,000.
d. Paid-In Capital of $75,000.
11) Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of
stock sold for $15 per share. The journal entry to record this transaction would include a
a. debit to Cash for $60,000.
b. credit to Common Stock for $60 ...
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document appears to be a study guide for an ACCT 504 final exam. It contains 14 multiple choice questions covering various accounting concepts related to sole proprietorships, dividends, financial statements, inventory cost flow assumptions, bonds, cash flows, ratio analysis, and internal controls. The questions would help test a student's understanding of topics like the advantages of different business forms, the accounting equation, accrual accounting, inventory methods, bond issuance, and financial statement analysis techniques.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Recommended
HELP! Thought I can figure this one out but got it wrong. I have one.pdf
HELP! Thought I can figure this one out but got it wrong. I have one more attempt.
Exercise 3-4
A tabular analysis of the transactions made during August 2017 by Sandhill Co. during its first
month of operations is shown below. Each increase and decrease in stockholders’ equity is
explained.
Assets
Liabilities
Stockholders’ Equity
Retained Earnings
(1)
Com. Stock
(2)
(3)
(4)
Serv. Rev.
(5)
(6)
Div.
(7)
Rent Exp.
(8)
(9)
Salar. Exp.
(10)
Util. Exp.
(b) Determine how much stockholders’ equity increased for the month.
Increase in stockholders’ equity
(c) Compute the net income for the month.
The net income
Assets=
Liabilities+
Stockholders’ EquityCash+A/R+Supp.+Equip.=Accounts Payable+Common Stock+
Retained EarningsRevenues–Expenses–Dividends
(1)$15,700$15,700
Com. Stock
(2)–1,300$5,000$3,700
(3)–850$850
(4)4,300$6,400$10,700
Serv. Rev.
(5)–2,400–2,400
(6)–2,600–$2,600
Div.
(7)–870–$870
Rent Exp.
(8)420–420
(9)–3,700–3,700
Salar. Exp.
(10)270–270
Util. Exp.
Solution
b) Calculate stockholder\'s equity increase for the month :
(c) Compute the net income for the month.Common stock15700Revenue10700Rent
exp(870)Utilities exp(270)Salaries exp(3700)Dividend(2600)Increase in stockholder\'s
equity18960.
11) Purrfect Paws Company issues 1-000 shares of $50 par preferred sto.pdf
11) Purrfect Paws Company issues 1,000 shares of $50 par preferred stock for $250.000 . The
company is not required to buy back the preferred stock. However, the preferred stock includes a
redemption feature that gives the holder the option to redeem the shares for cash at specified
dates. This would be classified as under U.S. GAAP and under IFRS. A) debt; equity B) debt;
debt C) equity; debt D) equity; equity 12) Stinson Corporation has 7% participating preferred
shares. In 2015 the company pays common shareholders dividends that are 9% of common par
value. What, if any, additional dividend will preferred shareholders receive? A) 2% B) 9% C)
100% D) none 13) Bach, Inc. issued 800 shares of 8% , $80 par value, preferred stock for $80 ,
000 . The board of directors declared dividends on December 30 , to be paid in January. What
journal entry is necessary to record the payment of dividends?.
1) Retained earning isa. Always equal to the amount of cash that.docx
1) Retained earning is
a. Always equal to the amount of cash that the corporation has generated from operations.
b. A part of the paid-in capital of the corporation.
c. A part of the stockholders’ claim on the total assets of the corporation.
d. Closed at the end of each accounting period.
2) When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the
a. stated value of the stock.
b. par value of the stock.
c. market value of the stock.
d. book value of the stock.
3) If Vickers Company issues 4,000 shares of $5 par value common stock for $140,000,
a. Common Stock will be credited for $140,000.
b. Paid-In Capital in Excess of Par will be credited for $20,000.
c. Paid-In Capital in Excess of Par will be credited for $120,000.
d. Cash will be debited for $120,000.
4) If common stock is issued for an amount greater than par value, the excess should be
credited to
a. Cash.
b. Retained Earnings.
c. Paid-in Capital in Excess of Par.
d. Legal Capital.
5) If stock is issued for a noncash asset, the asset should be recorded on the books of the
corporation at
a. fair value.
b. cost.
c. zero.
d. a nominal amount
6) If stock is issued for less than par value, the account
a. Paid-In Capital in Excess of Par is credited.
b. Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.
c. Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.
d. Retained Earnings is credited.
7) Which of the following represents the largest number of common shares?
a. Treasury shares
b. Issued shares
c. Outstanding shares
d. Authorized shares
8) New Corp. issues 2,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to
a. Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $8,000.
b. Common Stock $28,000.
c. Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000.
d. Common Stock $20,000 and Retained Earnings $8,000.
9) If Keene Company issues 4,500 shares of $5 par value common stock for $80,000, the account
a. Common Stock will be credited for $22,500.
b. Paid-in Capital in Excess of Par will be credited for $22,500.
c. Paid-in Capital in Excess of Par will be credited for $80,000.
d. Cash will be debited for $57,500.
10) Carson Packaging Corporation began business in 2013 by issuing 25,000 shares of $3 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $12. On its December 31, 2013 balance sheet, Carson Packaging would report
a. Common Stock of $300,000.
b. Common Stock of $75,000.
c. Common Stock of $200,000.
d. Paid-In Capital of $75,000.
11) Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of
stock sold for $15 per share. The journal entry to record this transaction would include a
a. debit to Cash for $60,000.
b. credit to Common Stock for $60 ...
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document appears to be a study guide for an ACCT 504 final exam. It contains 14 multiple choice questions covering various accounting concepts related to sole proprietorships, dividends, financial statements, inventory cost flow assumptions, bonds, cash flows, ratio analysis, and internal controls. The questions would help test a student's understanding of topics like the advantages of different business forms, the accounting equation, accrual accounting, inventory methods, bond issuance, and financial statement analysis techniques.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document appears to be a study guide for an ACCT 504 final exam. It contains 14 multiple choice questions covering various accounting concepts related to sole proprietorships, dividends, financial statements, inventory cost flow assumptions, bonds, cash flows, ratio analysis, and internal controls. The questions would help test a student's understanding of topics like the advantages of different business forms, the accounting equation, accrual accounting, inventory methods, bond issuance, and financial statement analysis techniques.
QUESTION 1Company Pea owns 90 of Company Essone which in turn o.docx
QUESTION 1
Company Pea owns 90% of Company Essone which in turn owns 80% of Company Esstwo.
Company Esstwo owns 100% of Company Essthree.
Consolidated financial statements should be prepared to report the financial status and results of operations for:
a.
Pea.
b.
Pea plus Essone.
c.
Pea plus Essone plus Esstwo.
d.
Pea plus Essone plus Esstwo plus Essthree.
QUESTION 2
Under the equ
ity method
of accounting for a stock investment, the investment initially should be recorded at
a.
cost.
b.
cost minus any purchase differential.
c.
proportionate share of fair value of the investee company's net assets.
d.
proportionate share of the book value of the investee company's net assets.
QUESTION 3
A change from the equity
method to the
cost meth
od of accounting for an investment in common stock due to a decrease in the number of shares held by the investor requires:
a.
Retroactive restatement as if the investor always had used the cost method.
b.
Requires an adjustment to beginning retained earnings.
c.
That the cumulative amount of the change be shown as a line item on the income statement net of tax.
d.
The change be accounted for currently and prospectively.
QUESTION 4
A change from the cost method to the equity metho
d of accountin
g for an i
nvestment in common stock resulting from an increase in the number of shares held by the investor requires:
a.
Only footnote disclosure.
b.
That the cumulative amount of the change be shown as a line item on the income statement, net of tax.
c.
That the change be accounted for currently and prospectively.
d.
Retroactive restatement as if the investor always had used the equity method.
QUESTION 5
Which of the following situations best describes a business combination to
be accounted
for as a s
tatutory merger?
a.
All of the outstanding stock of a company is acquired.
b.
Cash or other consideration is exchanged for total net assets of another company.
c.
Two companies combine to form a new third company, and the original two companies are dissolved.
d.
One company transfers assets to another company it has created.
QUESTION 6
On December 31, 2003, Rudd Company purchased 80 percent of the common stock of Wilton Company.
At
the time, Rudd
held land
with a book value of $100,000 and a fair value of $260,000; Wilton held land with a book value of $50,000 and fair value of $600,000.
At what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
a.
$540,000.
b.
$590,000.
c.
$700,000.
d.
$860,000.
QUESTION 7
Assume that one company owns 70 percent of the common stock of another company, with the investment originally purchased at
the book value
of the sh
ares acquired.
For the current year, the parent reports separate operating income of $300,000, and the subsidiary reports net income of $160,000; each company declares dividends of $50,000.
What will the amount of consolidated net income repor ...
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1,
2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 non-
cumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number
authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income
$850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following
transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000
common shares at $16 a share. Announced a 3-for-1 stock split of the common shares.
Immediately before the split, the share price was $13 a share. Declared the annual dividend on
preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common
share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on
Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other
comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of
the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use
format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need
a column for Preferred shares instead of Contributed Surplus)
Solution
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shares being issued
2-Mar
Cash
$80,000.00
Treasury stock
$80,000.00
Common stocks being repurchased
28-Jun
No entry required, since stocks do not have any par value
15-Sep
Dividends - Preferred
$30,800.00
Dividends Payable - Preferred
$30,800.00
Preferred dividends at $4 per dividend being declared
30-Sep
Dividends Payable - Preferred
$30,800.00
Cash
$30,800.00
Preferred dividends declared being paid
31-Oct
Dividends - Common
$217,500.00
Dividends Payable - Common
$217,500.00
Common stock dividends being declared
15-Dec
Dividends Payable - Common
$217,500.00
Cash
$217,500.00
Common dividends declared being paid
Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800
Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500
Stocks repurchased at $16 = 5,000 x $16 = $80,000
Statement of Changes in Shareholders\' Equity
Year ended on December 31, 2017
Preferred Share Capital
Common Share Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income
Total Equity
Balance at January 1, 2017
$850,000
$2,250,000
$0
$1,750,000
$22,000
$4,872,000
Profit for the year
$0
$0
$0
$450,000
$0
$450,000
Other Comprehensive Income
$0
$0
$0
$0
$15,000
$15,000
Dividends - Preferred
$0
$0
$0
$30,800
$0
$30,800
Dividends - Common
$0
$0
$0
$217,500
$0
$217,500
Purchase of Own Shares
$0
$0
$80,000
($80,000)
$0
$0
Balance at December 31, 2017
$850,000
$2,250,000
$80,000
$2,368,300
$37,000
$5,585,300
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shar.
ACC 423 Effective Communication/tutorialrank.com
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
Acc 291 final exams
This document provides 30 multiple choice questions that appear to be from a final exam on accounting topics. The questions cover a range of concepts including recording bad debts expense, accounting for intangible assets, accounting for notes payable, accounting for bonds payable, accounting for stockholders equity, preparing financial statements, and internal controls.
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Stockholders’ Equity 1 Corporate Capital Illustration Experience Tradition/tu...
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Stockholders’ Equity 1 Corporate Capital
Illustration: Bad Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare the journal entry to record the
issuance of the shares.
Acc 423 final exam guide (new 2018, with excel file)
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
Exercise 15-1
CPA Question 04
CPA Question 06
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
Acc 291 final exam
This document contains a 100-question multiple choice exam on accounting principles. The exam covers topics such as internal controls, treasury stock, cash flows, financial statement analysis, bonds, dividends, and more. It is designed to test the test-taker's knowledge of concepts commonly assessed on an ACC 291 Final Exam.
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
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.
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Consolidated financial statement
The document provides an overview of consolidated financial statements. It discusses how a parent company combines the financial statements of its subsidiaries by eliminating reciprocal accounts and adjusting for the difference between the parent's cost of its investment and the book value of the subsidiary's underlying equity. The objectives covered include recognizing the benefits of consolidated statements, requirements for inclusion of subsidiaries, allocating excess investment costs, preparing consolidated balance sheets at acquisition and subsequent periods, accounting for minority interests, and preparing consolidated income statements.
ACC 400 Final Exam Guide
This document provides a sample ACC 400 final exam with 20 multiple choice questions covering various accounting topics such as cost accounting, financial statement analysis, internal controls, receivables, and equity. The exam questions assess understanding of accounting concepts like operating cycles, cash budgets, plant asset exchanges, bad debt expense, and accounting for dividends.
Uop acc 291 final exam
This document provides a 30-question multiple choice exam guide for ACC 291 at UOP. It tests concepts related to financial accounting, including recording bad debts, intangible assets, bonds, stock, treasury stock, cash flows, and analysis of financial statements. It also includes questions about the Sarbanes-Oxley Act and internal controls. The guide provides the questions, multiple choice answers, and identifies the key topics being assessed.
ACC 423 Final Exam Guide/uophelp.com
- The document provides an ACC 423 final exam guide that includes practice questions, brief exercises, and full exercises related to accounting topics.
- It includes questions, brief exercises, and full exercises on stockholders' equity, dividends, bonds, investments, income taxes, pensions, leases, and corrections of accounting errors.
- An Excel file is provided that can be used to change values for the questions and exercises.
Chapter 9 Question Review.pdf
The document contains a chapter review with multiple choice and exercise questions related to accounting for property, plant, and equipment. Some of the questions cover topics like depreciation methods, components of the cost of land, classification of expenditures, and journal entries to record asset disposals. The solutions provide the answers to each question in the review.
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a. On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
c.
Question 4 (14 points)
4A. Janu.
Match the type of data with the correct location(B) stackSelect On.pdf
Match the type of data with the correct location
(B) stackSelect OneMatch WithUninitialized global variables(A) data sectionInitialized global
variables
(B) stackprogram instructions(C) BSSautomatic local variables(D) heappersistent local or non-
local variables(E) text section(F) memory mapped I/O region
Solution
data section - persistent local or non-local variables
stack - automatic local variables
BSS - Uninitialized global variables
text section - Initialized global variables
memory mapped I/O region - program instructions.
If the architecture describes the design by specifying gates, flip-fl.pdf
If the architecture describes the design by specifying gates, flip-flops, other hardware element,
and their interconnections, it is called a behavioral description. structural description.
combinational description. hardware description. The ENTITY in VHDL is used to hide the
interface. show the inner working the design. define the architecture. define the interface.
Solution
6.f
Structural Discription
6.g
The Entity in VHDL is used for Define interface
ie: entity is used to declare the i/o ports..
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Acct 504 final exam
This document provides a summary of an ACCT 504 final exam with multiple choice and problem-solving questions related to accounting concepts. The exam covers topics such as sole proprietorships, dividends, financial statements, ratios, cash flows, journal entries, and internal controls. Students are asked to calculate ratios, prepare financial statements, analyze internal controls, record journal entries, and indicate sections of the statement of cash flows.
Acct 504 final exam
This document appears to be a study guide for an ACCT 504 final exam. It contains 14 multiple choice questions covering various accounting concepts related to sole proprietorships, dividends, financial statements, inventory cost flow assumptions, bonds, cash flows, ratio analysis, and internal controls. The questions would help test a student's understanding of topics like the advantages of different business forms, the accounting equation, accrual accounting, inventory methods, bond issuance, and financial statement analysis techniques.
QUESTION 1Company Pea owns 90 of Company Essone which in turn o.docx
QUESTION 1
Company Pea owns 90% of Company Essone which in turn owns 80% of Company Esstwo.
Company Esstwo owns 100% of Company Essthree.
Consolidated financial statements should be prepared to report the financial status and results of operations for:
a.
Pea.
b.
Pea plus Essone.
c.
Pea plus Essone plus Esstwo.
d.
Pea plus Essone plus Esstwo plus Essthree.
QUESTION 2
Under the equ
ity method
of accounting for a stock investment, the investment initially should be recorded at
a.
cost.
b.
cost minus any purchase differential.
c.
proportionate share of fair value of the investee company's net assets.
d.
proportionate share of the book value of the investee company's net assets.
QUESTION 3
A change from the equity
method to the
cost meth
od of accounting for an investment in common stock due to a decrease in the number of shares held by the investor requires:
a.
Retroactive restatement as if the investor always had used the cost method.
b.
Requires an adjustment to beginning retained earnings.
c.
That the cumulative amount of the change be shown as a line item on the income statement net of tax.
d.
The change be accounted for currently and prospectively.
QUESTION 4
A change from the cost method to the equity metho
d of accountin
g for an i
nvestment in common stock resulting from an increase in the number of shares held by the investor requires:
a.
Only footnote disclosure.
b.
That the cumulative amount of the change be shown as a line item on the income statement, net of tax.
c.
That the change be accounted for currently and prospectively.
d.
Retroactive restatement as if the investor always had used the equity method.
QUESTION 5
Which of the following situations best describes a business combination to
be accounted
for as a s
tatutory merger?
a.
All of the outstanding stock of a company is acquired.
b.
Cash or other consideration is exchanged for total net assets of another company.
c.
Two companies combine to form a new third company, and the original two companies are dissolved.
d.
One company transfers assets to another company it has created.
QUESTION 6
On December 31, 2003, Rudd Company purchased 80 percent of the common stock of Wilton Company.
At
the time, Rudd
held land
with a book value of $100,000 and a fair value of $260,000; Wilton held land with a book value of $50,000 and fair value of $600,000.
At what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
a.
$540,000.
b.
$590,000.
c.
$700,000.
d.
$860,000.
QUESTION 7
Assume that one company owns 70 percent of the common stock of another company, with the investment originally purchased at
the book value
of the sh
ares acquired.
For the current year, the parent reports separate operating income of $300,000, and the subsidiary reports net income of $160,000; each company declares dividends of $50,000.
What will the amount of consolidated net income repor ...
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1,
2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 non-
cumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number
authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income
$850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following
transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000
common shares at $16 a share. Announced a 3-for-1 stock split of the common shares.
Immediately before the split, the share price was $13 a share. Declared the annual dividend on
preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common
share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on
Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other
comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of
the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use
format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need
a column for Preferred shares instead of Contributed Surplus)
Solution
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shares being issued
2-Mar
Cash
$80,000.00
Treasury stock
$80,000.00
Common stocks being repurchased
28-Jun
No entry required, since stocks do not have any par value
15-Sep
Dividends - Preferred
$30,800.00
Dividends Payable - Preferred
$30,800.00
Preferred dividends at $4 per dividend being declared
30-Sep
Dividends Payable - Preferred
$30,800.00
Cash
$30,800.00
Preferred dividends declared being paid
31-Oct
Dividends - Common
$217,500.00
Dividends Payable - Common
$217,500.00
Common stock dividends being declared
15-Dec
Dividends Payable - Common
$217,500.00
Cash
$217,500.00
Common dividends declared being paid
Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800
Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500
Stocks repurchased at $16 = 5,000 x $16 = $80,000
Statement of Changes in Shareholders\' Equity
Year ended on December 31, 2017
Preferred Share Capital
Common Share Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income
Total Equity
Balance at January 1, 2017
$850,000
$2,250,000
$0
$1,750,000
$22,000
$4,872,000
Profit for the year
$0
$0
$0
$450,000
$0
$450,000
Other Comprehensive Income
$0
$0
$0
$0
$15,000
$15,000
Dividends - Preferred
$0
$0
$0
$30,800
$0
$30,800
Dividends - Common
$0
$0
$0
$217,500
$0
$217,500
Purchase of Own Shares
$0
$0
$80,000
($80,000)
$0
$0
Balance at December 31, 2017
$850,000
$2,250,000
$80,000
$2,368,300
$37,000
$5,585,300
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shar.
ACC 423 Effective Communication/tutorialrank.com
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
Acc 291 final exams
This document provides 30 multiple choice questions that appear to be from a final exam on accounting topics. The questions cover a range of concepts including recording bad debts expense, accounting for intangible assets, accounting for notes payable, accounting for bonds payable, accounting for stockholders equity, preparing financial statements, and internal controls.
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Stockholders’ Equity 1 Corporate Capital Illustration Experience Tradition/tu...
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Stockholders’ Equity 1 Corporate Capital
Illustration: Bad Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare the journal entry to record the
issuance of the shares.
Acc 423 final exam guide (new 2018, with excel file)
For more course tutorials visit
uophelp.com is now newtonhelp.com
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
Exercise 15-1
CPA Question 04
CPA Question 06
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
Acc 291 final exam
This document contains a 100-question multiple choice exam on accounting principles. The exam covers topics such as internal controls, treasury stock, cash flows, financial statement analysis, bonds, dividends, and more. It is designed to test the test-taker's knowledge of concepts commonly assessed on an ACC 291 Final Exam.
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
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.
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Consolidated financial statement
The document provides an overview of consolidated financial statements. It discusses how a parent company combines the financial statements of its subsidiaries by eliminating reciprocal accounts and adjusting for the difference between the parent's cost of its investment and the book value of the subsidiary's underlying equity. The objectives covered include recognizing the benefits of consolidated statements, requirements for inclusion of subsidiaries, allocating excess investment costs, preparing consolidated balance sheets at acquisition and subsequent periods, accounting for minority interests, and preparing consolidated income statements.
ACC 400 Final Exam Guide
This document provides a sample ACC 400 final exam with 20 multiple choice questions covering various accounting topics such as cost accounting, financial statement analysis, internal controls, receivables, and equity. The exam questions assess understanding of accounting concepts like operating cycles, cash budgets, plant asset exchanges, bad debt expense, and accounting for dividends.
Uop acc 291 final exam
This document provides a 30-question multiple choice exam guide for ACC 291 at UOP. It tests concepts related to financial accounting, including recording bad debts, intangible assets, bonds, stock, treasury stock, cash flows, and analysis of financial statements. It also includes questions about the Sarbanes-Oxley Act and internal controls. The guide provides the questions, multiple choice answers, and identifies the key topics being assessed.
ACC 423 Final Exam Guide/uophelp.com
- The document provides an ACC 423 final exam guide that includes practice questions, brief exercises, and full exercises related to accounting topics.
- It includes questions, brief exercises, and full exercises on stockholders' equity, dividends, bonds, investments, income taxes, pensions, leases, and corrections of accounting errors.
- An Excel file is provided that can be used to change values for the questions and exercises.
Chapter 9 Question Review.pdf
The document contains a chapter review with multiple choice and exercise questions related to accounting for property, plant, and equipment. Some of the questions cover topics like depreciation methods, components of the cost of land, classification of expenditures, and journal entries to record asset disposals. The solutions provide the answers to each question in the review.
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a. On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
c.
Question 4 (14 points)
4A. Janu.
Similar to In January 2017, Crane Company, a newly formed company, issued 9500 .pdf (20)
QUESTION 1Company Pea owns 90 of Company Essone which in turn o.docx
QUESTION 1Company Pea owns 90 of Company Essone which in turn o.docx
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.For this .docx
Stockholders’ Equity 1 Corporate Capital Illustration Experience Tradition/tu...
Stockholders’ Equity 1 Corporate Capital Illustration Experience Tradition/tu...
Acc 423 final exam guide (new 2018, with excel file)
Acc 423 final exam guide (new 2018, with excel file)
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations.docx
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include cor.docx
More from amritashinfosalys
Match the type of data with the correct location(B) stackSelect On.pdf
Match the type of data with the correct location
(B) stackSelect OneMatch WithUninitialized global variables(A) data sectionInitialized global
variables
(B) stackprogram instructions(C) BSSautomatic local variables(D) heappersistent local or non-
local variables(E) text section(F) memory mapped I/O region
Solution
data section - persistent local or non-local variables
stack - automatic local variables
BSS - Uninitialized global variables
text section - Initialized global variables
memory mapped I/O region - program instructions.
If the architecture describes the design by specifying gates, flip-fl.pdf
If the architecture describes the design by specifying gates, flip-flops, other hardware element,
and their interconnections, it is called a behavioral description. structural description.
combinational description. hardware description. The ENTITY in VHDL is used to hide the
interface. show the inner working the design. define the architecture. define the interface.
Solution
6.f
Structural Discription
6.g
The Entity in VHDL is used for Define interface
ie: entity is used to declare the i/o ports..
I need help for my next project due next tuesday can you help me in .pdf
I need help for my next project due next tuesday can you help me in writing this program and
can you make it a simple program easy as possible.
note here are the parameters of the program in bold:
Design a class named Employee. The class should keep the following information in fields:
• Employee name
• Employee number in the format XXX–L, where each X is a digit within the range 0–9
and the L is a letter within the range A–M.
• Hire date
Write one or more constructors and the appropriate accessor and mutator methods for the class.
Next, write a class named Production Worker that extends the Employee class. The
Production Worker class should have fields to hold the following information:
• Shift (an integer)
• Hourly pay rate (a double)
The workday is divided into two shifts: day and night. The shift field will be an integer value
representing the shift that the employee works. The day shift is shift 1 and the night shift is
shift 2. Write one or more constructors and the appropriate accessor and mutator methods for
the class. Demonstrate the classes by writing a program that uses a Production Worker object.
Each class needs a no-arg constructor and a constructor that initializes all fields with data (The
Production Worker class constructor should receive data for the Employee class fields as well)
Create a method within the Employee and Production Worker classes called display Info.
(display Info accepts no arguments and returns void) To display the data for each constructor, the
demonstration class will call the subclass display Info method and it will call the superclass
display Info method. User input is not required for the demonstration class.
Solution
Employe class:
public class Employee
{
public String name;
public String number;
public String hireDate;
public Employee(String n, String num, String hd)
{
name = n;
number = num;
hireDate = hd;
}
public String getName() {
return name;
}
public String getNumber()
{
return number;
}
public String getHireDate()
{
return hireDate;
}
private boolean isValidEmpNum(String e)
{
boolean isValid = true;
int i = 0;
if (e.length() != 5)
{
isValid = false;
}
while (isValid && i < 3)
{
if (!Character.isDigit(e.charAt(i)))
{
isValid = false;
}
i++;
}
while (isValid && i < 4)
{
if (e.charAt(i) != \'-\')
{
isValid = false;
}
i++;
}
while (isValid && i < 5)
{
if (!Character.isLetter(e.charAt(i)))
{
isValid = false;
}
i++;
}
while (isValid && i < 6)
{
if (e.charAt(4) <= \'A\' || e.charAt(4) >= \'M\')
{
isValid = false;
}
i++;
}
return isValid;
}
@Override
public String toString()
{
String str = \"Name: \" + name + \"\ Employee Number: \";
if (\"\".equals(number))
{
str += \"Invalid Employee Number\";
}
else {
str += number;
}
str += (\"\ Hire Date: \" + hireDate);
return str;
}
}
productionworker class:
import java.text.DecimalFormat;
public class ProductionWorker extends Employee
{
public static int dayShift = 1;
public static int nightShift = 2;
private int shift;
private double payRate;
public String ge.
how the Central Bank impacts the overall economySolutionthe ce.pdf
how the Central Bank impacts the overall economy
Solution
the central bank employs various techniques to create balance in the economy-expansionary and
contractionary. Pursuing Open Market Operations, setting Reserve Ratios, change the bank rate
are some of the techniques. Regulation of consumer credit or Direct Action & Rationing of credit
indirectly impact the economy. Increasing interest or decreasing interest rate through above
techniques influence inflation and directly impact the economy..
How do humans localize sound In other words, how does someone with .pdf
How do humans localize sound? In other words, how does someone with their eyes closed know
where sound is coming from?
Solution
Localization of sound refers to the ability of a person to identify the location or the origin of
sound, its direction and the approximate distance from which it is comming. In order to
investigate this complex ability, mammalian auditory system has been studied in detail.
Sound localization ability involves psychological and physiological acoustics as well as person\'s
artificial intelligence. It includes the interpretation of cues from the environment regarding the
information recognition, feeling of living in 3D environment, spectral information, sense of
timing and correlation analysis.
These cues also include changes which occur with direction of sound and the time its arrival at
the ears. Cues of differences between the sound reception of two ears (binaural) and sensing
pressure difference reception of the two ears, is also used as information. The sound travels
between ears and eardrums are activated at its outer and inner surface. This helps the animal
locate the source of the sound. The ear which faces closer to the sound source vibrates with a
larger amplitude, compared to the eardrum facing away.
Humans have very good ability to determine the source of sounds and they use the \'pressure
reception\' as a major cue. The resonance effect in external auditory canal causes the sound
signal amplification. In humans, only the outer surface of the ear is exposed to sound. Eustachian
tube equalizes the pressure, and does not allow the sound to enter the middle ear. Hence the outer
ear serves dual function of localizing the source of sound and amplifying the acoustic signals.
Inner ear is protected by middle ear. Cochlea, which is the main part of the inner ear convert the
acoustic signals to nerve stimulation..
Explain the ramifications of the changes, and demonstrate that they w.pdf
Explain the ramifications of the changes, and demonstrate that they were truly transformative
and not simply incremental improvements.
Solution
They are truely tranformative as a change does not happen out of nowhere. It announces itself
even when the existing system exists. Therefore, transformation is theoretically further
elaborated and it is found that a transformational change to a new system already starts at a time
when the existing system still fully operates. Thus they cannot be improvements..
Explain and provide examples of how species-specific and environment.pdf
Explain and provide examples of how species-specific and environmental catastrophes,
geological events, and the sudden influx/depletion of abiotic resources or increased
human activities can affect species distribution and abundance.
Solution
SPECIES-SPECIFIC:Being a substance that is limited in action of aparticular species,or
especially a species from which it is derived.
examples of species- specific: critter groups.
ENVIRONMENTAL CATASTROPHES:ENVIRONMENTAL CATASTROPHES is a
disaster,an event resulting in extreme loss and mis fortune.
examples of environmental catastrophes:japan earthquake.
GEOLOGICAL EVENTS:An event one or more geologicalprocesses act to modify geological
entites.
examples of geological events : volcanoes,tsunamis.
SUDDEN INFLUX /DEPLETION OF ABIOTIC RESOURCES OR INCREASED HUMAN
ACTIVITES CAN AFFECT SPECIES DISTRIBUTION AND ABUDANCE:Depletion of
abiotic resources is distruped impact cateogary in the life cycle assesment. it is a dilution
problem,it means taking the reserves in the environment and economy in to an account in the
parameter and using leakage from the economy instead of extraction rate,as a dilution paameter,
and increased human activites can affect species and distribution and abudnce.
example: non renewable resources..
Each of the following is a function of membranes except sites for spe.pdf
Each of the following is a function of membranes except sites for specific biochemical functions
regulation of transport. cell - cell communication. information storage. defining cell and
organelle boundaries.
Solution
Biological membranes serve as defining boundaries of the cells and membrane bound cell
organelles. They also serve in transport of selected substaces through them and thereby maintain
the cell\'s interior. They serve as site for complex reactions and are central to cell cell
communication. However, storage of information is the function of nucelus which houses the
genetic material. Correct answer is D..
Develop a detailed Compliance budget for fiscal year 2015-16 for a 1.pdf
Develop a detailed Compliance budget for fiscal year 2015-16 for a 100-bed skilled nursing
facility with 50 employees and a program budget amount of $200,000.
Solution
A detailed copliance is done by looking into some things. in which that hopital company can
adobe or not.
1.) see that, the department has large amount of funded beds that are not used.
2.) hospital should see for operation the level staff should be needed to operate hospital facilities.
3.) the budgeting methodology used by the department creates incentives for it to operate
effeciently. and etc., still many things have to be taken under control..
Devlin Inc produces snack foods such as bagel chips. The company had .pdf
Devlin Inc produces snack foods such as bagel chips. The company had the following
condensed trial balance as of April 3, 2011, for the nine months ended April 3, 2011. (S in
millions):
Solution
Income statement :
Balance sheet :Revenue22696Less: ExpensesCost of sales(8215)Selling,general and
administrative expenses(5394)Other expenses(1245)(14854)Net Income (Loss)7842.
Choose the one that the correct sequence (going from Mart to finish) .pdf
Choose the one that the correct sequence (going from Mart to finish) for the lymphatic system
duct, capillary, vessel, trunk, duct, vessel. capillary vessel, trunk capillary, duct capillary, vowel,
trunk, duct There is congestion in the flow when the lymph enters the lymphatic node to increase
the component by the lymphocytes True False John is considers a high-risk individual as his
immune system has many delicacies Thus of he was to be infected by a serious disease, one
would go about using which type of immunity? passive, nature scoured passive, scoured nature
Active, artificially acquired
Solution
Please find the answers below and explanations in parentheses:
Answer 36: Choice 4 (A small capillary collects the lymph from the interstitial tissue bed. A
number of these small capillaries combine to form a small vessel. A few vessels combine to
drain all the lymph fluid into a large trunk which transports the lymph across the body)
Answer 37: True (The lymph fluid is comprised of large amounts of lymphocytes which help in
fighting the infections. The lymphocytes are primarily concentrated at the lymph nodes. When
the lymph arrives at these lymph nodes, the lymphocytes accumulate to analyse the lymphatic
fluid for any infeciton of pathogens. This creates a temporary resistance to flow and causes slight
congestion of fluid across the lymphatic vessels which is cleared by some time)
Answer 38: Choice D (Since John is at risk of immune response and low on immunity, it clearly
suggests that he his immune response depends upon artificially acquired boost due to
immunization and thus result in active immune response against multiple infections. Had he not
had been pre-immunized, the primary source of immunity might had been his natural defence
against infections.).
Connecting the Concepts Structural Adaptations in Land Plants What .pdf
Connecting the Concepts: Structural Adaptations in Land Plants What structural adaptations
enable plants to live on land? Part A Drag the terms to their correct locations in this concept
map.
Solution
a. Vascular system
b. mosses- laks vascular system xylem and phloem.
c. lignin- natural polymer and not made of carbohydrates.
d. Ferns- have vascular tissues to transpot food and water.
e. phloem- distributes sugar and nutrients prepared in the shoot.
f. xylem- distributes water and minerals taken up by roots.
g. water and minerals.
Business statistics1.How is the trend eliminated in the ratio-to-m.pdf
Business statistics
1.How is the trend eliminated in the ratio-to-moving average procedure?
2. Why take the seasonality out of a time series?
3. Does a index of 103 indicate above or below average?
4. What is autocorrealtion?
5. Be able to read and interpret a short time series using an index.
6. What is done with seasonal indexes?
7. Be able to read and interpret a short time series using an index.
8. Hypothesis tests for nominal and ordinal merasurement are?
9. Chi-square test?
10. Sum of differences in expected and observed frequencies
Solution
1)It is harder to see a trend in a noisy time series thats why it is eliminated in the ratio-to-moving
average procedure.
2)Unlike the trend and cyclical components, seasonal components, theoretically, happen with
similar magnitude during the same time period each year. The seasonal components of a series
are sometimes considered to be uninteresting and to hinder the interpretation of a series.
Removing the seasonal component directs focus on other components
4)Autocorrelation is the correlation between the elements of a series and others from the same
series separated from them by a given interval.
6)A seasonal index is used when forecasting products with seasonal demand patterns.
9)A chi-squared test, also referred to as.
At the end of Meiosis I for this organism, what is the policy number .pdf
At the end of Meiosis I for this organism, what is the policy number (n, 2n, 3n, 4n)?
Solution
Answer: n (haploid)
Considering that the organism is diploid (2n) and undergoes meiosis to form the gametes, one
diploid cell undergoes division to reduce the chromosome number to half. So, at the end of
meiosis 1, the two cells so produced are haploid (n) with a DNA content of 2C..
Assignment Write a multithreaded Java program that uses either semap.pdf
Assignment: Write a multithreaded Java program that uses either semaphores or Java
synchronization to control access to a one-lane bridge. One thread should simulate eastbound
vehicles and another thread should simulate westbound vehicles. The vehicles do not have a
reverse gear, so the bridge would become deadlocked if both an eastbound vehicle and a
westbound vehicle were allowed to drive onto the bridge at the same time. Therefore, mutual
exclusion must be enforced. Your solution should avoid both deadlock and starvation (e.g. the
bridge being monopolized by westbound vehicles while the eastbound vehicles never get to
cross). Vehicles traveling in either direction should wait (sleep) for some amount of time, then
attempt to cross. Once a vehicle is on the bridge, it should sleep for some amount of time to
simulate how long it takes to drive across the bridge. Output a message when each vehicle drives
onto the bridge and another message when that vehicle has completed the crossing. Simulate
several vehicles traveling in each direction.
Solution
public class baboon{
public static boolean eastLock = false;
public static boolean westLock = false;
public static int onBranch = 0;
public static void main(String [] args)
{
BaboonEast bEast = new BaboonEast();
BaboonWest bWest = new BaboonWest();
for (int i=1; i<=10; i++)
{
new Thread(bEast, \"E: \"+i).start();
new Thread(bWest, \"W: \"+i).start();
//bEast.start();
}//for
}//main
}//class
class BaboonEast extends Thread
{
public void run()
{
while (baboon.westLock == true)
{
System.out.println(Thread.currentThread().getName() + \"
waiting\");
try
{
sleep(50);
} catch (InterruptedException ex) {}
}//while
//baboon.eastLock = true; //stops west baboons entering
baboon.onBranch ++;
baboon.westLock = true;
baboon.eastLock = true;
System.out.println(\"Baboon \" + Thread.currentThread().getName() + \" is
entering\");
try
{
sleep(100);
} catch (InterruptedException ex) {}
baboon.onBranch --;
System.out.println (\"Baboon \" + Thread.currentThread().getName() + \"
has crossed\");
if (baboon.onBranch <= 0)
{
baboon.eastLock = false;
baboon.westLock = false;
}
//System.out.println(baboon.onBranch);
}//run
}//class
class BaboonWest extends Thread
{
public void run()
{
while (baboon.eastLock == true)
{
System.out.println(Thread.currentThread().getName() + \"
waiting\");
try
{
sleep(50);
} catch (InterruptedException ex) {}
}//while
baboon.westLock = true; //stops east baboons entering
baboon.onBranch ++;
System.out.println(\"Baboon \" + Thread.currentThread().getName() + \" is
entering\");
baboon.westLock = true;
baboon.eastLock = true;
try
{
sleep(100);
} catch (InterruptedException ex) {}
baboon.onBranch --;
System.out.println (\"Baboon \" + Thread.currentThread().getName() + \"
has crossed\");
if (baboon.onBranch <= 0)
{
baboon.westLock = false;
baboon.eastLock = false;
}
//System.out.println(baboon.onBranch);
}//run
}//class.
African and white abolitionist often did not get along whySoluti.pdf
African and white abolitionist often did not get along why?
Solution
Black and white abolitionists have worked together, but by the 1840s there was a notable
difference in their philosophy and method. Mainly because the white abolitionists focused on
slavery, but the black Americans tended to couple anti-slavery activities with demands for racial
equality and justice..
What unique properties of the genome do forensic scientists use to g.pdf
What unique properties of the genome do forensic scientists use to generate a DNA footprint and
this footprint enough to identify a specific (one) suspect?
Solution
only one tenth of a single percent of DNA differs from one person to another, forensic scientist
use these variable regions to generate a DNA profile of an individual using samples from blood ,
hair ,etc.
scientist find markers in a DNA sample by designing a small pieces of DNA(probes) that will
bind to a complementary DNA sequence in the sample.A series of probes bound to a DNA
sample creates a distinctive pattern for individual.scientist compare these DNA profile to
determine whether the suspect\'s sample matches the evidence sample.if they don\'t match the
person don\'t contribute to the crime scene.If it match it means the suspect may have contributes
to the evidence sample.
There are variable number of tendom repeats which are used to identify the suspects, which vary
in each person.
RFLP(restriction fragment length polymorphism ) is a technique used in this concern as it
analyze variable length of DNA fragments that results from digesting a DNA sample with a
special kind of enzyme.
various other techniques are also there as- PCR,STAR analysis.
what are the five major activities of an operating system in regard .pdf
what are the five major activities of an operating system in regard to file management?
Solution
Operating systems perform the vital function of being the bridge between a computer\'s hardware
and software. They provide an environment where software can be written without the need to
cater to the specifics of the underlying hardware, which was necessary in the earlier days of
computing. There are several widely-used operating systems which differ from each other in
many respects. However, they each perform a number of similar functions including executing
basic instructions, either compiled or interpreted; and also managing processes, memory, input
and output, storage, network operations, and file and folder/directory operations.
There are five major file management functions that an operating system controls.
CREATING AND DELETING FILES :
File creation and deletion are fundamental to computer operations. In the former, data can\'t be
stored in an efficient manner unless arranged in some form of file structure. In the latter,
permanent storage would quickly fill up if files were not deleted and the space occupied by them
reallocated to new files.
CREATING AND DELETING DIRECTORIES:
As a corollary to the need to store data in files, files themselves need to be arranged in directories
or folders in order to allow their efficient storage and retrieval. This is particularly so in the case
of personal computers where the user needs to navigate to one or more specific files to access
them. Without some form of compartmentalization, this would prove an onerous if not
impossible task. Much like file deletion, unnecessary directories or folders need to be removed in
order to keep the system uncluttered.
FILE MANIPULATION INSTRUCTIONS:
Since operating systems allow application software to perform file manipulation using symbolic
instructions, the operating system itself needs to have a machine-level instruction set in order to
interface with the hardware directly. The application\'s symbolic instructions need to be
translated into the machine-level instructions either by an interpreter or by compiling the
application code. The operating system contains provisions to manage this machine-level file
manipulation.
BACKING UP FILES :
Files represent a considerable investment in time, intellectual effort and often money as well,
thus their loss can have a severe impact. Computer\'s permanent storage devices generally
contain a number of mechanical devices which can fail, and the storage media itself may
degrade. A function of operating systems is to obviate the risk of data loss by backing files up on
additional secure and stable media in a redundant system.
MAPPING TO PERMANENT STORAGE :
Operating systems need to be able to map files and folders to their physical location on
permanent storage in order to be able to store and retrieve them. This will be recorded in some
form of disk directory which varies according to the file system or systems that the opera.
What are the key components of a typical centralized all-air HVAC sys.pdf
What are the key components of a typical centralized all-air HVAC system? Write the
component name and their corresponding function/role. Based on the heat transfer media,
HVAC systems can be classified into how many systems? Which system is the most popular
system and why?
Solution
HVAC stands for Heating, Ventilating and Air Conditioning.
The key components and their functions are as follows:
1. Thermostat. - to keep the home at a desired temperature. When the ambient temperature
becomes too cold or too hot, the thermostat will trigger the heat exchanger or the evaporator coil-
condensing unit combo to begin circulating warmed or cooled air as needed.
2. Furnace. - to heat a supply of air which is to be distributed to various rooms of the building via
the HVAC. This heating process is accomplished using one of four possible heat sources --
combustion (burning natural gas, oil, coal, or propane), electric resistance, heat pump, or solar
energy collected on site.
3. Heat exchanger. - switches on when the furnace is activated by thermostat to produce warmer
temperatures in winter. The heat exchanger pulls in cool air, heats it, and circulates the resulting
heated air via your ducts and out through the vents.
4. Evaporator coil. - it acts to cool the air when the thermostat is set to lower temperatures in
summer. which is then circulated through the ductwork.
5. Condensing unit. - When the refrigerant has been cooled to a liquid by heat exchange with the
exterior air, the condensing unit pumps the liquid to the evaporator coil to be evaporated into a
gas once more.
6. Refrigerant lines. The refrigerant lines carry a refrigerant substance to the condensing unit
vaporized in the form of a gas, and return it to the evaporator coil in liquid form.
7. Ductwork. - system of ducts that transports air warmed or cooled by the system to the various
areas of the building.
8. Vents. - transfer the heated or cooled air from the duct system into the individual rooms of the
building..
What are lymphoid nodules and where are they located What functions.pdf
What are lymphoid nodules and where are they located? What functions are served by these? (1
paragraph)
Solution
These are small localised ovoid or kidney shaped organs containing collection of lymphoid
tissue. They are generally located in the loose connective tissue under wet epithelial membranes
eg-digestive system, respiratory system etc. They are located in the walls of alimentary canal
(tonsils, appendix and caecum, Peyer\'s patches), genitourinary passages, respiratory tract and
also in other parts of the body. Peyer\'s patches are permanently localized lymphoid tissue in the
sub mucosa of ileum. To defend nasal and oral cavities in the body lymphatic nodules are
grouped together forming tonsils which are of three pairs viz. Palatine, Lingual and Pharyngeal.
They help in the proper functioning of the immune system. They act as a filter for foreign
particles and cancer cells. They guard the body and respond to entry of infectious organisms and
toxins. Lymphoid nodules are the sites of proliferation/activation of lymphocytes (B cells). It
occurs in the germinal centre..
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In January 2017, Crane Company, a newly formed company, issued 9500 .pdf
- 1. In January 2017, Crane Company, a newly formed company, issued 9500 shares of its $8 par common stock for $13 per share. On July 1, 2017, Crane Company reacquired 950 shares of its outstanding stock for $10 per share. The acquisition of these treasury shares a. increased total stockholders' equity. b. decreased the number of issued shares. c. decreased total stockholders' equity. d. did not change total stockholders' equity. Solution The right answer is option (C) decreased total stockholders' equity. Justification: Statement of stockholders equity at the time of Formation of company Particulars Per Share Number of Shares Total Amount ($) Paid up Capital 8 9500 76,000.00 Paid in capital in excess of par 5 9500 47,500.00 Total Share holders equity 13 9500 1,23,500.00 Statement of stockholders equity after requiring treasury shares Particulars Per Share Number of Shares Total Amount ($) Paid up Capital
- 2. 8 8550 (9500-950) 68,400.00 Paid in capital in excess of par 5 8550 42,750.00 Share holders equity before Treasury Shares 13 8550 111,150.00 Treasury Shares 10 950 9,500.00 Total Share holders equity 9500 (8550+950) 1,20,650.00 (9500+111,150) Statement of stockholders equity at the time of Formation of company Particulars Per Share Number of Shares Total Amount ($) Paid up Capital 8 9500 76,000.00 Paid in capital in excess of par 5 9500 47,500.00 Total Share holders equity 13