On January 1 Monty Corp had 55400 shares of nopar common.pdf

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Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. What is the earned income credit for: a. A single person with earned income of $5,250 and no qualifying children. b. A single person with earned income of $23,100 and two qualifying children. c. A married couple filing jointly with earned income of $34,850 and one qualifying child. What is the child tax credit allowed for: a. A single parent with modified AGI of $215,000 and one child age 4. b. A single parent with modified AGI of $79,600 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,533 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,655 and one child, age 13. Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. What are the earned income credits for: a. A single person with earned income of $5,250 and no qualifying children. b. A single person with earned income of $23,100 and two qualifying children. c. A married couple filing jointly with earned income of $34,850 and one qualifying child..

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On January 1, Monty Corp. had 55,400 shares of no-par common stock issued and outstanding.
The stock has a stated value of $4 per share. During the year, the following transactions occurred.
Apr. 1 Issued 9,600 additional shares of common stock for $11 per share. June 15 Declared a
cash dividend of $1.50 per share to stockholders of record on June 30. July 10 Paid the $1.50
cash dividend. Dec 1 Issued 3,600 additional shares of common stock for $11 per share. 15
Declared a cash dividend on outstanding shares of $1.60 per share to stockholders of record on
December 31. (a) Prepare the entries, if any, on each of the three dates that involved dividends.
(Record journal entries in the order presented in the problem. If no entry is required, select 'No
Enity' for the occount titles and enter O for the amounts. Credit account vitles are outomatically
indented when inmaine le enterent ponotiodent monualledancuet it enterud Do nat indert meneled

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

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

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1-Identify whether obligations are current liabilities. (LO 1), C Linton Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability, noncurrent liability, or both. 3-Compute and record sales taxes payable. (LO 3)AP Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales. 4-Prepare entries for unearned revenues. (LO 3), AP Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. 10-Prepare journal entries for bonds issued at face value. (LO 5), AP Rooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2014, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (c) Prepare the journal entry on January 1, 2015, to record interest paid. 13-Prepare liabilities section of balance sheet. (LO 7), AP Presented here are liability items for Desmond Inc. at December 31, 2014. Prepare the liabilities section of Desmond's balance sheet. Accounts payable $157,000 Notes payable (due May 1, 2015) 20,000 Bonds payable (due 2018) 900,000 Unearned rent revenue 240,000 Discount on bonds payable 41,000 FICA taxes payable $7,800 Interest payable 40,000 Notes payable (due 2016) 80,000 Income taxes payable 3,500 Sales taxes payable 1,700 2-Prepare entries for interest-bearing notes. (LO 2), AP On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480. Instructions (a) Determine the amount borrowed by Criqui. (b) Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555? (c) Prepare the entry for the initial borrowing and the repayment for the facts in part (a). 3-Prepare entries for interest-bearing notes. (LO 2), AP On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. 5-Journalize payroll entries. (LO 3), AP ...

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E13-7 On January 1, 2010, the stockholders\' equity section of Nunez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and re tained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept. I Sold 8,000 treasury shares for cash at $14 per share. Instructions (a) Journalize the treasury stock transactions. Solution Journalize the treasury stock transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Account/Description Mar.1 Dr Treasury stock 750,000 (50,000 x $15) Cr Cash 750,000 July 1 Dr Cash 170,000 Cr Treasury stock 150,000 (10,000 at COST of $15) Cr Paid-in cap. from treasury stock 20,000 At this point your Paid-in cap. from treasury stock stands at $20,000 (credit). Sept. 1 Dr Cash 112,000 (8,000 x $14) Dr Paid-in cap. from treasury stock 8,000 Cr Treasury stock 120,000 (8,000 at COST of $15) .

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

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

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Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000 sibrtansactions occurred stock with a stated value of $4 per share. The following select equity, debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8 Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash. Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased 100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for $8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun. 15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold 4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8 per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec. 31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the adjusting entries at December 31,2022 , to report the investment securities at fair value. All securities are considered to be short-term, except for the JW Company commn stock..

Winnie Corporation was organized on January 1- 2022- It is authorized.pdf

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During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15 , payable March 1. Mar 1 Paid the dividend declared in February. Apr. 1 Anmounced a 2 -for-1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 I smed the shares for the stock dividend. Dec. 1 Deciared a 50.30 pee share dividend to stockholders of record on December 15, payable lamuary 5.2023 31 Determined that net income for the year was $326.500 .Feh. 1 Cash Bividends 126000 Dividends Payable 126000 Mar, 1 v Dividends Payabie 126000 Cash 126000 begin{tabular}{|l|l|l|} hline Aore. & NoEntry & 0 & NoEntry & hline end{tabular}Dividends Payable Dec:31 v Income Summary Retained Earnings (To close net income) (To close stock dividends) (To close cash dividends)equity accounts as needed.) (Post entries in the order of journol entries presented in the previous part) Common Stock Common Stock Dividends Distributable.

During the year the following transactions occurred Feb 1.pdf

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All answers must be on the answer sheet provided. $ and . needed Question 1 (30 points) QUESTION 1A On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 The following events occurred during 2015 and were not recorded: a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each. d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each. e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each. f. On October 1, Raleigh declared full year dividends for preferred stock ( see outstanding shares in table above). g. Then, paid preferred shareholders on October 15 h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares. i. Then, paid common shareholders on October 15. j. On December 15, Raleigh split common stock 2 shares for 1. QUESTION 1B Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014 b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding. c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding d Additional paid-in capital: Preferred stock in excess of par value is $34,000 Common stock in excess of stated value is $437,000 Requirements: Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014. Question 2 (5 points) On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000. Requirements: Prepare the January 1 and December 31 general journal entries for XYZ Company. How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016? Question 3 (10 points) The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.

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

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

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Shareholders Equity Presented below is information related to NewCo Corp shareholder transactions during 2023: 1. On January 1, the company was formed, and was authorized to issue 350,000 shares of $4 par value common stock. 2. On January 2,175,000 shares were issued for $16 per share. 3. On March 31, NewCo issued a 2:1 stock split. 4. On April 15, NewCo issued and distributed a 4% stock dividend, when the shares were valued at $32 per share. Shareholders with fractional shares were paid cash (totaling 1,050 equivalent whole shares). 5. On June 30 , NewCo declared a cash dividend of $0.25, payable to the shareholders of record on July 15 , to be paid on July 25. 6. On August 2, the company purchases 4,375 shares of the common stock outstanding at $29 per share and retired the shares. 7. On August 15 , the company purchases 4,813 shares of the common stock outstanding at $38 per share and retired the shares. 8. On December 1 , the board of directors declared a property dividend consisting of corporate bonds of Lopez Corporation that NewCo Corp was holding as an investment. The bonds were originally purchased for $1.75 million were classified as held-to-maturity investments. The bonds currently have a fair value of $1.65 million. The property dividend was payable to shareholders of record December 15 , and distributed on December 31..

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

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

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Print by: Diana Urresta Waith AB116: Accounting II / 116_Unit 07 Assignment *Problem 13-1A DeLong Corporation was organized on January 1, 2014. It is authorized to issue 14,800 shares of 8%, $100 par value preferred stock, and 497,600 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 75,400 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,600 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 23,400 shares of common stock for land. The asking price of the land was $90,800. The fair value of the land was $90,000. May 1 Issued 79,400 shares of common stock for cash at $4.70 per share. Aug. 1 Issued 10,400 shares of common stock to attorneys in payment of their bill of $43,900 for services performed in helping the company organize. Sept. 1 Issued 11,900 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,580 shares of preferred stock for cash at $110 per share. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref Debit Credit Balance J5 J5 Common Stock Date Explanation Ref Debit Credit Balance J5 J5 J5 J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref Debit Credit Balance J5 J5 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref Debit Credit Balance J5 J5 J5 J5 J5 Prepare the paid-in capital section of stockholders’ equity at December 31, 2014. (Enter the account name only and do not provide the descriptive information provided in the question.) DELONG CORPORATION Balance Sheet (Partial) December 31, 2014 $ $ $ Question Attempts: 0 of 5 used Copyright © 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: Diana Urresta Waith AB116: Accounting II / 116_Unit 07 Assignment *Problem 13-6A Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity. The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In December, 500 shares of treasur.

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On January 1, 2024 , Blossom Ltd. had the following shareholders' equity accounts: Common shares (1,090,000 issued) $1,635,000 Retained earnings 1,962,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 109,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 104,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $103,000. Journalize the transactions and the entries to close dividends and the income Summary account. fGredit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is reguired, select "No Entry" for the account titles Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the .

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Problem 7-4 (Algo) Uncollectible accounts; financial statement effects [LO7-5, 7-6] Raintree Cosmelic Company selis its products to customers on a credit basis. An adjusing entry for bad debt expense is recorded only at December 31, the company's fiscal year-end The 2023 balance sheet disclosed the following Current assets: Receivables, net of allouance for uncollectible accounts of $39,000$477,000 During 2024. credit sales were $1,795,000, cash collections from customeis $1,875,000, and $44,000 in accounts receivable were writter off In addition, $3,900 was collected from a customet whose account was written off in 2023 . An aging of accountsrecelvable at December 31,2024 , reveals the following Required: 1. Prepate fummary joumal entries to account for the 2024 wite-olts and the collection of the receivable previously witten olf 2. Prepare the yeat-end adjusting enty for bad debts according to each of the followng situations a. Aad debt expense is estimated to be 4% of creat sales for the year b. Qad debl expense is estimated by adjusting the allowance for uncollectube accounts to the balonce that reduces the catining value of accounts ieceivable to the amount of cash expected to be colfected. The aflowance for uncollectible occounte is estmmed to be ton of the yeat-end balance in accounts receivabe c. Bad debt expense is eatimated by aduating the allowarice tor uncollectible a sopuntr to thy balance that iedulsecthe: carining value of accountsiecevable to the anount of catr expected to be coliected the Allowabce foc ancollectible accountsis determined by an agng of a ccounts ieceivases 3. For utuations rabece in requirement 2 above whin would be the aet amount of iccountefecedvable fepoiteg in the 2024 bafaice theet Cemplete this nuestion by enturing your answers in the tobs bolove. Drepare the yearanis atoutting entry forbais debts acobering to wach of the foluwnig efuation:Complete this question by entering your answers in the tabs below. Prepare the year-end adjusting entry for bad debts according to each of the following situations: o. Bad debt expense is estimated to be 4% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the camying value of accounts receivabie to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncoliectible accounts is determined by an aging of accounts receivable. Note. If no entry is required for a transaction/event select "No journal entry required" in the first account feid.Complete this question by entering your answers in the tabs below. For situations (a)(c) in requirement 2 above, what wou.

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