On January 1, 2012, Bailey Industries had stock outstanding as fol.docx
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On January 1, 2012, Bailey Industries had stock outstanding as follows. 6% Cumulative preferred stock, $119 par value, issued and outstanding 10,800 shares $1,285,200 Common stock, $10 par value, issued and outstanding 241,200 shares 2,412,000 To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2012 63,600 Company B July 1, 2012 85,200 Company C October 1, 2012 27,600 On May 14, 2012, Bailey realized a $106,800 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2012, Bailey recorded net income of $321,600 before tax and exclusive of the gain. Assuming a 43% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.) Bailey Industries Income Statement For the year ended December 31, 2012 $ $ [removed] .
Report
Share
Report
Share
![(Round answer to 2 decimal places, e.g. $2.55.)
Bailey Industries
Income Statement
For the year ended December 31, 2012
$
$
[removed]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recommended
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.
Question 1The common stock of Warner Inc. is currently s.docx
Question 1
The common stock of Warner Inc. is currently selling at $117 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $73 per share. 6.01 million shares are issued and outstanding.
Prepare the necessary journal entries assuming the following. (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.)
(a)
The board votes a 2-for-1 stock split.
(b)
The board votes a 100% stock dividend.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(To record the declaration.)
(To record the distribution.)
Question 2
On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,400 shares of $103 par value, 6% cumulative and nonparticipating preferred stock, and 52,700 shares of $10 par value common stock. It then completed these transactions.
Jan. 11
Issued 21,720 shares of common stock at $18 per share.
Feb. 1
Issued to Sanchez Corp. 4,500 shares of preferred stock for the following assets: equipment with a fair value of $59,390; a factory building with a fair value of $172,900; and land with an appraised value of $326,300.
July 29
Purchased 1,850 shares of common stock at $19 per share. (Use cost method.)
Aug. 10
Sold the 1,850 treasury shares at $14 per share.
Dec. 31
Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31
Closed the Income Summary account. There was a $183,440 net income.
(a) Record the journal entries for the transactions listed above. (Round answers to 0 decimal places, e.g. 125. 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. Record entries in the order displayed in the problem statement.)
Date
Account Titles and Explanation
Debit
Credit
January 11
February 1
July 29
August 10
December 31
December 31
(b) Prepare the stockholders’ equity section of Phelps Corporation’s balance sheet as of December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
PHELPS CORPORATION
Stockholders’ Equity
December 31, 2012
$
$
$
Question 3
On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $119 par value,
issued and outstanding 10,800 shares
$1,285,200
Common stock, $10 par value, issued and
outstanding 241,200 shares
2,412,000
To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 commo ...
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 $$.
11- Cape Corporation has been acquiring shares of Planet Enterprise at.docx
11. Cape Corporation has been acquiring shares of Planet Enterprise at book value for the last several years. Planet Enterprise provided data including the following: Planet Enterprise has a fiscal-year end of November 30 and pays it annual dividend on July 2 each year. Its net book value on January 1, 20 X 2 was $250,000. Cape purchased shares of Enterprise on two occasions: Required: Below, please give all the journal entries to be recorded on Cape\'s books in 20X7 related to s investment in Enterprise. (Please round off all calculations to the nearest dollar (e.g.. $1,227.56 - $1,228). 12. In 2012, the Gold Company reported a net income of $80,000 and paid dividends of $35,000 during this same year. The Baldwin Corporation acquired 40% of Gold shares on January 1, 2012, for $300,000. At December 31, 2012. Baldwin determined the law value of the shares of Gold to be $300,000. Baldwin\'s reported operating income of $240,000 for 2012. Compute Baldwin\'s net income for 2013 assuming it uses: A. The lair value method in accounting for its investments In Gold. B. The equity method in accounting for its investments in Gold. 13. The ABC Corporation acquired 90 percent of the Tabletop Corporation\'s voting common stock on December 31, 2014 for $279,000. At the date of the combination, Tabletop reported the following fair values of its individual assets, liabilities and stock holders\' equity accounts Both of the company\'s have a calendar-year end of December 31th.
Solution
12. if the value of the gold as per fair value is $240,000 and the original value is $300,000 so the value is declined by $60,000
b. by using equity value the total value is $300,000 plus dividend payment on 40% stake of the company.
i.e. 40% on $35,000, i.e. $14000 and the total value of the firm is $314,000
13.
purchase a/c $279,000
to cash account $279,000
.
Question 1Transactions for Mehta Company for the month of May .docx
Question 1
Transactions for Mehta Company for the month of May are presented below.
May
1
B.D. Mehta invests $3,309 cash in exchange for common stock of Mehta Company, a small welding corporation.
3
Buys equipment on account for $1,427.
13
Pays $477 to landlord for May rent.
21
Bills Noble Corp. $534 for welding work done.
Prepare journal entries for each of these transactions.
Date
Description/Account
Debit
Credit
May 1
May 3
May 13
May 21
Question 2
On July 1, 2012, Crowe Co. pays $18,036 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)
Date
Description/Account
Debit
Credit
July 1
Dec. 31
Question 3
Dresser Company's weekly payroll, paid on Fridays, totals $9,300. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $9,300 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Date
Description/Account
Debit
Credit
Dec. 31
Jan. 2
Question 4
Side Kicks has year-end account balances of Sales $860,370; Interest Revenue $16,860; Cost of Goods Sold $563,130; Operating Expenses $191,430; Income Tax Expense $38,960; and Dividends $19,143. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Description/Account
Debit
Credit
(To close sales account.)
(To close expense accounts.)
(To close net income to retained earnings.)
(To close dividends to retained earnings.)
Question 7
Starr Co. had sales revenue of $617,400 in 2012. Other items recorded during the year were:
Cost of goods sold
$321,700
Wage expense
121,600
Income tax expense
29,100
Increase in value of company reputation
18,700
Other operating expenses
12,300
Unrealized gain on value of patents
22,600
Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)
STARR CO.
Income Statement
For the Year 2012
Revenues
$
Expenses
$
Total Expenses
Net Income
$
Earnings per share
$
Question 8
Portman Corporation has retained earnings of $774,780 at January 1, 2012. Net income during 2012 was $1,571,050, and cash dividends declared and paid during 2012 totaled $79,850. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $81,890 (net of tax) was charged t ...
Cardinal Paz Corp. carries an account in its general ledger called I.docx
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Feb. 1, 2012
Sharapova Company common stock, $104 par, 208 shares
$41,400
April 1
U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each
111,000
July 1
McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032
59,184
Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method.
(Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Interest Receivable ????
Debt Investment ??
Interest Revenue 8,754
The fair values of the investments on December 31, 2012, were:
Sharapova Company common stock
$35,770
U.S. government bonds
146,970
McGrath Company bonds
68,160
What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Fair Value Adjustment ????
Unrealized holding gain or loss- Equity ????
.
ACC 421 Final Exam Guide1
This document provides a guide to the ACC 421 Final Exam with 30 multiple choice questions covering various accounting topics such as transactions, adjusting entries, financial statements, ratios, time value of money, and more. It directs the reader to a website to purchase the full exam answers guide.
Group assignment on Business Combinations
FOR SOLUTION OF THE BELOW CASE STUDIES, VISIT AND ASK IT AT ESSAYTUTORS.NET
Group assignment on Business Combinations
Case .1
You have been engaged to audit the financial statements of Solamente Corporation for thefiscal year ended May 31, 2010. You discover that on June 1, 2009, Mika Company hadbeen merged into Solamente in a business combination. You also find that both Solamenteand Mika (prior to its liquidation) incurred legal fees, accounting fees, and printing costsfor the business combination; both companies debited those costs to an intangible assetledger account entitled “Cost of Business Combination.” In its journal entry to record thebusiness combination with Mika, Solamente increased its Cost of Business Combinationaccount by an amount equal to the balance of Mika’s comparable ledger account.
Instructions
Evaluate Solamente’s accounting for the out-of-pocket costs of the business combination with Mika in light of IFRS and GAAP guidelines.
Case .2
You are the controller of Software Company, a distributor of computer software, which isplanning to acquire a portion of the net assets of a product line of Midge Company, a competitorenterprise. The projected acquisition cost is expected to exceed substantially the currentfair value of the identifiable net assets to be acquired, which the competitor has agreedto sell because of its substantial net losses of recent years. The board of directors of Softwareasks if the excess acquisition cost may appropriately be recognized as goodwill.
Instructions
Prepare a memorandum to the board of directors an answer to the question, after consulting the guidelines issued by either FASB or IASB
Case .3
On February 15, 2005, officers of Sun Corporation agreed with George Merlo, sole stockholderof Merlo Company and Merlo Industries, Inc., to acquire all his common stock ownershipin the two companies as follows:
1. 10,000 shares of Shane’s $1 par common stock (current fair value $30 a share) would be issued to George Merlo on February 28, 2005, for his 1,000 shares of $10 par common stock of Merlo Company. In addition, 20,000 shares of Sun common stock would be issued to George Merlo on February 28, 2010, if aggregate net income of Merlo Company for the five-year period then ended exceeded $300,000.
Recommended
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.
Question 1The common stock of Warner Inc. is currently s.docx
Question 1
The common stock of Warner Inc. is currently selling at $117 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $73 per share. 6.01 million shares are issued and outstanding.
Prepare the necessary journal entries assuming the following. (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.)
(a)
The board votes a 2-for-1 stock split.
(b)
The board votes a 100% stock dividend.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(To record the declaration.)
(To record the distribution.)
Question 2
On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,400 shares of $103 par value, 6% cumulative and nonparticipating preferred stock, and 52,700 shares of $10 par value common stock. It then completed these transactions.
Jan. 11
Issued 21,720 shares of common stock at $18 per share.
Feb. 1
Issued to Sanchez Corp. 4,500 shares of preferred stock for the following assets: equipment with a fair value of $59,390; a factory building with a fair value of $172,900; and land with an appraised value of $326,300.
July 29
Purchased 1,850 shares of common stock at $19 per share. (Use cost method.)
Aug. 10
Sold the 1,850 treasury shares at $14 per share.
Dec. 31
Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31
Closed the Income Summary account. There was a $183,440 net income.
(a) Record the journal entries for the transactions listed above. (Round answers to 0 decimal places, e.g. 125. 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. Record entries in the order displayed in the problem statement.)
Date
Account Titles and Explanation
Debit
Credit
January 11
February 1
July 29
August 10
December 31
December 31
(b) Prepare the stockholders’ equity section of Phelps Corporation’s balance sheet as of December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
PHELPS CORPORATION
Stockholders’ Equity
December 31, 2012
$
$
$
Question 3
On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $119 par value,
issued and outstanding 10,800 shares
$1,285,200
Common stock, $10 par value, issued and
outstanding 241,200 shares
2,412,000
To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 commo ...
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 $$.
11- Cape Corporation has been acquiring shares of Planet Enterprise at.docx
11. Cape Corporation has been acquiring shares of Planet Enterprise at book value for the last several years. Planet Enterprise provided data including the following: Planet Enterprise has a fiscal-year end of November 30 and pays it annual dividend on July 2 each year. Its net book value on January 1, 20 X 2 was $250,000. Cape purchased shares of Enterprise on two occasions: Required: Below, please give all the journal entries to be recorded on Cape\'s books in 20X7 related to s investment in Enterprise. (Please round off all calculations to the nearest dollar (e.g.. $1,227.56 - $1,228). 12. In 2012, the Gold Company reported a net income of $80,000 and paid dividends of $35,000 during this same year. The Baldwin Corporation acquired 40% of Gold shares on January 1, 2012, for $300,000. At December 31, 2012. Baldwin determined the law value of the shares of Gold to be $300,000. Baldwin\'s reported operating income of $240,000 for 2012. Compute Baldwin\'s net income for 2013 assuming it uses: A. The lair value method in accounting for its investments In Gold. B. The equity method in accounting for its investments in Gold. 13. The ABC Corporation acquired 90 percent of the Tabletop Corporation\'s voting common stock on December 31, 2014 for $279,000. At the date of the combination, Tabletop reported the following fair values of its individual assets, liabilities and stock holders\' equity accounts Both of the company\'s have a calendar-year end of December 31th.
Solution
12. if the value of the gold as per fair value is $240,000 and the original value is $300,000 so the value is declined by $60,000
b. by using equity value the total value is $300,000 plus dividend payment on 40% stake of the company.
i.e. 40% on $35,000, i.e. $14000 and the total value of the firm is $314,000
13.
purchase a/c $279,000
to cash account $279,000
.
Question 1Transactions for Mehta Company for the month of May .docx
Question 1
Transactions for Mehta Company for the month of May are presented below.
May
1
B.D. Mehta invests $3,309 cash in exchange for common stock of Mehta Company, a small welding corporation.
3
Buys equipment on account for $1,427.
13
Pays $477 to landlord for May rent.
21
Bills Noble Corp. $534 for welding work done.
Prepare journal entries for each of these transactions.
Date
Description/Account
Debit
Credit
May 1
May 3
May 13
May 21
Question 2
On July 1, 2012, Crowe Co. pays $18,036 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)
Date
Description/Account
Debit
Credit
July 1
Dec. 31
Question 3
Dresser Company's weekly payroll, paid on Fridays, totals $9,300. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $9,300 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Date
Description/Account
Debit
Credit
Dec. 31
Jan. 2
Question 4
Side Kicks has year-end account balances of Sales $860,370; Interest Revenue $16,860; Cost of Goods Sold $563,130; Operating Expenses $191,430; Income Tax Expense $38,960; and Dividends $19,143. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Description/Account
Debit
Credit
(To close sales account.)
(To close expense accounts.)
(To close net income to retained earnings.)
(To close dividends to retained earnings.)
Question 7
Starr Co. had sales revenue of $617,400 in 2012. Other items recorded during the year were:
Cost of goods sold
$321,700
Wage expense
121,600
Income tax expense
29,100
Increase in value of company reputation
18,700
Other operating expenses
12,300
Unrealized gain on value of patents
22,600
Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)
STARR CO.
Income Statement
For the Year 2012
Revenues
$
Expenses
$
Total Expenses
Net Income
$
Earnings per share
$
Question 8
Portman Corporation has retained earnings of $774,780 at January 1, 2012. Net income during 2012 was $1,571,050, and cash dividends declared and paid during 2012 totaled $79,850. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $81,890 (net of tax) was charged t ...
Cardinal Paz Corp. carries an account in its general ledger called I.docx
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Feb. 1, 2012
Sharapova Company common stock, $104 par, 208 shares
$41,400
April 1
U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each
111,000
July 1
McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032
59,184
Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method.
(Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Interest Receivable ????
Debt Investment ??
Interest Revenue 8,754
The fair values of the investments on December 31, 2012, were:
Sharapova Company common stock
$35,770
U.S. government bonds
146,970
McGrath Company bonds
68,160
What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Fair Value Adjustment ????
Unrealized holding gain or loss- Equity ????
.
ACC 421 Final Exam Guide1
This document provides a guide to the ACC 421 Final Exam with 30 multiple choice questions covering various accounting topics such as transactions, adjusting entries, financial statements, ratios, time value of money, and more. It directs the reader to a website to purchase the full exam answers guide.
Group assignment on Business Combinations
FOR SOLUTION OF THE BELOW CASE STUDIES, VISIT AND ASK IT AT ESSAYTUTORS.NET
Group assignment on Business Combinations
Case .1
You have been engaged to audit the financial statements of Solamente Corporation for thefiscal year ended May 31, 2010. You discover that on June 1, 2009, Mika Company hadbeen merged into Solamente in a business combination. You also find that both Solamenteand Mika (prior to its liquidation) incurred legal fees, accounting fees, and printing costsfor the business combination; both companies debited those costs to an intangible assetledger account entitled “Cost of Business Combination.” In its journal entry to record thebusiness combination with Mika, Solamente increased its Cost of Business Combinationaccount by an amount equal to the balance of Mika’s comparable ledger account.
Instructions
Evaluate Solamente’s accounting for the out-of-pocket costs of the business combination with Mika in light of IFRS and GAAP guidelines.
Case .2
You are the controller of Software Company, a distributor of computer software, which isplanning to acquire a portion of the net assets of a product line of Midge Company, a competitorenterprise. The projected acquisition cost is expected to exceed substantially the currentfair value of the identifiable net assets to be acquired, which the competitor has agreedto sell because of its substantial net losses of recent years. The board of directors of Softwareasks if the excess acquisition cost may appropriately be recognized as goodwill.
Instructions
Prepare a memorandum to the board of directors an answer to the question, after consulting the guidelines issued by either FASB or IASB
Case .3
On February 15, 2005, officers of Sun Corporation agreed with George Merlo, sole stockholderof Merlo Company and Merlo Industries, Inc., to acquire all his common stock ownershipin the two companies as follows:
1. 10,000 shares of Shane’s $1 par common stock (current fair value $30 a share) would be issued to George Merlo on February 28, 2005, for his 1,000 shares of $10 par common stock of Merlo Company. In addition, 20,000 shares of Sun common stock would be issued to George Merlo on February 28, 2010, if aggregate net income of Merlo Company for the five-year period then ended exceeded $300,000.
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. its articles of
incorporation granted it the right to issue an unlimited number of common shares and 100,000
shares of $13.6 non-cumulative preferred shares. The following transactions are among those
that occurred during the first three years of operations: Jan. 12 Issued 40,100 comon shares at
$4.0 each. 20 Issued 3,660 connon shares to promoters who provided legal services that helped
to establish the company. These services had a fair value of $28,600. 31 Issued 72,690 common
shares in exchange for land, building, and equipnent, which have fair market values of
$352,000,$472,600, and $40,000, respectively. Mar. 4 Purchased equipnent at a cost of $3, abe
cash. This was thought to be a special bargain price. It was felt that at least $10,600 would
normally have had to be paid to acquire this equipment. Dec. 31 During 282e, the company
incurred a loss of $88,0e0. The Income Summary account was closed. 2921 Jan. 4 Issued 3,660
preferred shares at $64 per share. Dec. 31 The Income summary account was closed. Profit for
2621 was $268,000. 2022 Dec. 4 The conpany declared a cash dividend of 50.82 per share on the
comon shares payable on December 18 and also declared the required dividend on the preferred
shares. 18 Paid the dividends declared on Decenber 4 . 31 Profit for the year ended December
31,2022 , was $160,400. The Income Sumary. account was closed. Required: 1. Journalize the
transactions for the years 2020,2021 , and 2022 . The company does not use a cash dividends
account.
2. Prepare the statement of changes in equity for the year ended December 31,2022 . (Amounts
to be deducted should be indicated by a minus sign.)
3. Prepare the equity section on the December 31,2022 , balance sheet. Anolysis Component:
Determine the net assets of Hammond Manufacturing inc. for 2020. 2021, and 2022, is the trend
favourabie or unfavourable?.
Fin 324 final exam
This document provides a link to download materials for a FIN 324 final exam, including answers to 7 multiple choice questions. The questions cover topics such as primary users of financial reports, calculating liabilities from asset and equity amounts, revenue and expense accounts, prepaid and accrued items, and calculations involving retained earnings, purchases, and dividends. Clicking the link provides access to download this exam preparation packet.
Acc 421 final exam guide
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Question 1
Transactions for Mehta Company for the month of May are presented below.
May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation.
3 Buys equipment on account for $1,547.
Excel Storage Corporation You are an accountant working at.pdf
Excel Storage Corporation
You are an accountant working at Kyle & Co. Jeff Reynolds, a partner in your firm, leaves you the
following voicemail message:
The scheduling manager tells me you have some time available. We have recently been advised
that management of Excel Storage Corporation (ESC) has received an offer from Edge Capital
Partners to sell 100% of all issued and outstanding common shares. I have a meeting with
management in two weeks regarding this issue, and I havent had much time to think about this
engagement.
I have prepared some background information on the company for you to review, including
background information on the client (Exhibit I), the companys most recent internal financial
statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with
ESC management earlier this month and made some notes from that meeting (Exhibit IV). They
should all be in your inbox by now.
Exhibit I
Background Information
Excel Storage Corporation (ESC) duplicates, DVDs, MP3s, and all forms of electronic files from
master copies provided by its clients. The company started operations in 2000 in the basement of
the home of part-owner, Amanda Biden. Sales increased quickly, and within one year of starting
operations the company moved into a rented space in downtown Toronto. The market that ESC
currently serves is mainly large companies that require training programs, corporate messages,
and so on.
The company is owned equally by Amanda Biden, Phil Mills, and Beth Iskiw. Amanda started the
venture and has always managed the sales function. In order to keep the company growing, she
brought in Phil and Beth as equal shareholders. Phil and Beth each paid $30,000 for one-third of
Amandas shares.
Phil is a good administrator and handles the accounting functions for the company. Amandas skills
are mainly in sales. Beth looks after the production end and stays abreast of changes in
technology.
ESC has an October 31 fiscal year end.
Exhibit II
Internal Financial Statements
Statement of Financial Position
Exhibit II continued
Statement of Income
Exhibit II continued
Notes to the Financial Statements
Capital assets
Future income tax asset
A future tax asset has been recorded for noncapital losses carry forward. The losses were
incurred during a bad year in fiscal 2018. ESC expects strong future profits to be able to generate
taxable income to fully utilize the tax losses. The owners decided not to use the tax losses in the
2020 or 2019 fiscal years because they expect their marginal tax rate to increase significantly in
the near future due to significant growth in income.
Bank loan
A small business bank loan and line of credit for $200,000 (presently unused) are secured by a
general security agreement, a registered general assignment of book debts, and chattel
mortgages on duplication equipment. Principal repayments on the small business loan are due as
follows during the years ended October 31:
Interest on the small busi.
Solution to assignment problem three
This document outlines the tax implications in four cases (A-D) of an employee of Borden Ltd. exercising stock options and later selling the shares.
Case A assumes Borden is a private Canadian company, and details taxable employment income, capital gains, and deductions in the year of sale.
Case B assumes Borden is public, and describes similar income and deductions in the year of exercise and only capital gains in the year of sale.
Case C also assumes a public Borden, but notes no deduction is available if the option price was below fair market value at time of grant.
Case D returns to a private Borden, and finds a capital gains exemption can apply since the
ACCT 550 Expect Success/newtonhelp.com
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CA1-1 (FASB and Standard-Setting)Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.
Devry acct 553 final exam
This document provides a 10 question multiple choice exam for an ACCT 553 DeVry course. It includes questions about taxable income, realized vs recognized gains and losses, tax laws regarding home sales, material participation, adjustments to gross income, net operating losses, and capital gains/losses. Students are asked to determine taxable amounts, describe concepts, and calculate gains/losses based on provided financial information.
Devry acct 553 final exam
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Devry acct 553 final exam
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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.
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DOL Co. had the following account balances as of December 1, 2015.pdf
DOL Co. had the following account balances as of December 1, 2015:
Inventory $720,000
Land 600,000
Building—net (valued at $1,200,000) 1,080,000
Common stock ($10 par value) 960,000
Retained earnings, December 1, 2010 1,320,000
Revenues 720,000
Expenses 600,000
Miller Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value
common stock (valued at $90 per share) to acquire all of DOL’s outstanding common stock.
Assume that Miller paid cash of $2.8 million. No stock is issued. An additional $50,000 is paid
in direct combination costs.
For Goodwill, determine what balance would be included in a December 1, 2015 consolidation?
Solution
Total fair value of assets acquired =total assets + revaluation increase
2,400,000 + 120,000 = 2,520,000
Total consideration paid = 1,700,000 + 12000 shares X 90 per share
1,700,000 + 1,080,000 = $ 2,780,000
Goodwill = 2,780,000 - 2,520,000 = $ 260,000
If all cash given and extra cash for covering cost than consideration =
2,800,000 + 50,000 = $ 2,850,000
Total fair value of assets = $ 2,520,000
Goodwill = $ 3,30,000..
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.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
On January 1, 2020, Prestige Corporation acquired 100 percent of the.pdf
On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene
Corporation in exchange for $2,347,500 in cash and securities. On the acquisition date, Stylene
had the following balance sheet:
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800
At the acquisition date, the book values of Stylenes assets and liabilities were generally
equivalent to their fair values except for the following assets:
Asset
Book Value
Fair Value
Remaining
Useful Life
Equipment
$
2,310,000
$
2,483,000
8 years
Customer lists
0
234,000
4 years
Trademarks
920,000
1,009,500
indefinite
During the next two years, Stylene has the following income and dividends in its own separately
prepared financial reports to its parent.
Net Income
Dividends
2020
$
240,000
$
25,000
2021
238,000
45,000
Dividends are declared and paid in the same period. The December 31, 2021, separate financial
statements for each company follow. Parentheses indicate credit balances.
Prestige
Stylene
Income Statement
Revenues
$
(4,780,000
)
$
(2,326,000
)
Cost of goods sold
2,590,000
1,640,000
Depreciation expense
552,000
448,000
Amortization expense
116,000
0
Equity earnings in Stylene
(157,875
)
0
Net income
$
(1,679,875
)
$
(238,000
)
Statement of Retained Earnings
Retained earnings 1/1
$
(3,570,000
)
$
(1,103,000
)
Net income (above)
(1,679,875
)
(238,000
)
Dividends declared
150,000
45,000
Retained earnings 12/31
$
(5,099,875
)
$
(1,296,000
)
Balance Sheet
Cash
$
542,000
$
52,500
Accounts receivable
736,000
101,000
Inventory
929,000
558,000
Investment in Stylene
2,595,250
0
Equipment
6,010,000
1,740,000
Customer lists
168,000
0
Trademarks
3,150,000
994,000
Goodwill
260,000
0
Total assets
$
14,390,250
$
3,445,500
Accounts payable
$
(790,375
)
$
(1,349,500
)
Common stock
(8,500,000
)
(800,000
)
Retained earnings, 12/31
(5,099,875
)
(1,296,000
)
Total liabilities and equity
$
(14,390,250
)
$
(3,445,500
)
Determine the fair value in excess of book value for Prestiges acquisition date investment in
Stylene.
Determine Prestige's December 31, 2021, Investment in Stylene balance.
Prepare a worksheet to determine the balances for Prestiges December 31, 2021, consolidated
financial statements.
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800.
Q2 MD&A & Interim Financial Statements 2009
This document provides an annual management discussion and analysis for Pacific Coast Nickel Corp. for the year ended July 31, 2009. It summarizes the company's financial position and operating results, including a net loss of $321,696 for the year. It also discusses the company's exploration activities on its nickel properties in Canada and Uruguay, as well as its plans to identify additional precious metals properties.
Financial Accounting June 2012
This document provides instructions for a 3.5 hour financial accounting exam consisting of 4 questions worth a total of 100 marks. Question 1 has three parts related to inventory valuation, economic substance over legal form, and applying the equity method. Question 2 involves re-drafting financial statements in accordance with accounting standards. Question 3 covers revenue recognition on long-term contracts, revaluation of property, and classification of assets as held for sale. Question 4 requires preparing consolidated financial statements.
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 1-5 are all based on the following information. On January 2, 2014, Max Corporation
acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000. This
acquisition gave Max the ability to exercise significant influence over the investee. The book
value of the acquired shares was $790,000. Any excess cost over the book value was assigned to
a patent that was undervalued on Rich\'s balance sheet. This patent has a remaining useful life of
7 years. For the year ended December 31, 2014, Rich reported net income of $250,000 and paid
cash dividends of $95,000. 1)At December 31, 2014, how much is the basic equity accrual
(increase)? 2)How much is the excess payment? 3)At December 31, 2014, how much is the
dividend allocation? 4)For 2014, how much is the excess amortization of the patent? 5)At
December 31, 2014, how much should Max report as its investment in Rich?
Solution
1) Basic equity accrual on 31/12/2014 155,000/-
2) The xecess payment for patent 210,000/-
3) Dividend allocation 95,000/-
4) Excess amortisation of patent 28,500/- (95,000 *30 %)
5) Max investment in rich after dividend is accounted 971,500/- (1,000,000 - 28,500).
ACCA F3 -Financial Accounting Workbook Questions
This document provides sample questions and illustrations for accounting topics related to sole proprietorships and financial statements. It includes examples of transactions affecting the financial position and income statement of a sole trader business. It also provides test questions to check understanding of concepts like double entry bookkeeping, inventory valuation methods, sales tax, accruals and receivables.
One of the recent developments facing the public administration of.docx
One of the recent developments facing the public administration of corrections is that there has been an increasing call by public officials and the citizenry to privatize the prison systems in the United States. Discuss the following in regard to this:
First, from the perspective of a public-sector correctional administrator, make 2 arguments for keeping the jails in public hands.
Second, from the perspective of a private-sector correctional facility manager make 2 arguments for turning the correctional system over to the private correctional industry.
Briefly discuss the types of challenges that each sector—both public and private—may face.
Are there any legal issues, either criminal or civil, that need to be addressed before privatization can occur?
Support your viewpoints from your readings and other appropriate outside sources, in APA format.
Please submit your...
(More)
Reading Assignment:
Peak, Chapters 9, 10, 11
.
One paragraph for each question 1.Discuss the work of Chuck C.docx
One paragraph for each question:
1.
Discuss the work of Chuck Close as we saw in the film in class. How does he work: show how he takes an image and changes it by the way he interprets it. Philip Glass states in the film: “It is the old idea of form and content, and what our generation did was include process”: apply this idea to Chuck’s work.
Look at EACH of the artists below on the Art 21 website.
Answer the following questions for each artist:
·
How does this artist work? Intuitively or intellectually?
·
How important is process to this artist?
·
What do you think this artist is trying to communicate?
·
Where do they get the ideas for their art ?
Barry McGee and Margaret Kilgallen
James Turrell Gabriel Orzoco
Shahzia Sikander Maya Lin
Ann Hamilton Do Ho Suh
Sally Mann
2.
In your text, pages 104-112, there is a discussion about the different roles of artists across cultures and time. What role do you think artists have in contemporary culture in the United States? What role do you think they should have? How important are the ideas and thoughts of artists to the development, maintenance, and structure of culture? Cite examples from your text about the different roles artists could play in modern culture.
3.
What is creativity (to you)? Find two examples of art you think is really “creative” describe why you think these works are “creative”. Explain why you think they are creative works. Do you exercise creativity? If not, why not? If so, how do you exhibit creative ideas and tendencies? Explain why you think creativity is important to culture.
.
More Related Content
Similar to On January 1, 2012, Bailey Industries had stock outstanding as fol.docx
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. its articles of
incorporation granted it the right to issue an unlimited number of common shares and 100,000
shares of $13.6 non-cumulative preferred shares. The following transactions are among those
that occurred during the first three years of operations: Jan. 12 Issued 40,100 comon shares at
$4.0 each. 20 Issued 3,660 connon shares to promoters who provided legal services that helped
to establish the company. These services had a fair value of $28,600. 31 Issued 72,690 common
shares in exchange for land, building, and equipnent, which have fair market values of
$352,000,$472,600, and $40,000, respectively. Mar. 4 Purchased equipnent at a cost of $3, abe
cash. This was thought to be a special bargain price. It was felt that at least $10,600 would
normally have had to be paid to acquire this equipment. Dec. 31 During 282e, the company
incurred a loss of $88,0e0. The Income Summary account was closed. 2921 Jan. 4 Issued 3,660
preferred shares at $64 per share. Dec. 31 The Income summary account was closed. Profit for
2621 was $268,000. 2022 Dec. 4 The conpany declared a cash dividend of 50.82 per share on the
comon shares payable on December 18 and also declared the required dividend on the preferred
shares. 18 Paid the dividends declared on Decenber 4 . 31 Profit for the year ended December
31,2022 , was $160,400. The Income Sumary. account was closed. Required: 1. Journalize the
transactions for the years 2020,2021 , and 2022 . The company does not use a cash dividends
account.
2. Prepare the statement of changes in equity for the year ended December 31,2022 . (Amounts
to be deducted should be indicated by a minus sign.)
3. Prepare the equity section on the December 31,2022 , balance sheet. Anolysis Component:
Determine the net assets of Hammond Manufacturing inc. for 2020. 2021, and 2022, is the trend
favourabie or unfavourable?.
Fin 324 final exam
This document provides a link to download materials for a FIN 324 final exam, including answers to 7 multiple choice questions. The questions cover topics such as primary users of financial reports, calculating liabilities from asset and equity amounts, revenue and expense accounts, prepaid and accrued items, and calculations involving retained earnings, purchases, and dividends. Clicking the link provides access to download this exam preparation packet.
Acc 421 final exam guide
For more course tutorials visit
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Question 1
Transactions for Mehta Company for the month of May are presented below.
May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation.
3 Buys equipment on account for $1,547.
Excel Storage Corporation You are an accountant working at.pdf
Excel Storage Corporation
You are an accountant working at Kyle & Co. Jeff Reynolds, a partner in your firm, leaves you the
following voicemail message:
The scheduling manager tells me you have some time available. We have recently been advised
that management of Excel Storage Corporation (ESC) has received an offer from Edge Capital
Partners to sell 100% of all issued and outstanding common shares. I have a meeting with
management in two weeks regarding this issue, and I havent had much time to think about this
engagement.
I have prepared some background information on the company for you to review, including
background information on the client (Exhibit I), the companys most recent internal financial
statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with
ESC management earlier this month and made some notes from that meeting (Exhibit IV). They
should all be in your inbox by now.
Exhibit I
Background Information
Excel Storage Corporation (ESC) duplicates, DVDs, MP3s, and all forms of electronic files from
master copies provided by its clients. The company started operations in 2000 in the basement of
the home of part-owner, Amanda Biden. Sales increased quickly, and within one year of starting
operations the company moved into a rented space in downtown Toronto. The market that ESC
currently serves is mainly large companies that require training programs, corporate messages,
and so on.
The company is owned equally by Amanda Biden, Phil Mills, and Beth Iskiw. Amanda started the
venture and has always managed the sales function. In order to keep the company growing, she
brought in Phil and Beth as equal shareholders. Phil and Beth each paid $30,000 for one-third of
Amandas shares.
Phil is a good administrator and handles the accounting functions for the company. Amandas skills
are mainly in sales. Beth looks after the production end and stays abreast of changes in
technology.
ESC has an October 31 fiscal year end.
Exhibit II
Internal Financial Statements
Statement of Financial Position
Exhibit II continued
Statement of Income
Exhibit II continued
Notes to the Financial Statements
Capital assets
Future income tax asset
A future tax asset has been recorded for noncapital losses carry forward. The losses were
incurred during a bad year in fiscal 2018. ESC expects strong future profits to be able to generate
taxable income to fully utilize the tax losses. The owners decided not to use the tax losses in the
2020 or 2019 fiscal years because they expect their marginal tax rate to increase significantly in
the near future due to significant growth in income.
Bank loan
A small business bank loan and line of credit for $200,000 (presently unused) are secured by a
general security agreement, a registered general assignment of book debts, and chattel
mortgages on duplication equipment. Principal repayments on the small business loan are due as
follows during the years ended October 31:
Interest on the small busi.
Solution to assignment problem three
This document outlines the tax implications in four cases (A-D) of an employee of Borden Ltd. exercising stock options and later selling the shares.
Case A assumes Borden is a private Canadian company, and details taxable employment income, capital gains, and deductions in the year of sale.
Case B assumes Borden is public, and describes similar income and deductions in the year of exercise and only capital gains in the year of sale.
Case C also assumes a public Borden, but notes no deduction is available if the option price was below fair market value at time of grant.
Case D returns to a private Borden, and finds a capital gains exemption can apply since the
ACCT 550 Expect Success/newtonhelp.com
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CA1-1 (FASB and Standard-Setting)Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.
Devry acct 553 final exam
This document provides a 10 question multiple choice exam for an ACCT 553 DeVry course. It includes questions about taxable income, realized vs recognized gains and losses, tax laws regarding home sales, material participation, adjustments to gross income, net operating losses, and capital gains/losses. Students are asked to determine taxable amounts, describe concepts, and calculate gains/losses based on provided financial information.
Devry acct 553 final exam
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Devry acct 553 final exam
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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.
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DOL Co. had the following account balances as of December 1, 2015.pdf
DOL Co. had the following account balances as of December 1, 2015:
Inventory $720,000
Land 600,000
Building—net (valued at $1,200,000) 1,080,000
Common stock ($10 par value) 960,000
Retained earnings, December 1, 2010 1,320,000
Revenues 720,000
Expenses 600,000
Miller Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value
common stock (valued at $90 per share) to acquire all of DOL’s outstanding common stock.
Assume that Miller paid cash of $2.8 million. No stock is issued. An additional $50,000 is paid
in direct combination costs.
For Goodwill, determine what balance would be included in a December 1, 2015 consolidation?
Solution
Total fair value of assets acquired =total assets + revaluation increase
2,400,000 + 120,000 = 2,520,000
Total consideration paid = 1,700,000 + 12000 shares X 90 per share
1,700,000 + 1,080,000 = $ 2,780,000
Goodwill = 2,780,000 - 2,520,000 = $ 260,000
If all cash given and extra cash for covering cost than consideration =
2,800,000 + 50,000 = $ 2,850,000
Total fair value of assets = $ 2,520,000
Goodwill = $ 3,30,000..
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.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
On January 1, 2020, Prestige Corporation acquired 100 percent of the.pdf
On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene
Corporation in exchange for $2,347,500 in cash and securities. On the acquisition date, Stylene
had the following balance sheet:
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800
At the acquisition date, the book values of Stylenes assets and liabilities were generally
equivalent to their fair values except for the following assets:
Asset
Book Value
Fair Value
Remaining
Useful Life
Equipment
$
2,310,000
$
2,483,000
8 years
Customer lists
0
234,000
4 years
Trademarks
920,000
1,009,500
indefinite
During the next two years, Stylene has the following income and dividends in its own separately
prepared financial reports to its parent.
Net Income
Dividends
2020
$
240,000
$
25,000
2021
238,000
45,000
Dividends are declared and paid in the same period. The December 31, 2021, separate financial
statements for each company follow. Parentheses indicate credit balances.
Prestige
Stylene
Income Statement
Revenues
$
(4,780,000
)
$
(2,326,000
)
Cost of goods sold
2,590,000
1,640,000
Depreciation expense
552,000
448,000
Amortization expense
116,000
0
Equity earnings in Stylene
(157,875
)
0
Net income
$
(1,679,875
)
$
(238,000
)
Statement of Retained Earnings
Retained earnings 1/1
$
(3,570,000
)
$
(1,103,000
)
Net income (above)
(1,679,875
)
(238,000
)
Dividends declared
150,000
45,000
Retained earnings 12/31
$
(5,099,875
)
$
(1,296,000
)
Balance Sheet
Cash
$
542,000
$
52,500
Accounts receivable
736,000
101,000
Inventory
929,000
558,000
Investment in Stylene
2,595,250
0
Equipment
6,010,000
1,740,000
Customer lists
168,000
0
Trademarks
3,150,000
994,000
Goodwill
260,000
0
Total assets
$
14,390,250
$
3,445,500
Accounts payable
$
(790,375
)
$
(1,349,500
)
Common stock
(8,500,000
)
(800,000
)
Retained earnings, 12/31
(5,099,875
)
(1,296,000
)
Total liabilities and equity
$
(14,390,250
)
$
(3,445,500
)
Determine the fair value in excess of book value for Prestiges acquisition date investment in
Stylene.
Determine Prestige's December 31, 2021, Investment in Stylene balance.
Prepare a worksheet to determine the balances for Prestiges December 31, 2021, consolidated
financial statements.
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800.
Q2 MD&A & Interim Financial Statements 2009
This document provides an annual management discussion and analysis for Pacific Coast Nickel Corp. for the year ended July 31, 2009. It summarizes the company's financial position and operating results, including a net loss of $321,696 for the year. It also discusses the company's exploration activities on its nickel properties in Canada and Uruguay, as well as its plans to identify additional precious metals properties.
Financial Accounting June 2012
This document provides instructions for a 3.5 hour financial accounting exam consisting of 4 questions worth a total of 100 marks. Question 1 has three parts related to inventory valuation, economic substance over legal form, and applying the equity method. Question 2 involves re-drafting financial statements in accordance with accounting standards. Question 3 covers revenue recognition on long-term contracts, revaluation of property, and classification of assets as held for sale. Question 4 requires preparing consolidated financial statements.
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 1-5 are all based on the following information. On January 2, 2014, Max Corporation
acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000. This
acquisition gave Max the ability to exercise significant influence over the investee. The book
value of the acquired shares was $790,000. Any excess cost over the book value was assigned to
a patent that was undervalued on Rich\'s balance sheet. This patent has a remaining useful life of
7 years. For the year ended December 31, 2014, Rich reported net income of $250,000 and paid
cash dividends of $95,000. 1)At December 31, 2014, how much is the basic equity accrual
(increase)? 2)How much is the excess payment? 3)At December 31, 2014, how much is the
dividend allocation? 4)For 2014, how much is the excess amortization of the patent? 5)At
December 31, 2014, how much should Max report as its investment in Rich?
Solution
1) Basic equity accrual on 31/12/2014 155,000/-
2) The xecess payment for patent 210,000/-
3) Dividend allocation 95,000/-
4) Excess amortisation of patent 28,500/- (95,000 *30 %)
5) Max investment in rich after dividend is accounted 971,500/- (1,000,000 - 28,500).
ACCA F3 -Financial Accounting Workbook Questions
This document provides sample questions and illustrations for accounting topics related to sole proprietorships and financial statements. It includes examples of transactions affecting the financial position and income statement of a sole trader business. It also provides test questions to check understanding of concepts like double entry bookkeeping, inventory valuation methods, sales tax, accruals and receivables.
Similar to On January 1, 2012, Bailey Industries had stock outstanding as fol.docx (20)
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221Midterm Problems1. Albert Corporation is author.docx
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Excel Storage Corporation You are an accountant working at.pdf
Excel Storage Corporation You are an accountant working at.pdf
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
DOL Co. had the following account balances as of December 1, 2015.pdf
DOL Co. had the following account balances as of December 1, 2015.pdf
The stockholders' equity accounts of Sheffield Corporation on January.pdf
The stockholders' equity accounts of Sheffield Corporation on January.pdf
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each1. Greg and Justin are forming the G.docx
On January 1, 2020, Prestige Corporation acquired 100 percent of the.pdf
On January 1, 2020, Prestige Corporation acquired 100 percent of the.pdf
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 11-15 are based on the followingRose Corporation acquir.pdf
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One of the recent developments facing the public administration of.docx
One of the recent developments facing the public administration of corrections is that there has been an increasing call by public officials and the citizenry to privatize the prison systems in the United States. Discuss the following in regard to this:
First, from the perspective of a public-sector correctional administrator, make 2 arguments for keeping the jails in public hands.
Second, from the perspective of a private-sector correctional facility manager make 2 arguments for turning the correctional system over to the private correctional industry.
Briefly discuss the types of challenges that each sector—both public and private—may face.
Are there any legal issues, either criminal or civil, that need to be addressed before privatization can occur?
Support your viewpoints from your readings and other appropriate outside sources, in APA format.
Please submit your...
(More)
Reading Assignment:
Peak, Chapters 9, 10, 11
.
One paragraph for each question 1.Discuss the work of Chuck C.docx
One paragraph for each question:
1.
Discuss the work of Chuck Close as we saw in the film in class. How does he work: show how he takes an image and changes it by the way he interprets it. Philip Glass states in the film: “It is the old idea of form and content, and what our generation did was include process”: apply this idea to Chuck’s work.
Look at EACH of the artists below on the Art 21 website.
Answer the following questions for each artist:
·
How does this artist work? Intuitively or intellectually?
·
How important is process to this artist?
·
What do you think this artist is trying to communicate?
·
Where do they get the ideas for their art ?
Barry McGee and Margaret Kilgallen
James Turrell Gabriel Orzoco
Shahzia Sikander Maya Lin
Ann Hamilton Do Ho Suh
Sally Mann
2.
In your text, pages 104-112, there is a discussion about the different roles of artists across cultures and time. What role do you think artists have in contemporary culture in the United States? What role do you think they should have? How important are the ideas and thoughts of artists to the development, maintenance, and structure of culture? Cite examples from your text about the different roles artists could play in modern culture.
3.
What is creativity (to you)? Find two examples of art you think is really “creative” describe why you think these works are “creative”. Explain why you think they are creative works. Do you exercise creativity? If not, why not? If so, how do you exhibit creative ideas and tendencies? Explain why you think creativity is important to culture.
.
One rich source of fallacies is the media television, radio, magazi.docx
The document discusses common logical fallacies found in various media sources and asks the reader to identify two examples, consider whether studying logic makes them less likely to be fooled, and assess whether media sources make good or bad assumptions about viewers' logical skills.
One Review of two pages is due the tenth week of class. It must be.docx
One Review
of two pages is due the tenth week of class. It must be a minimum of two typed pages, double spaced.
Your grade will drop significantly if it is less than two pages.
Scan any program, flyer, or ticket stub from the concert. Your grade will be lowered without this proof of attendance.
You must go to the concert during
this quarter!
Concerts attended during any other time frame are unacceptable and will receive an F.
the concert name is under the influence of music.
the singer name is sage the gemini. and the three songs are red nose, gas pedal and college drop.
Reviews should include the following:
1.
Name of the artist or group. Describe the musician(s) and instruments played. Briefly describe the audience and setting. How did the surroundings affect your experience?
2.
What were your expectations before attending the performance? Were those expectations met?
3. Describe two or three of the songs. Discuss any musical elements which stood out. For example:
Mood- what was the mood of the music? Exciting, sad, romantic?
Style- Rock and Roll, R and B, Hip Hop, Grunge, etc.
4.
Which was your favorite song and why? Which was your least favorite and why?
5. What did you like or dislike about the musicians playing and why?
6. Did you enjoy the performance on the whole? Why or why not?
.
One of the negative aspects of using nuclear power as an alternative.docx
The document discusses one of the negative aspects of using nuclear power as an alternative energy source, which is the production of nuclear waste. Nuclear waste remains radioactive for thousands of years, posing serious storage and disposal challenges. The risks of radioactive contamination from improperly stored nuclear waste could impact human health and the environment for generations to come if not properly managed.
online 5 weeks. There are Weekly 1- (Reading Assignments 1 – 1.docx
online 5 weeks. There are Weekly :
1- (Reading Assignments 1 – 14)
28%
2- based reflective writing assignments
(Application Assignments 1 – 14)
28%
3-
Participation
in online discussions (Assignments 1-14)
14%
and one
Research report.
20%
also
Community Engagement/Experiential learning activities report
10%
See the attachment for more details.
.
Online Discussion #6 The Passing of Time2727 unread replies.2929 .docx
The document provides resources on selfies and self-portraits, including essays, exhibitions, and other writings on the topics. It defines selfies as photographs one takes of oneself using a smartphone or webcam and shares on social media. Self-portraits are defined as portraits of an artist produced by that artist. Readers are directed to browse the links to build knowledge before responding to a prompt about selfies and self-portraits in the "What now" section.
One to two page summary explaining the following 1.A basi.docx
One to two page summary explaining the following:
1.
A basic explanation of Moral Virtue Theory, Duty Theory, and Utilitarianism.
2.
A comprehensive explanation of which theory you feel best represents your personal ethical viewpoint and why you feel this way.
I need this by today midnight eastern standard time. Please advise
.
ONEWAY alcohol BY ratingSTATISTICS DESCRIPTIVES HOMOGENEITY.docx
ONEWAY alcohol BY rating
/STATISTICS DESCRIPTIVES HOMOGENEITY
/PLOT MEANS
/MISSING ANALYSIS
/POSTHOC=TUKEY ALPHA(0.05).
Oneway
Notes
Output Created
07-JUN-2013 12:39:57
Comments
Input
Data
C:\Users\donn\Documents\GCU Lead fac\Project with Judy for modifying PSY845 to introduce SPSS\drinks database -revised for course applications DH.sav
Active Dataset
DataSet1
File Label
SPSS/PC+
Filter
Weight
Split File
N of Rows in Working Data File
35
Missing Value Handling
Definition of Missing
User-defined missing values are treated as missing.
Cases Used
Statistics for each analysis are based on cases with no missing data for any variable in the analysis.
Syntax
ONEWAY alcohol BY rating
/STATISTICS DESCRIPTIVES HOMOGENEITY
/PLOT MEANS
/MISSING ANALYSIS
/POSTHOC=TUKEY ALPHA(0.05).
Resources
Processor Time
00:00:00.33
Elapsed Time
00:00:00.42
[DataSet1] C:\Users\donn\Documents\GCU Lead fac\Project with Judy for modifying PSY845 to introduce SPSS\drinks database -revised for course applications DH.sav
Descriptives
Alcohol by Volume (in %) for brand
N
Mean
Std. Deviation
Std. Error
95% Confidence Interval for Mean
Lower Bound
Upper Bound
VeryGood
11
4.9000
.17889
.05394
4.7798
5.0202
Good
14
4.6000
.38829
.10377
4.3758
4.8242
Fair
10
4.5100
.34140
.10796
4.2658
4.7542
Total
35
4.6686
.35295
.05966
4.5473
4.7898
Descriptives
Alcohol by Volume (in %) for brand
Minimum
Maximum
VeryGood
4.70
5.20
Good
4.00
5.50
Fair
3.90
5.00
Total
3.90
5.50
Test of Homogeneity of Variances
Alcohol by Volume (in %) for brand
Levene Statistic
df1
df2
Sig.
1.420
2
32
.256
ANOVA
Alcohol by Volume (in %) for brand
Sum of Squares
df
Mean Square
F
Sig.
Between Groups
.906
2
.453
4.357
.021
Within Groups
3.329
32
.104
Total
4.235
34
Post Hoc Tests
Multiple Comparisons
Dependent Variable:
Alcohol by Volume (in %) for brand
Tukey HSD
(I) Rated Quality of Brand
(J) Rated Quality of Brand
Mean Difference (I-J)
Std. Error
Sig.
VeryGood
Good
.30000
.12995
.069
Fair
.39000
*
.14093
.025
Good
VeryGood
-.30000
.12995
.069
Fair
.09000
.13354
.780
Fair
VeryGood
-.39000
*
.14093
.025
Good
-.09000
.13354
.780
Multiple Comparisons
Dependent Variable:
Alcohol by Volume (in %) for brand
Tukey HSD
(I) Rated Quality of Brand
(J) Rated Quality of Brand
95% Confidence Interval
Lower Bound
Upper Bound
VeryGood
Good
-.0193
.6193
Fair
.0437
*
.7363
Good
VeryGood
-.6193
.0193
Fair
-.2382
.4182
Fair
VeryGood
-.7363
*
-.0437
Good
-.4182
.2382
*. The mean difference is significant at the 0.05 level.
Homogeneous Subsets
Alcohol by Volume (in %) for brand
Tukey HSD
a,b
Rated Quality of Brand
N
Subset for alpha = 0.05
1
2
Fair
10
4.5100
Good
14
4.6000
4.6000
VeryGood
11
4.9000
Sig.
.784
.082
Means for groups in homogeneous subsets are displayed.
a. Uses Harmonic Mean Sample Size = 11.436.
b. The group sizes are unequal. The harmonic mean of the group sizes is used. Type I error levels are not guaranteed.
Mean.
One Paragrapher per question.1) The internet has significantly.docx
One Paragrapher per question.
1) The internet has significantly changed the way that organizations conduct their business operations in breaking down barriers that previously existed. In what ways do organizations have to change their business models and operations due to the effects of the internet? Use specific examples to justify your conclusions.
2)
The content up to this point covered microeconomics. Are there any concepts covered that you found most useful or interesting, or some concepts you find difficult?
3) Find an article on a current event related to microeconomics. Briefly summarize the article.
.
Online Dating and its effects on our Interpersonal Communication..docx
Online Dating and its effects on our Interpersonal Communication.
Are we closer, or further apart?
1-
Summarize new ideas on the topic (positive and negative effect on Interpersonal Communication)
and
conclude with how online dating relates to Interpersonal Communication
2
-
In the second portion of the paper you will discuss how learning to function within a Small Group is an essential part of the larger human experience (use your own life, work, pop culture, research, etc to elaborate your position)
*Page count for the paper is 4 double spaced pages* MLA style
You are required to use 2 outside sources for this major paper.
Please be sure to include formal citations.
(You can use our text, popular press (newspaper/magazines), academic articles, etc)
Due Tuesday June 25th at 8PM-Original work only
.
ONE QUESTIONLARGE CLASS I have given you the whole module under th.docx
ONE QUESTION
LARGE CLASS I have given you the whole module under the question requirements.
QUESTION
You need to teach vocabulary of character personality traits such as honest, stubborn, or sensible. NOT moods such as ahppy and sad.
When considering presentation techniques have in mind the target language is NON VISUAL you can’t draw honest so think of another way to convey the meaning
Please include
List of words of words you will teach
Assumed knowledge of students list of vocabulary structures you will expect your students to know
Anticipated problems.
Solution
s.
Prearations and aids
Step by step entire lesson and timing
THIS IS MY LAST CHANCE HELP
Understandably, before teachers begin teaching their first large class, they tend to think about the challenges inside the classroom. However, after a few days, it becomes clear that responsibilities outside class are equally challenging.
Welcome to this module on
teaching large classes.
Teaching large volumes of students at any one time is always a challenge, and so it is particularly important for the teacher to be well prepared. This module can help you overcome the difficulties generated from a large class, but it will also help you make the most of the benefits that it can provide.
In this module, you will find out:
a variety of methods and techniques to help you teach a large class of students to communicate in English
how to manage your time outside class
ways to manage a large group of students
how to keep your students participating and motivated
how to cater for students with different proficiency levels
how to arrange students
how to promote learner independence
how to organise feedback
how to monitor and assess student performance in a large class
WHAT DO WE MEAN BY LARGE CLASS
When we say 'large' we generally mean a class of 30-60 students, in some instances up to 100. The educational system of some countries precludes the formation of language groups that are so large, however in other countries, for instance India, China or South Korea, such classes are quite common.
School administrations may choose to split students into smaller groups for the following reasons:
Overpopulation and a lack of teachers.
The traditional belief that still prevails in some parts of the world where the aim of a language course is to prepare students for an examination (usually a formal, written, grammar-based one) rather than teach them to communicate in English. A lesson is therefore viewed as a lecture where a certain amount of knowledge is to be passed on to the students.
Depending on room size it would be difficult to divide the class but definitely possible.
Assess competency and delegate stronger class members to lead smaller groups within class room.
Delegate 4 class members if your class is 60 and instruct them each to distribute and collate homework.
Failing to prepare before entering the class means the class is doomed to fail
Rising to the challenge stimulates professional gro.
Once the training analysis is completed, the organization and employ.docx
Once the training analysis is completed, the organization and employee development human resources specialist uses adult learning theories to turn the training needs into training materials, courses, and instructional design.
Address the following elements of understanding the adult learning model:
Explain the theories of adult learning principles.
Compare the differences between child/adolescent and adult learning models (pedagogy and andragogy).
Discuss the concept of learning styles, personalities, and how these concepts are combined with adult learning in organizational training and development programs.
Explore the options that organizations have in applying adult learning to a comprehensive training and development program.
.
Once each individual selects their own feature topic, then each pers.docx
Once each individual selects their own feature topic, then each person should prepare their own
2 page text report that explains and presents the essence of the particular WSJ feature they are reviewing, plus some appendices as noted below
. The objective of each member’s individual 2 page report is to efficiently & effectively communicate a GENERAL message regarding what the WSJ feature section is about, as well as key and interesting insights presented in the section and gained through your work.
An example is provided at the end of this document.
.
Once the Application has started up and you are at the Start Page, s.docx
Once the Application has started up and you are at the Start Page, select the create a new project option. When presented with the New Project window like the one below, be sure that you have highlighted Console Application under the Templates window. Now give the new project the name INV_GRAB in the Name field, and have the location field pointing to the F:\SAI430 folder you have on the F: drive. The diagram below depicts what your New Project window should look similar to.
Once you have done this, select OK to complete this operation. You may get a "Microsoft Development Environment" message box stating that the project location is not a fully trusted .NET runtime location. You can ignore this and just select OK. You should now see your new project listed in the
Solution
Explorer window on the upper right hand corner of the editor window. You are now ready to begin setting up your form.
STEP 2: Setting Up a Database Connection
Back to Top
The first step now is to set up a database connection with Access and then a data set that can be used to transport the data from the database to the application to be written to a file. For the purposes of this lab and your project, you will only need data from two columns in the ITEMS table of the INVENTORY database, but we will control that with the code written later. The following steps will lead you through the process of setting up the connection.
To begin, you need to add the following three namespaces to the top of your application code:
using System.IO;
using System.Data;
using System.Data.OleDb;
Since you are going to be not only connecting to a database but also writing data to a file, you will need all three of these listed.
Now you can set up the connection to your Access database that you downloaded and put in your folder. The actual connection string is @"Provider=Microsoft.JET.OLEDB.4.0; data source=F:\inventory.mdb". This is a standard connection string for MS Access. You will want to precede this with the command - string conString = so that the finished connection looks like this.
string conString = @"Provider=Microsoft.JET.OLEDB.4.0; data source=F:\SAI430\inventory.mdb";
This is simply defining a string variable named conString and assigning the connection string to it. We will use this variable later.
Now we need to define an OleDbConnection that will be used to connect to the database. To do this you will need to define a connection variable as a new OleDbConnection and point it to the connection string defined in the previous step. Your code should look like the following.
OleDbConnection conn = new OleDbConnection(conString);
Now you can connect and open the database with the following command entered right below the line above.
conn.Open();
Last, we need to declare a variable that will be used later on. Although this really has nothing to do with setting up the database connection, this is as good a place as any to do this. You need to define a single variable named rowCount as an.
Once an individual has become a victim of a crime, there is the myst.docx
The police chief has tasked a group with compiling an instructional document to explain the criminal justice system to victims. The document will describe the roles of law enforcement, courts, corrections, and victim advocacy programs. It will also outline civil proceedings victims can pursue. The group divides these sections among members, who research and write their portions before compiling the final document.
Once again, open and read aboutMuseo Nacional de Banco Centr.docx
Once
again
,
open and read about
Museo Nacional de Banco Central de Ecuador
and the
Fundación Guayasamín
.
Write about upcoming shows and exhibitions at either of these museums. Use the future tense and
ir
+
a
+
infinitivo
in your answer.
.
One function of a leader is to provide the vision for the organiza.docx
One function of a leader is to provide the vision for the organization they lead. Being a role model and leading the way forward are important aspects of leadership. If you were leading an internet retailer or other organization that involves innovative technology and organizational flexibility, describe the process you would engage to create a vision for the organization and how you would get employees involved in that vision.
.
One afternoon at work, Natalie received a phone call from her daught.docx
One afternoon at work, Natalie received a phone call from her daughter’s teacher. It seemed that Brandi had got into trouble, and Natalie would need to meet with Brandi’s teacher and the school principal. Natalie could not imagine what the trouble could be. Brandi was a straight-A student, played soccer, and was part of the school band. She also helped out with chores at home. On the way to the school, Natalie decided she would not jump to conclusions but would hear Brandi’s side of the story. Then, she would let Brandi have a piece of her mind!
At school, Natalie met the school principal; Brandi’s teacher; and a crying, red-eyed Brandi. Brandi and two other girls had stolen a pack of cigarettes from a teacher’s purse and were caught smoking in the woods behind the school. Worse, one of the other girls had stolen the teacher’s prescription medication, though Brandi said she did not know anything about that. The principal and teacher said that this was a serious breach of trust and was against school policy. They knew Brandi and were “shocked” that she was involved in this activity. In private consultation with Natalie, they said that Brandi was involved with the wrong crowd, but there was still time to intervene before she developed a pattern of bad behavior.
Natalie left the meeting angry with Brandi, but also feeling guilty and responsible. She had been working extra hours and was often busy with her schoolwork. Perhaps she had neglected Brandi or missed important warning signs. She would ground Brandi, but more importantly, she would pay much closer attention to whom she befriended and where she went. Natalie decided she would establish a schedule where she would help the girls’ do their homework.
Natalie felt tired. After all the years of guidance and parenting, how could “two stupid tweens” undo all her hard work? She felt she had worked hard teaching Brandi and Jenny how to make good decisions and to know right from wrong. She worried what the next ten years would bring. She pondered the possibilities of other peer influences, alcohol, drugs, and boys.
Research differential association theory and social learning theory as applied to criminal behavior and crime using the textbook, the University online library resources, and the Internet. Select two scholarly, peer-reviewed articles for use in this assignment.
Based on the scenario, your readings and research, respond to the following:
How could Brandi’s behavior be explained using differential association theory?
How could Brandi’s behavior be explained using social learning theory?
What are the strengths and limitations of these two theories as applied to this example?
Be sure to support your responses using the selected resources.
Write your initial response in 4–6 paragraphs. Apply APA standards to citation of sources.
.
One of the key aspects of developing a strategy for the human elemen.docx
One of the key aspects of developing a strategy for the human elements in information technology (IT) project is to identify the roles and responsibilities of those affected by and involved with the projects. These people are called the
stakeholders
, and they will be the ones who determine the success of the projects. The key aspects of a project's success include the identification of the stakeholders and planning and preparing for the strategies of communication between those stakeholders.
For this assignment, you will continue to work on the Human Elements in IT Strategy document by identifying the stakeholders and defining their roles and responsibilities within the IT projects. You will then establish a strategy for communication between these stakeholders, including the methods of communication and identification of the key artifacts of project information that must be communicated during project execution. This is the Key Assignment First Draft.
The project deliverables are as follows:
Update the Human Elements in IT Strategy document title page with a new date.
Update the previously completed sections based on instructor feedback.
IT Project Stakeholders
Stakeholder Identification, Roles, and Responsibilities
Create a list of the key stakeholders in your organization’s IT projects.
Describe the roles and responsibilities of each stakeholder with respect to IT projects.
Summarize the issues related to the organization's IT projects that are important to each stakeholder.
Stakeholder Communication
Develop a strategy for communication between the stakeholders identified in the first part of the assignment.
The communication strategy should identify the major communication that should occur during the project and the key artifacts that should be communicated.
For example, a design document should be one of the key artifacts, and it should be communicated to specific project stakeholders.
A communication matrix would be appropriate for this part of the assignment.
Be sure to update your table of contents before submission.
.
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- 1. On January 1, 2012, Bailey Industries had stock outstanding as follows. 6% Cumulative preferred stock, $119 par value, issued and outstanding 10,800 shares $1,285,200 Common stock, $10 par value, issued and outstanding 241,200 shares 2,412,000 To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2012 63,600 Company B July 1, 2012 85,200 Company C October 1, 2012 27,600 On May 14, 2012, Bailey realized a $106,800 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2012, Bailey recorded net income of $321,600 before tax and exclusive of the gain. Assuming a 43% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary.
- 2. (Round answer to 2 decimal places, e.g. $2.55.) Bailey Industries Income Statement For the year ended December 31, 2012 $ $ [removed]