Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. .pdf
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Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. The corporation immediately issued at $10 per share on half of its 400,000 authorized shares of $2 par value common stock. On January 2, 2020, the corporation sold at par value the entire 5,000 authorized shares of 6 percent, $20 par value cumulative preferred stock. On January 2, 2021, the company again needed capital and issued 3,400 shares of an authorized 14,000 shares of no-par cumulative preferred stock for a total of $425,000. The no-par shares have a stated dividend of $8 per share. The company declared no dividends in 2019 and 2020. At the end of 2020, its retained earnings were $280,000. During 2021 and 2022 combined, the company earned a total net income of $875,000. Dividends of 75 cents per share in 2021 and \$1.25 per share in 2022 were paid on common stock. 1. Prepare the stockholders' equity section of the balance sheet on December 31, 2022. Include a supporting schedule showing your computation of retained earnings at the balance sheet date. (Hint: Income increases retained earnings, whereas dividends decrease retained earnings). Ensure that your partial balance sheet is labeled correctly and uses the correct format for the stockholders' equity section of the balance sheet. 2. Assume that on January 2,2020, the corporation could have borrowed $100,000 at 10 percent interest on a long-term basis instead of issuing the 5,000 shares of the $20 par value cumulative preferred stock. Identify two reasons a corporation may choose to issue cumulative preferred stock rather than finance operations with long-term debt..
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Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. The .pdf
Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. The corporation immediately
issued at $15 per share on half of its 600,000 authorized shares of $2 par value common stock.
On January 2,2020 , the corporation sold at par value the entire 8,000 authorized shares of 8
percent, $25 par value cumulative preferred stock. On January 2,2021 , the company again
needed capital and issued 4,300 shares of an authorized 15,000 shares of no-par cumulative
preferred stock for a total of $473,000. The no-par shares have a stated dividend of $9 per share.
The company declared no dividends in 2019 and 2020. At the end of 2020, its retained earnings
were $255,000. During 2021 and 2022 combined, the company earned a total net income of
$918,000. Dividends of 85 cents per share in 2021 and $1.10 per share in 2022 were paid on
common stock. Required: 1. Prepare the stockholders' equity section of the balance sheet on
December 31,2022 . Include a supporting schedule showing your computation of retained
earnings at the balance sheet date. (Hint: Income increases retained earnings, whereas dividends
decrease retained earnings). Ensure that your partial balance sheet is labeled correctly and uses
the correct format for the stockholders' equity section of the balance sheet. 2. Assume that on
January 2,2020 , the corporation could have borrowed $200,000 at 10 percent interest on a long-
term basis instead of issuing the 8,000 shares of the $25 par value cumulative preferred stock.
Identify two reasons a corporation may choose to issue cumulative preferred stock rather than
finance operations with long-term debt..
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
At January 1 2020 Monty Companys outstanding shares inclu.pdf
At December 31, Year 1, the accounting records of Hercules Manufacturing, Incorporated contain
the following items: Accounts Payable $ 12,000 Accounts Receivable $ 30,000 Land 90,000 Cash
7,000 Building 250,000 Equipment ? Notes Payable 135,000 Capital Stock 188,000 Retained
Earnings ? If total assets of Hercules Manufacturing, Incorporated are $556,000, Equipment is
carried in Hercules Manufacturing accounting records at: Question 4 options: $377,000. $179,000.
$150,000. $90,000..
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
On January 1- 2020- Fisher Corporation purchased 40 percent (90-000 sh.pdf
On January 1, 2020, Fisher Corporation purchased 40 percent (90,000 shares) of the common
stock of Bowden, Inc., for $974 , 000 in cash and began to use the equity method for the
investment. The price paid represented a $60 , 000 payment in excess of the book value of
Fisher's share of Bowden's underlying net assets. Fisher was willing to make this extra payment
because of a recently developed potent held by Bowden with a 15-year remaining life. All other
assets were considered appropriately valued on Bowden's books. Bowden deciares and pays a
$92.000 cash dividend to its stockholders each year on September 15 . Bowden reported net
income of $386 , 000 in 2020 and $344 , 000 in 2021 . Each income figure was earned evenly
throughout its respective years. On July 1, 2021, Fisher soid 10 percent (22,500 shares) of
Bowden's outstanding shares for $326 , 000 in cash. Although it sold this interest, Fisher
maintained the ability to significantly influence Bowden's decision-making process. Prepare the
journal entries for Fisher for the years of 2020 and 2021. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field. Do not round
intermediate calculations. Round your final answers to the nearest whole dollar.).
Part A In late 2020 the Nicklaus Corporation was formed Th.pdf
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the
issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of
$5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000
shares of the common stock are issued in exchange for cash at an average price of $12 per share.
Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required:
1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section
of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter
2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury
stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares
for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are
reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2.
Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance
sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was
$3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its
$1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,
000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new
par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the
shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1
par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on
common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for
December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the
Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders
of record on December 14. At the date of deciaration, the common stock was seling in the open
market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being
issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and
payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders'
equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the
fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus
Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock
dividend payable on December 28, 2021, to shareholders of record on December 14. At the date
of declaration, the common stock was selling in the open market a.
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Recommended
Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. The .pdf
Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. The corporation immediately
issued at $15 per share on half of its 600,000 authorized shares of $2 par value common stock.
On January 2,2020 , the corporation sold at par value the entire 8,000 authorized shares of 8
percent, $25 par value cumulative preferred stock. On January 2,2021 , the company again
needed capital and issued 4,300 shares of an authorized 15,000 shares of no-par cumulative
preferred stock for a total of $473,000. The no-par shares have a stated dividend of $9 per share.
The company declared no dividends in 2019 and 2020. At the end of 2020, its retained earnings
were $255,000. During 2021 and 2022 combined, the company earned a total net income of
$918,000. Dividends of 85 cents per share in 2021 and $1.10 per share in 2022 were paid on
common stock. Required: 1. Prepare the stockholders' equity section of the balance sheet on
December 31,2022 . Include a supporting schedule showing your computation of retained
earnings at the balance sheet date. (Hint: Income increases retained earnings, whereas dividends
decrease retained earnings). Ensure that your partial balance sheet is labeled correctly and uses
the correct format for the stockholders' equity section of the balance sheet. 2. Assume that on
January 2,2020 , the corporation could have borrowed $200,000 at 10 percent interest on a long-
term basis instead of issuing the 8,000 shares of the $25 par value cumulative preferred stock.
Identify two reasons a corporation may choose to issue cumulative preferred stock rather than
finance operations with long-term debt..
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
At January 1 2020 Monty Companys outstanding shares inclu.pdf
At December 31, Year 1, the accounting records of Hercules Manufacturing, Incorporated contain
the following items: Accounts Payable $ 12,000 Accounts Receivable $ 30,000 Land 90,000 Cash
7,000 Building 250,000 Equipment ? Notes Payable 135,000 Capital Stock 188,000 Retained
Earnings ? If total assets of Hercules Manufacturing, Incorporated are $556,000, Equipment is
carried in Hercules Manufacturing accounting records at: Question 4 options: $377,000. $179,000.
$150,000. $90,000..
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
On January 1- 2020- Fisher Corporation purchased 40 percent (90-000 sh.pdf
On January 1, 2020, Fisher Corporation purchased 40 percent (90,000 shares) of the common
stock of Bowden, Inc., for $974 , 000 in cash and began to use the equity method for the
investment. The price paid represented a $60 , 000 payment in excess of the book value of
Fisher's share of Bowden's underlying net assets. Fisher was willing to make this extra payment
because of a recently developed potent held by Bowden with a 15-year remaining life. All other
assets were considered appropriately valued on Bowden's books. Bowden deciares and pays a
$92.000 cash dividend to its stockholders each year on September 15 . Bowden reported net
income of $386 , 000 in 2020 and $344 , 000 in 2021 . Each income figure was earned evenly
throughout its respective years. On July 1, 2021, Fisher soid 10 percent (22,500 shares) of
Bowden's outstanding shares for $326 , 000 in cash. Although it sold this interest, Fisher
maintained the ability to significantly influence Bowden's decision-making process. Prepare the
journal entries for Fisher for the years of 2020 and 2021. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field. Do not round
intermediate calculations. Round your final answers to the nearest whole dollar.).
Part A In late 2020 the Nicklaus Corporation was formed Th.pdf
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the
issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of
$5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000
shares of the common stock are issued in exchange for cash at an average price of $12 per share.
Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required:
1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section
of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter
2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury
stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares
for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are
reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2.
Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance
sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was
$3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its
$1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,
000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new
par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the
shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1
par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on
common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for
December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the
Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders
of record on December 14. At the date of deciaration, the common stock was seling in the open
market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being
issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and
payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders'
equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the
fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus
Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock
dividend payable on December 28, 2021, to shareholders of record on December 14. At the date
of declaration, the common stock was selling in the open market a.
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
2- Record the 40- income earned during period by Seida- 3- Record 2021.docx
2. Record the 40% income earned during period by Seida.
3. Record 2021 amortization for trademark excess fair value.
4. Record dividend declaration from Seida.
5. Record collection of dividend from investee.
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195 , 000 and appropriately accounted for the investment using the fair-value method. On January 1, 2021, Milani purchased an additional 30 percent of Seida for $600 , 000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2 , 000 , 000 in total. Seida's January 1, 2021, pook value equaled $1 , 850 , 000 , although land was undervalued by $130 , 000 . Any additional excess fair value over Seida's book value was attributable to a trademark with an eight-year remaining life. During 2021, Seida reported income of $332 , 000 and declared and paid dividends of $101 , 000 . Prepare the 2021 journal entries for Milani related to its investment in Seida. (If no entry is required for a transaction/event, select 'No journal entry required" in the first account field.)
.
The stockholders' equity accounts of Sheffield Corporation on January.pdf
The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows.
During 2022, the corporation had the following transactions and events pertaining to its
stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold
6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common
stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the
treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 ,
No dividends were declared during the year. Journalize the transactions and the closing entry for
net income. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when amount is
entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the
journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
(Postentries in the order of joumal entries presented in the previous part.) Preferred Stock
Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used
Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.) SHEFFIELD
CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in
Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in
Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated
Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat
Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary
stock Total Stockholders' Equity.
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
.
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
...
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In Iate 2012- the Micklaus Corporation was formed- The corporate chart.docx
In Iate 2012. the Micklaus Corporation was formed. The corporate charter authorizes the issuance of 6.030,330 shares of common stock carrying a SI par value, and 2,000,000 shares of $5 par value, noncumulative. nonparticipating preferred stock. On January 2. 2013, 4,000.000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at 520 per share. Required: 1. Prepare journal entries to record these transactions. (If no entry is required for a particular transaction, select ?No journal entry required? in the first account field. Enter your answers in whole dollars.) 2. Prepare the shareholders equity section of the Nicklaus balance sheet as of March 31, 2013. Assume net income for the first quarter 2013 was $1,750,330.) (Enter your answers in whole dollars.) Shareholder\'s equity Total shareholder\'s equity
Solution
1.
2. Ncklaus Corporation
Balance sheet - Shareholders\' Equity section
March 31, 2013
.
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Week 5 Final Exam
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Question 29
Brief Exercise 15-4
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Question 29
Brief Exercise 15-4
Exercise 15-1
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Exercise 22-19
A partial trial balance of Bramble Corporation is as follows on December 31, 2018.
Dr.
Cr.
Supplies
$2,600
Salaries and wages payable
$1,500
Interest Receivable
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Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
Acc225 liability case due 7 pm est on february 16, 2021
Acc225 liability case due 7 pm est on february 16, 2021
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2014
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
On April 1, 2024, Washtenaw Corporation realizes that one of its main.pdf
On April 1, 2024, Washtenaw Corporation realizes that one of its main suppliers is having
difficulty meeting delivery schedules, which is hurting Washtenaw's business. The supplier
explains that it has a temporary lack of funds that is slowing its production cycle. Washtenaw
agrees to lend $550,000 to its supplier using a 12 -month, 10% note. Required: Record the
following transactions for Washtenaw Corporation: 1. The loan of $550,000 and acceptance of
the note receivable on April 1, 2024. 2. The adjusting entry for accrued interest on December
31,2024. 3. Cash collection of the note and interest on April 1, 2025. (If no entry is required for a
particular transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet Record the loan of $550,000 and acceptance of the note receivable on
April 1 , 2024. Note: Enter debits before credits.
Journal entry worksheet Record the adjusting entry for accrued interest on December 31, 2024.
Note: Enter debits before credits.
Journal entry worksheet Record the cash collection of the note and interest on April 1, 2025.
Note: Enter debits before credits..
On 112014, Otter Group purchased 60 (60000 shares) of Dolphin Ltd.pdf
On 1/1/2014, Otter Group purchased 60\% (60000 shares) of Dolphin Ltd. for $50 per share,
which was a $5 per share control premium. Buildings and Equipment were undervalued by
$1,000,000 and had a 10 year remaining life; IPR\&D was allocated $550,000 with a two year
remaining life; the remainder was goodwill. Dolphin sold inventory with a cost of $100,000 for
$150,000 in 2014 (\$30,000 remainded in ending inventory) and $120,000 cost for $160,000 in
2015 (\$40,000 remainder in ending inventory). Otter sold Land to Dollphin with a BV of
$200,000 for $250,000 in 2015 . Dow in Dolphin sold Equipment with a net BV of $450,000 and
a 5 year remaining life to Otter for $500,000 in 2014. US Dolphin had net income of $450,000
arid paid dividends of $50,000 in 2014 . REQUIRED- Prepare the original purchase price
analysis at 1/1/2014 and the consolidation worksheet for 12/31/2015. Show calculations for
Equity in the earnings of Sub., the Investment, and NC Interest in the Subs. Income.
New workbooks typically contain how many worksheets 0123.pdf
New workbooks typically contain how many worksheets? 0123.
Natalie and her friend Curtis Lesperance decide that they can benefit.pdf
Natalie and her friend Curtis Lesperance decide that they can benefit from joining Cookie
Creations and Curtis's coffee shop. In the first part of this problem, they come to you with
questions about setting up a corporation for their new business. Curtis has operated his coffee
shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalie's business
consists of giving cookie-making classes and selling fine European mixers. The plan is for
Natalie to use the premises Curtis currently rents to give her cookie-making classes and
demonstrations of the mixers that she sells. Natalie will also hire, train, and supervise staff to
bake the cookies and muffins sold in the coffee shop. By offering her classes on the premises,
Natalie will save on travel time going from one place to another. Another advantage is that the
coffee shop will have one central location for selling the mixers. The current market values of
the assets of both businesses are as follows. *Cookie Creations decided not to buy the delivery
van considered in Chapter 9. Combining forces will also allow Natalie and Curtis to pool their
resources and buy a few more assets to run their new business venture. Curtis and Natalie then
meet with a lawyer and form a corporation on November 1,2020, called Cookie \& Coffee
Creations inc. The articles of incorporation state that there will be two classes of shares that the
corporation is authorized to issue: common shares and preferred shares. They authorize 100,000
no-par shares of common stock, and 10,000 no-par shares of preferred stock with $0 s0
noncumulative dividend. The assets held by each of their businesses will be transferred into the
corporation at current market value. Curtis will receive 10,550 common shares, and Natalie will
receive 14,630 common shares in the corporation. Therefore, the shares have a fair value of $1
per share. Natalie and Curtis are very excited about this new business venture.
Assume that Cookie \& Coffee Creations Inc issues 1,000$0.50 noncamsulative preferred shares
to Curtis's dad and the same number to Natalie's grandmother, in both cases for $5,000. Also
assume that Cookie \& Colfee Creations Inc, issues 750 common shares to its lawyer. Prepare
the journal entries for each of these transactions. They all occurred on November 1. (Credit
occount tieles are outomatically Indented when agount is entered. Do not indent manually. If no
entry is required, select "No Entoy" for the occount tidles and enter Ofor the amounts.]
Assets Accounts Receivable \( 3 \longdiv { 9 0 0 } \) D Inventory \begin{tabular}{|r|} \hline
1650 \\ \hline 3500 \\ \hline 137180 \\ \hline \end{tabular} Total Assets $ Stockholders' Equity s
Income Taxes Payable.
Note In this problem, you are going to explore some techniques in ev.pdf
Note: In this problem, you are going to explore some techniques in evaluating effective interest
rate in an investment fund. We let a(t) (where t0 ) be accumulation function of an investment
fund launched at time 0 . Questions (a) We let i[t1,t2] be the effective interest rate of the
investment fund, where t1.
Need to make a flowchart for the following codepublic static voi.pdf
Need to make a flowchart for the following code:
public static void main(String[] args) {
int num_cities;
double[][] city_coordinates;
Scanner in = new Scanner(System.in);
System.out.print("Enter the number of cities: ");
num_cities = in.nextInt();
city_coordinates = new double[num_cities][2];
System.out.print("Enter the coordinates of the cities: ");
for (int i = 0; i < city_coordinates.length; i++) {
city_coordinates[i][0] = in.nextDouble();
city_coordinates[i][1] = in.nextDouble();
}
// Get the city with the smallest distance to the all other cities
double min_distance = Double.MAX_VALUE;
int min_index = 0;
for (int i = 0; i < city_coordinates.length; i++) {
double distance = 0;
for (int j = 0; j < city_coordinates.length; j++) {
if (i != j) {
distance += Math.sqrt(Math.pow(city_coordinates[i][0] - city_coordinates[j][0], 2)
+ Math.pow(city_coordinates[i][1] - city_coordinates[j][1], 2));
}
}
if (distance < min_distance) {
min_distance = distance;
min_index = i;
}
}
// Get total distance to all other cities
double total_distance = 0;
for (int i = 0; i < city_coordinates.length; i++) {
if (i != min_index) {
total_distance += Math.sqrt(Math.pow(city_coordinates[min_index][0] - city_coordinates[i][0],
2)
+ Math.pow(city_coordinates[min_index][1] - city_coordinates[i][1], 2));
}
}
System.out.printf("The central city is at (%.1f, %.1f)\n", city_coordinates[min_index][0],
city_coordinates[min_index][1]);
System.out.printf("The total distance to all other cities is %.2f\n", total_distance);
}
}.
On January 1, 2022, Oriole Company reported stockholders equity .pdf
On January 1, 2022, Oriole Company reported stockholders' equity of $706200. During the year,
the company paid dividends of $30100. At December 31,2022 , the amount of stockholders'
equity was $825800. What amount of net income or net loss would the company report for 2022
? Net income of $149700 Net income of $119600 Net income of $89500 Net loss of $30100.
More Related Content
Similar to Mary Dvorak organized Mullin Enterprises, Inc., in January 2019. .pdf
2- Record the 40- income earned during period by Seida- 3- Record 2021.docx
2. Record the 40% income earned during period by Seida.
3. Record 2021 amortization for trademark excess fair value.
4. Record dividend declaration from Seida.
5. Record collection of dividend from investee.
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195 , 000 and appropriately accounted for the investment using the fair-value method. On January 1, 2021, Milani purchased an additional 30 percent of Seida for $600 , 000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2 , 000 , 000 in total. Seida's January 1, 2021, pook value equaled $1 , 850 , 000 , although land was undervalued by $130 , 000 . Any additional excess fair value over Seida's book value was attributable to a trademark with an eight-year remaining life. During 2021, Seida reported income of $332 , 000 and declared and paid dividends of $101 , 000 . Prepare the 2021 journal entries for Milani related to its investment in Seida. (If no entry is required for a transaction/event, select 'No journal entry required" in the first account field.)
.
The stockholders' equity accounts of Sheffield Corporation on January.pdf
The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows.
During 2022, the corporation had the following transactions and events pertaining to its
stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold
6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common
stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the
treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 ,
No dividends were declared during the year. Journalize the transactions and the closing entry for
net income. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when amount is
entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the
journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
(Postentries in the order of joumal entries presented in the previous part.) Preferred Stock
Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used
Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.) SHEFFIELD
CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in
Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in
Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated
Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat
Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary
stock Total Stockholders' Equity.
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
.
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
...
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Week 5 Final Exam
CPA Question 01
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Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
In Iate 2012- the Micklaus Corporation was formed- The corporate chart.docx
In Iate 2012. the Micklaus Corporation was formed. The corporate charter authorizes the issuance of 6.030,330 shares of common stock carrying a SI par value, and 2,000,000 shares of $5 par value, noncumulative. nonparticipating preferred stock. On January 2. 2013, 4,000.000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at 520 per share. Required: 1. Prepare journal entries to record these transactions. (If no entry is required for a particular transaction, select ?No journal entry required? in the first account field. Enter your answers in whole dollars.) 2. Prepare the shareholders equity section of the Nicklaus balance sheet as of March 31, 2013. Assume net income for the first quarter 2013 was $1,750,330.) (Enter your answers in whole dollars.) Shareholder\'s equity Total shareholder\'s equity
Solution
1.
2. Ncklaus Corporation
Balance sheet - Shareholders\' Equity section
March 31, 2013
.
ACC 423 Final Exam Guide/snaptutorial.com
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Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
ACC 423 Final Exam Guide/uophelp.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
Acc 423 final exam guide (new 2017, with excel file)ACC 423 Final Exam Guide ...
For more classes visit
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Exercise 22-19
A partial trial balance of Bramble Corporation is as follows on December 31, 2018.
Dr.
Cr.
Supplies
$2,600
Salaries and wages payable
$1,500
Interest Receivable
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Week 5 Final Exam
CPA Question 01
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
Acc225 liability case due 7 pm est on february 16, 2021
Acc225 liability case due 7 pm est on february 16, 2021
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2014
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
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Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
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In Iate 2012- the Micklaus Corporation was formed- The corporate chart.docx
In Iate 2012- the Micklaus Corporation was formed- The corporate chart.docx
Acc 423 final exam guide (new 2017, with excel file)ACC 423 Final Exam Guide ...
Acc 423 final exam guide (new 2017, with excel file)ACC 423 Final Exam Guide ...
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Acc225 liability case due 7 pm est on february 16, 2021
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