On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
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On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2, 070,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,320, 000 and accumulated depreciation of $670,000. Poplar acquired the Spruce shares to obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were valued at $767,500, were not recognized on Spruce's separate-entity balance sheet, and had an useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances of the two companies were as follows: Additional Information - The Year 7 net incomes of the two companies are as follows: - The mineral rights owned by Spruce have increased in value since the date of acquisition and were worth $931,300 at December 31, Year 7. - On January 2, Year 5, Poplar sold equipment to Spruce for $570,000. The equipment had a carrying amount of $456,000 at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7 opening inventories of Poplar contained $507,000 of merchandise purchased from Spruce during Year 6. Spruce had recorded a gross profit of $202,800 on this merchandise. - During Year 7, Spruce's sales to Poplar totalled $1,007,000. These sales were made at a gross profit rate of 35% . - Poplar's ending inventory contains $307,000 of merchandise purchased from Spruce. - On January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for $521,000. Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of this issue on the open market at a cost of $238,000. - Other expenses include depreciation expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O" wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells blank - be certain to enter "O" wherever required. Amounts to be deducted should be indicated with a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce if Poplar had used the equity method to account for its investment. (Omit $ sign in your response.) Balance, Dec. 31, Year 7 $ (c) This part of the question is not part of your Connect assignment..
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On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,
020,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,270,
000 and accumulated depreciation of $620,000. Poplar acquired the Spruce shares to obtain
control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were
valued at $755,000, were not recognized on Spruce's separate-entity balance sheet, and had an
useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets
and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances
of the two companies were as follows: Additional Information - The Year 7 net incomes of the two
companies are as follows: - The mineral rights owned by Spruce have increased in value since the
date of acquisition and were worth $926,800 at December 31, Year 7. - On January 2, Year 5,
Poplar sold equipment to Spruce for $520,000. The equipment had a carrying amount of $416,000
at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7
opening inventories of Poplar contained $502,000 of merchandise purchased from Spruce during
Year 6. Spruce had recorded a gross profit of $200,800 on this merchandise. - During Year 7,
Spruce's sales to Poplar totalled $1,002,000. These sales were made at a gross profit rate of 35%
. - Poplar's ending inventory contains $302,000 of merchandise purchased from Spruce. - On
January 2, Year 5, Poplar issued 8%,7 year bonds with a face value of $500,000 for $521,000.
Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of
this issue on the open market at a cost of $238,000. - Other expenses include depreciation
expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated
financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O"
wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all
values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells
blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with
a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce
if Poplar had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 (c) This part of the question is not part of your Connect assignment..
On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,
020,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,270,
000 and accumulated depreciation of $620,000. Poplar acquired the Spruce shares to obtain
control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were
valued at $755,000, were not recognized on Spruce's separate-entity balance sheet, and had an
useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets
and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances
of the two companies were as follows: Additional Information - The Year 7 net incomes of the two
companies are as follows: - The mineral rights owned by Spruce have increased in value since the
date of acquisition and were worth $926,800 at December 31, Year 7. - On January 2, Year 5,
Poplar sold equipment to Spruce for $520,000. The equipment had a carrying amount of $416,000
at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7
opening inventories of Poplar contained $502,000 of merchandise purchased from Spruce during
Year 6. Spruce had recorded a gross profit of $200,800 on this merchandise. - During Year 7,
Spruce's sales to Poplar totalled $1,002,000. These sales were made at a gross profit rate of 35%
. - Poplar's ending inventory contains $302,000 of merchandise purchased from Spruce. - On
January 2, Year 5, Poplar issued 8%,7 year bonds with a face value of $500,000 for $521,000.
Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of
this issue on the open market at a cost of $238,000. - Other expenses include depreciation
expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated
financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O"
wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all
values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells
blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with
a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce
if Poplar had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 (c) This part of the question is not part of your Connect assignment..
On January 2, Year 4, Poplar Ltd. purchased 80 of the outstanding.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for
$1,930,000. At that date, Spruce had common shares of $500,000 and retained earnings of
$1,180,000 and accumulated depreciation of $530,000. Poplar acquired the Spruce shares to
obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights
were valued at $732,500, were not recognized on Spruces separate-entity balance sheet, and had
an useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded
assets and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial
balances of the two companies were as follows:
Additional Information
The Year 7 net incomes of the two companies are as follows:
The mineral rights owned by Spruce have increased in value since the date of acquisition and
were worth $940,300 at December 31, Year 7.
On January 2, Year 5, Poplar sold equipment to Spruce for $440,000. The equipment had a
carrying amount of $352,000 at the time of the sale. The remaining useful life of the equipment
was 5 years.
The Year 7 opening inventories of Poplar contained $517,000 of merchandise purchased from
Spruce during Year 6. Spruce had recorded a gross profit of $206,800 on this merchandise.
During Year 7, Spruces sales to Poplar totalled $1,017,000. These sales were made at a gross
profit rate of 35%.
Poplars ending inventory contains $317,000 of merchandise purchased from Spruce.
On January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for
$521,000. Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased
one-half of this issue on the open market at a cost of $238,000.
Other expenses include depreciation expense.
Tax allocation will be at a rate of 40%.
Required:
(a) Prepare the following consolidated financial statements for Year 7:
(i) Income statement (Leave no cells blank - be certain to enter "0" wherever required. Input all
values as positive numbers.)
(ii) Retained earnings statement (Input all values as positive numbers. Omit $ sign in your
response.)
(iii) Balance sheet (Leave no cells blank - be certain to enter "0" wherever required. Amounts to
be deducted should be indicated with a minus sign.)
(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce if Poplar
had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 $
PoplarSpruceCash$930,000$517,000Accounts
receivable1,860,000288,000Inventory2,790,0001,936,000Plant and
equipment13,020,0002,830,000Investment in Spruce (cost)1,930,000Investment in
bonds242,000Cost of goods sold2,330,000878,900Other expenses969,000317,000Interest
expense37,000Income tax
expense647,400280,000Dividends600,000250,000$25,113,400$7,538,900Accounts
payable$2,418,000$2,408,500Accumulated depreciation: plant and
equipment3,887,800930,000Bonds payable500,000Premium on bonds payable12.
On lanuary 2 Vear 4. Poplar tid, purchase.pdf
On lanuary 2 Vear 4. Poplar tid, purchased 80% of the outslanding shares of Spruce tid. for
$2.080000 At ihat dates Spruke has compon shares of $500,000 and retained earnings of
$1,330,000 and accumulated depreciation of $680000. Poplar acquies the Spruce srares to obtain
controt of mineral ilights owned by Spruce. At the date of acquisition. these mineral eightite
were valued at S/ 10000 , were not mecognized on Spruce's separate-entity balance sheet, and
had an useful life of 10 years. Fxcept lor the minerat Walite the carrying amount of the tecorded
assets and llabilities of Spruce were equal to their fair values. On December 31, Yeis Z. the Whal
batances of the two companies were as follows.
Adtefoner ioformotien - The he 7 hie wiconier of the tro companies are as foliows - Inc ininerial
righits owned by Sproce have increased in value since the dite of acquiviticio and weie worth
$932>00 at December 14. Vear 7 - The Yoar 7 opening irventosies of Poplar contained $508.000
of mierchandise puretased from Spauce during Year 6. Spruce hod tecorded a guoss profit of
$203.200 on this meichandise - Dveing Year 7 Spruce's tales to Poplar totalled 5 toog ood. These
sales mere made at a gross proft rate of 357 . - Acpiar s reding imentary coritain $308,000 of
merchandice purchased lrom Socuce - Mir landiariy 2. Year 5. Poplar issued 89.7 year bopds
with a lace valio of $500,000 for $52000 traerest is paid aninaly en - Ouirer espentes inciude
tepreciadon cxpense. - lax ettocinion wil be it a rate of 40n. Pequired:
Whiter a mine aypid
Malamce, Etec ill, Yor 7
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstonding shareo or Spruce Ltd for
$2,030,000. At that date Spruce had common shares of $500,000 and retained earnings of
$1,330,000 and accumulated depreciation of 5690,000 . Popiar accu ad the Spruce shares to
obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights
were velued of $770,000. were not recognized on Spruce's separate-entity balance sheet, and had
an useful life of to years. Except for the miherel rights. the carrying amount of the recorded
assets and liabilities of Spruce were equal to their fair values. On December 31 Year?, the thal
balances of the two componies were as follows
Adiditional Information - The Year 7 get incomes of the two componies are as follows: - The
mineral rights owned by Spruce have increased in value since the dote of acquisition and were
worth $932.200 at December: 31, Year 7 - On January 2, Year 5. Poplar sold equipment to
Spruce for $580.000. The equipment had a carrying amount of $464000 at the time of the sale.
The remaining useful life of the equipment was 5 years. - The Year 7 opening inventories of
Poplar contained $508.000 of merchandise purchosed from Spruce during Year 6 . Spruce had
recorded a gross profit of $203,200 on this merchandise. - During Year 7, Spruce's sales to
Poplar totalled $1,008,000. These sales were made at a gross profit rate of .
Sun Corporation received a charter that authorized the issuance of 118.pdf
Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par
common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun
Corporation completed the following transactions during its first two years of operation: Year 1
Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of
the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon
stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid
$235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares
of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record
on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased
600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year,
earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared
the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock.
Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare
the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the
balance sheet at December 31, Year 2. Complete this question by entering your answers in the
tabs below..
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
Prepare the stockholders' equity section of Headland Corporation's bal.pdf
Prepare the stockholders' equity section of Headland Corporation's balance sheet as of December
31,2020 . (Enter account nome only and do not provide descriptlve information) On January 5,
2020, Headland Corporation received a charter granting the right to issue 4,800 shares of $100
par value, 8% cumulative and nonparticipating preferred stock, and 46,600 shares of $10 par
value common stock. It then completed these transactions. Jan. 11 Issued 19,200 shares of
common stock at $14 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock
for the following assets: equipment with a fair value of $54 , 700 ; a factory building with a fair
value of $156 , 000 ; and land with an appraised value of $293.000 . July 29 Purchased 1,700
shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 1,700 treasury
shares at $15 per share. Dec. 31 Declared a $0.40 per share cash dividend on the cormmon stock
and declared the preferred dividend. Dec.31 Closed the income Summary account. There was a
$181 , 300 net income..
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
Recommended
On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,
020,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,270,
000 and accumulated depreciation of $620,000. Poplar acquired the Spruce shares to obtain
control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were
valued at $755,000, were not recognized on Spruce's separate-entity balance sheet, and had an
useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets
and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances
of the two companies were as follows: Additional Information - The Year 7 net incomes of the two
companies are as follows: - The mineral rights owned by Spruce have increased in value since the
date of acquisition and were worth $926,800 at December 31, Year 7. - On January 2, Year 5,
Poplar sold equipment to Spruce for $520,000. The equipment had a carrying amount of $416,000
at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7
opening inventories of Poplar contained $502,000 of merchandise purchased from Spruce during
Year 6. Spruce had recorded a gross profit of $200,800 on this merchandise. - During Year 7,
Spruce's sales to Poplar totalled $1,002,000. These sales were made at a gross profit rate of 35%
. - Poplar's ending inventory contains $302,000 of merchandise purchased from Spruce. - On
January 2, Year 5, Poplar issued 8%,7 year bonds with a face value of $500,000 for $521,000.
Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of
this issue on the open market at a cost of $238,000. - Other expenses include depreciation
expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated
financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O"
wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all
values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells
blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with
a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce
if Poplar had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 (c) This part of the question is not part of your Connect assignment..
On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,
020,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,270,
000 and accumulated depreciation of $620,000. Poplar acquired the Spruce shares to obtain
control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were
valued at $755,000, were not recognized on Spruce's separate-entity balance sheet, and had an
useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets
and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances
of the two companies were as follows: Additional Information - The Year 7 net incomes of the two
companies are as follows: - The mineral rights owned by Spruce have increased in value since the
date of acquisition and were worth $926,800 at December 31, Year 7. - On January 2, Year 5,
Poplar sold equipment to Spruce for $520,000. The equipment had a carrying amount of $416,000
at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7
opening inventories of Poplar contained $502,000 of merchandise purchased from Spruce during
Year 6. Spruce had recorded a gross profit of $200,800 on this merchandise. - During Year 7,
Spruce's sales to Poplar totalled $1,002,000. These sales were made at a gross profit rate of 35%
. - Poplar's ending inventory contains $302,000 of merchandise purchased from Spruce. - On
January 2, Year 5, Poplar issued 8%,7 year bonds with a face value of $500,000 for $521,000.
Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of
this issue on the open market at a cost of $238,000. - Other expenses include depreciation
expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated
financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O"
wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all
values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells
blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with
a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce
if Poplar had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 (c) This part of the question is not part of your Connect assignment..
On January 2, Year 4, Poplar Ltd. purchased 80 of the outstanding.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for
$1,930,000. At that date, Spruce had common shares of $500,000 and retained earnings of
$1,180,000 and accumulated depreciation of $530,000. Poplar acquired the Spruce shares to
obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights
were valued at $732,500, were not recognized on Spruces separate-entity balance sheet, and had
an useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded
assets and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial
balances of the two companies were as follows:
Additional Information
The Year 7 net incomes of the two companies are as follows:
The mineral rights owned by Spruce have increased in value since the date of acquisition and
were worth $940,300 at December 31, Year 7.
On January 2, Year 5, Poplar sold equipment to Spruce for $440,000. The equipment had a
carrying amount of $352,000 at the time of the sale. The remaining useful life of the equipment
was 5 years.
The Year 7 opening inventories of Poplar contained $517,000 of merchandise purchased from
Spruce during Year 6. Spruce had recorded a gross profit of $206,800 on this merchandise.
During Year 7, Spruces sales to Poplar totalled $1,017,000. These sales were made at a gross
profit rate of 35%.
Poplars ending inventory contains $317,000 of merchandise purchased from Spruce.
On January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for
$521,000. Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased
one-half of this issue on the open market at a cost of $238,000.
Other expenses include depreciation expense.
Tax allocation will be at a rate of 40%.
Required:
(a) Prepare the following consolidated financial statements for Year 7:
(i) Income statement (Leave no cells blank - be certain to enter "0" wherever required. Input all
values as positive numbers.)
(ii) Retained earnings statement (Input all values as positive numbers. Omit $ sign in your
response.)
(iii) Balance sheet (Leave no cells blank - be certain to enter "0" wherever required. Amounts to
be deducted should be indicated with a minus sign.)
(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce if Poplar
had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 $
PoplarSpruceCash$930,000$517,000Accounts
receivable1,860,000288,000Inventory2,790,0001,936,000Plant and
equipment13,020,0002,830,000Investment in Spruce (cost)1,930,000Investment in
bonds242,000Cost of goods sold2,330,000878,900Other expenses969,000317,000Interest
expense37,000Income tax
expense647,400280,000Dividends600,000250,000$25,113,400$7,538,900Accounts
payable$2,418,000$2,408,500Accumulated depreciation: plant and
equipment3,887,800930,000Bonds payable500,000Premium on bonds payable12.
On lanuary 2 Vear 4. Poplar tid, purchase.pdf
On lanuary 2 Vear 4. Poplar tid, purchased 80% of the outslanding shares of Spruce tid. for
$2.080000 At ihat dates Spruke has compon shares of $500,000 and retained earnings of
$1,330,000 and accumulated depreciation of $680000. Poplar acquies the Spruce srares to obtain
controt of mineral ilights owned by Spruce. At the date of acquisition. these mineral eightite
were valued at S/ 10000 , were not mecognized on Spruce's separate-entity balance sheet, and
had an useful life of 10 years. Fxcept lor the minerat Walite the carrying amount of the tecorded
assets and llabilities of Spruce were equal to their fair values. On December 31, Yeis Z. the Whal
batances of the two companies were as follows.
Adtefoner ioformotien - The he 7 hie wiconier of the tro companies are as foliows - Inc ininerial
righits owned by Sproce have increased in value since the dite of acquiviticio and weie worth
$932>00 at December 14. Vear 7 - The Yoar 7 opening irventosies of Poplar contained $508.000
of mierchandise puretased from Spauce during Year 6. Spruce hod tecorded a guoss profit of
$203.200 on this meichandise - Dveing Year 7 Spruce's tales to Poplar totalled 5 toog ood. These
sales mere made at a gross proft rate of 357 . - Acpiar s reding imentary coritain $308,000 of
merchandice purchased lrom Socuce - Mir landiariy 2. Year 5. Poplar issued 89.7 year bopds
with a lace valio of $500,000 for $52000 traerest is paid aninaly en - Ouirer espentes inciude
tepreciadon cxpense. - lax ettocinion wil be it a rate of 40n. Pequired:
Whiter a mine aypid
Malamce, Etec ill, Yor 7
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstonding shareo or Spruce Ltd for
$2,030,000. At that date Spruce had common shares of $500,000 and retained earnings of
$1,330,000 and accumulated depreciation of 5690,000 . Popiar accu ad the Spruce shares to
obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights
were velued of $770,000. were not recognized on Spruce's separate-entity balance sheet, and had
an useful life of to years. Except for the miherel rights. the carrying amount of the recorded
assets and liabilities of Spruce were equal to their fair values. On December 31 Year?, the thal
balances of the two componies were as follows
Adiditional Information - The Year 7 get incomes of the two componies are as follows: - The
mineral rights owned by Spruce have increased in value since the dote of acquisition and were
worth $932.200 at December: 31, Year 7 - On January 2, Year 5. Poplar sold equipment to
Spruce for $580.000. The equipment had a carrying amount of $464000 at the time of the sale.
The remaining useful life of the equipment was 5 years. - The Year 7 opening inventories of
Poplar contained $508.000 of merchandise purchosed from Spruce during Year 6 . Spruce had
recorded a gross profit of $203,200 on this merchandise. - During Year 7, Spruce's sales to
Poplar totalled $1,008,000. These sales were made at a gross profit rate of .
Sun Corporation received a charter that authorized the issuance of 118.pdf
Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par
common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun
Corporation completed the following transactions during its first two years of operation: Year 1
Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of
the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon
stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid
$235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares
of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record
on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased
600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year,
earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared
the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock.
Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare
the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the
balance sheet at December 31, Year 2. Complete this question by entering your answers in the
tabs below..
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
Prepare the stockholders' equity section of Headland Corporation's bal.pdf
Prepare the stockholders' equity section of Headland Corporation's balance sheet as of December
31,2020 . (Enter account nome only and do not provide descriptlve information) On January 5,
2020, Headland Corporation received a charter granting the right to issue 4,800 shares of $100
par value, 8% cumulative and nonparticipating preferred stock, and 46,600 shares of $10 par
value common stock. It then completed these transactions. Jan. 11 Issued 19,200 shares of
common stock at $14 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock
for the following assets: equipment with a fair value of $54 , 700 ; a factory building with a fair
value of $156 , 000 ; and land with an appraised value of $293.000 . July 29 Purchased 1,700
shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 1,700 treasury
shares at $15 per share. Dec. 31 Declared a $0.40 per share cash dividend on the cormmon stock
and declared the preferred dividend. Dec.31 Closed the income Summary account. There was a
$181 , 300 net income..
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
1-Identify whether obligations are current liabilities.(LO 1), C.docx
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
...
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 .
Question 1On December 31, 2014, Frick Incorporated, had the.docx
Question
1:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Floozy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method.
Question
4:
Frick Corporation had the following bond transactions during the fiscal year 2014:
a. On January 1: issued ten (10), $1,000 bonds at 102.
The 5-year bonds, is dated Janua.
Sonya Jared opened a law office on July 1 2022 On July 31.pdf
Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash
$5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable
$4,200, and Owner's Capital $8,800. During August, the following transactions
occurred.
1. Collected $1,200 of accounts receivable.
2. Paid $2.800 cash on accounts payable.
3. Recognized revenue of $7,500 of which $4,000 is collected in cash and the balance is due in
September.
4. Purchased additional equipment for $2,000, paying $400 in cash and the balance on account.
5. Paid salaries $2.800, rent for August $900, and advertising expenses $400.
6. Withdrew $700 in cash for personal use.
7. Received $2,000 from Standard Federal Bank-money borrowed on a note payable.
8. Incurred utility expenses for month on account $270.
Prepare a balance sheet at August 31. (List Assets in order of liquidity.)
Prepare a balance sheet at August 31. (List Assets in order of liquidity.) SONYA JARED,
ATTORNEY AT LAW Balance Sheet Assets $ $ Liabilities and Owner's Equity $.
Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above. (hint:
one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.)
b.
Prepare a Stockholders' section
of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements:( Hint: Recall the equity method used when one company buys another company)
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 15% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows f.
All answers must be on the answer sheet provided. $ and . needed.docx
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.
1 Prescott Company buys 70 of Sound Inc on January 1 202.pdf
1. Prescott Company buys 70% of Sound Inc. on January 1, 2022. At the date of acquisition, it is
determined that Sound has unrecorded patent with fair value of $30,000, an estimated life of 8
years and straight-line amortization. On the consolidated balance sheet at December 31, 2023, at
what value is the patent reported? a. $21,000 b. $18,750 c. $26,250 d. $22,500
2. On consolidated financial statements, where does the parents equity in the net income of the
subsidiary account appear? a. On the consolidated income statement, as a deduction from income
b. On the consolidated income statement, as a revenue c. Does not appear on the consolidated
financial statements d. On the consolidated balance sheet, as an equity
3. On January 1, 2022, Paulson Corporation purchased 65% of the outstanding common stock of
Sun Company, which became a subsidiary of Paulson. No goodwill was reported on this
acquisition. Differences between book value and fair value of the net identifiable assets of Sun
Company on January 1, 2022, were limited to the following: Book value Fair value Inventories
(FIFO) $ 19,000 $ 18,500 Building (net) [remaining life: 5 years; straight-line depreciation; no
salvage value] 45,000 40,000 Suns cost of goods sold was $38,000 in 2022. Sun reported an
income of 20,000 in 2023. The noncontrolling interest in net income for the year ended December
31, 2023 (second year after business combination) was a. $7,350 b. $7,175 c. $6,825 d. $6,650
4. On January 1, 2023, Pantop Corporation acquired 85% of the outstanding common stock of
Song Company for $578,000. There was no control premium. The following information about
Song Company on January 1, 2023 was available: Book value Fair value Cash 193,000 193,000
Inventory 40,000 39,400 Building 180,000 200,000 Total 413,000 432,400 Accounts Payable
3,000 3,000 Common Stock 200,000 Add. Paid-in Capital 110,000 Retained Earnings 100,000
Total 413,000 Pantop uses the complete equity method to account for its investment in Song.
During 2023, Song had a net income of $72,000. The remaining useful life of the building was five
years with no salvage value. Song uses straight line depreciation. Songs cost of goods sold
(FIFO) was $50,000 in 2023. On December 23, 2023, Song declared and paid $48,000 cash
dividend to its shareholders. Goodwill was unimpaired as of December 31, 2023. (i) Prepare
journal entries for Pantop to record under the complete equity method of accounting the operating
results of Song in 2023. (ii) Prepare the working paper eliminating entries C, E, R, O and N (in
journal entry format) for Pantop Corporation and subsidiary for the year ended December 31,
2023..
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
The following transactions relate to Sunlight Mountain Inc. Prepare journal entries for each
transaction. Prepare the equity section of the balance sheet at each year-end, December 31 .
Assume 2015 was Sunlight's irst year of operations. 1. Sunlight issued 1,000 shares of $1 par
value common stock for $70 per share on January 1 , 2015. 2. Sunlight issued 500 shares of no
par value, $5 , non-cumulative preferred stock for $50 per share on January 1, 2015. 3. Sunlight
reported net income of $2 , 000 during 2015 and paid no dividends. Prepare the company's
equity section of the December 31, 2015, balance sheet. Stockholders' Equity: Total
Stockholders' Equity 4. On January 1, 2016, Sunlight purchased 200 shares of its common stock
for $60 per share. 5. On December 15, 2016, Sunlight declared and paid dividends totaling $6 ,
600 during 2016. Prepare the company's equity section from December 31, 2016. 6. Sunlight
reported net income of $20 , 000 during 2016. Prepare the company's stockholders' equity
section of the December 31,2016 , balance sheet..
WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx
WEEK 2
H/W
Due in LEO no later than 11:00 PM on 30-AUG-2015 U.S. Eastern Time (Washington, DC)
Brief Exercise 15-1
Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant.
(a)
Issuance of 160,000 shares of common stock at the market price of $10 per share.
(b)
Issuance of $1,600,000, 8% bonds at face value.
Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.)
Issue Stock
Issue Bond
Income before interest and taxes
$701,100
$701,100
Interest expense from bonds
Income before income taxes
Income tax expense (25%)
Net income
$
$
Outstanding shares
541,100
Earnings per share
$
$
Indicate which alternative is preferable.
Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding.
Brief Exercise 15-2
Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100.
Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
Top of Form
Bottom of Form
Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
July 1
Bottom of Form
Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Bottom of Form
Brief Exercise 15-4
Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds.
1.
On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value.
2.
On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104.
3.
On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98.
Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
July 1
Sept. 1
Brief Exercise 16-1
Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800.
Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
ACC 423 Final Exam Guide/uophelp.com
For more course tutorials visit
www.uophelp.com
This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
Exercise 15-1
Orange is above black near the bottom Based on the phylogeny.pdf
Orange is above black near the bottom
Based on the phylogeny below, what kind of evolutionary relationship best describes the set of
things labelled as foxes (seen in the red, green, and orange clades)? Monophyletio Paraphyletic
Polyphyietic. Homologous.
Oracle SQL Display the employee_id manager ID and commis.pdf
Oracle SQL - Display the employee_id, manager ID, and commission percentage of all employees
from the employees table in departments 10 and 90. Display the manager ID in an additional
column called New Column. If they dont have a manager, display the commission percentage. If
they dont have a commission, display 99999. Use the coalesce function..
order a Grass Grasshopper Owl Bird b Grasshopper Owl Gr.pdf
order? a. Grass Grasshopper Owl Bird b. Grasshopper Owl Grass Bird c. Grasshopper Grass Bird
Owl d. Grass Grasshopper Bird Owl 16. What do the arrows in the food web represent? a. The
order in which the animals eat b. The flow of energy from one organism to another c. The direction
the animals move d. The order in which organisms die 17. Where does the energy begin in this
food chain? a. The hawk b. The grass c. The soil d. The sun 18. Adrian and Jackie dissected an
owl pellet. What kind of animal bones did they probably find? a. The grasshopper b. The bird c.
The tree d. The red-tailed Hawk organism would best continue this food chain? a. The bird b. The
grasshopper c. The grass d. The owl 20. Which food chain is NOT correct? a. Grass grasshopper
bird owl b. Acorn chipmunk owl c. Leaf caterpillar bird fox d. Bird hawk grasshopper grass.
Orbit Bank insan kaynaklar departman tm alanlara kar tara.pdf
Orbit Bank insan kaynaklar departman, tm alanlara kar tarafsz olmaya ve onlara adil davranmaya
inanmaktadr. irketin tm alanlarna eit davranmasnn ok nemli olduuna inanyorlar. Ancak bir banka
alan olan Susan, getiimiz gnlerde ayrmcla uradn iddia ederek irkete dava at. Aadakilerden hangisi,
eer doruysa, Susan'n eylemini en iyi ekilde hakl karr?
Ev sahibi lkeden olmasna ramen irket ona ayrcalkl muamelede bulunmad.
Adamlarla dzenli Cuma personel le yemeine davet edilmedi.
Meslektalar, maa ve kdem paketlerinden memnuniyetsizliklerini dile getirdiler.
Mlakat srecindeki ilk turda kendisine on sekiz yandan byk olup olmad soruldu..
Options for Answers 18A Er Lumen cytosol nuclear membra.pdf
Options for Answers
18A.) Er Lumen, cytosol, nuclear membrane, extracellular medium, plasma membrane, er
membrane
18b.) no, two, one
18c. and 18d.) hydrophobic, hydrophillic, stop transfer, start transfer, embedded,
18e.) attached, enhanced, required, embedded, not required
LKC Bunum in tandsin in a.
options 1 pluripotency 2 in situ hybridization 3 2D gel.pdf
options:
1. pluripotency
2. in situ hybridization
3. 2D gel electrophoresis
4. cloning a cow from a differentiated somatic cell
5. heatmap
6. reporter gene assay
7. ChIP-Seq
8. RNA-Seq
Match the description/purpose to the corresponding technique. Separates proteins by mass and
charge to create an array of dots that reflect the proteome of the cell type analyzed Uses an RNA
probe to identify where a particular mRNA is expressed Uses different colors to indicate high and
low expression to display gene expression data To characterize the effects of any enhancers that
could be present in a segment of DNA, that sequence of DNA is fused to a GFP gene Can be
used to identify the DNA sequences that a particular insulator protein binds to Can be used to
discover which RNA are expressed in a particular cell type The ultimate proof of genomic
equivalence.
Oracin temtica para el prrafo Primero la oficina de reg.pdf
Oracin temtica para el prrafo
Primero, la oficina de registro haba perdido mi formulario de admisin, que envi por correo con
suficiente tiempo para cumplir con la fecha lmite, por lo que me dijeron que regresara y me
inscribiera el siguiente semestre. Cuando protest, finalmente me permitieron inscribirme, pero solo
despus de que todos los dems estudiantes hubieran elegido sus cursos. Todas las clases que
necesitaba para cumplir con los requisitos para graduarme y para mi especializacin estaban
llenas. Habl con varios profesores para que me dejaran ir a clase de todos modos, pero tuve muy
poca suerte. Un profesor de ingls dijo que podra unirme a su clase de composicin de primer ao si
uno de los estudiantes inscritos no se presentaba. Despus de una semana, me dijo que varios
estudiantes no iban a asistir y que yo poda ir a su clase, pero que tena que recuperar todo el
trabajo de la primera semana o me rebajaran la calificacin antes de comenzar. Si no hubiera
trabajado tan duro para ir a la universidad, me habra retirado disgustado en ese mismo momento..
Oracle SQL Display the employees id number last name an.pdf
Oracle SQL - Display the employees id number, last name, and commission percent in a query.
Because some employees do not receive a commission percent, dont display nothing for these
employees, show a zero. Call the column commission. Only display departments 80 and 110.
Revise the previous question to show No Commission if the employee does not have a
commission percent..
Orak hcreli anemi genellikle homozigot bireyler iin lmc.pdf
Orak hcreli anemi genellikle homozigot bireyler iin lmcl olsa da hastalk devam eder nk: gen
tedavisi durumu hafifletti hastalk baskn bir alel zerinde tanr orak hcreli anemi iin bir aleli olan
bireyler stmaya direnlidir yukardakilerin hepsinin bir kombinasyonu Yukardakilerin hibiri Bir
poplasyondaki alellerin rastgele kaybna ne ad verilir? mutasyon seim genetik srklenme
elektroforez gen ak Hardy-Weinberg denkleminde 2pq terimi, frekans temsil eder. baskn
homozigotlar resesif homozigotlar baskn alel resesif alel heterozigotlar1 Aadaki poplasyonlardan
hangisi, birka ortak zellie sahip iki gruba en hzl ekilde yol aar? ykc seilime sahip bir poplasyon ynl
seime sahip bir poplasyon dengeleyici seilime sahip bir poplasyon seimi olmayan bir poplasyon
Yukardakilerin hibiri.
Oracle PLSQL Substr and Instr I have a view not table wi.pdf
Oracle PL/SQL Substr and Instr: I have a view (not table) with column names USERNAME,
DEPARTMENT, FINANCE (FN), RESOURCES(HR), BUDGET(BD), from a table called Groups. I
need to make the Department into a GROUP and SUBGROUP by using substr and instr to
separate the different parts of the departments. I need to see the view return Username, Group,
Subgroup, FN, HR, and BD. For example, If a department is called MC-DOLL-FN then I need it to
be returned as MC-DOLL in the group, and FN in the subgroup. Please help..
Options Autosomal sex influence dominant in females Xlinke.pdf
Options:
Autosomal sex influence dominant in females
X-linked recessive
X-linked dominant
autosomal recessive
autosomal dominant
X-linked incomplete dominance
autosomal sex-influences dominant in males
Autosomal incomplete dominance
Determine the mode of inheritance of each trait.red half short horns straight horns hairy torso
rounded ears.
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1-Identify whether obligations are current liabilities.(LO 1), C.docx
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
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41,000
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40,000
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80,000
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(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.
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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
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Question 1On December 31, 2014, Frick Incorporated, had the.docx
Question
1:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Floozy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method.
Question
4:
Frick Corporation had the following bond transactions during the fiscal year 2014:
a. On January 1: issued ten (10), $1,000 bonds at 102.
The 5-year bonds, is dated Janua.
Sonya Jared opened a law office on July 1 2022 On July 31.pdf
Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash
$5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable
$4,200, and Owner's Capital $8,800. During August, the following transactions
occurred.
1. Collected $1,200 of accounts receivable.
2. Paid $2.800 cash on accounts payable.
3. Recognized revenue of $7,500 of which $4,000 is collected in cash and the balance is due in
September.
4. Purchased additional equipment for $2,000, paying $400 in cash and the balance on account.
5. Paid salaries $2.800, rent for August $900, and advertising expenses $400.
6. Withdrew $700 in cash for personal use.
7. Received $2,000 from Standard Federal Bank-money borrowed on a note payable.
8. Incurred utility expenses for month on account $270.
Prepare a balance sheet at August 31. (List Assets in order of liquidity.)
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Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above. (hint:
one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.)
b.
Prepare a Stockholders' section
of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements:( Hint: Recall the equity method used when one company buys another company)
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 15% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows f.
All answers must be on the answer sheet provided. $ and . needed.docx
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.
1 Prescott Company buys 70 of Sound Inc on January 1 202.pdf
1. Prescott Company buys 70% of Sound Inc. on January 1, 2022. At the date of acquisition, it is
determined that Sound has unrecorded patent with fair value of $30,000, an estimated life of 8
years and straight-line amortization. On the consolidated balance sheet at December 31, 2023, at
what value is the patent reported? a. $21,000 b. $18,750 c. $26,250 d. $22,500
2. On consolidated financial statements, where does the parents equity in the net income of the
subsidiary account appear? a. On the consolidated income statement, as a deduction from income
b. On the consolidated income statement, as a revenue c. Does not appear on the consolidated
financial statements d. On the consolidated balance sheet, as an equity
3. On January 1, 2022, Paulson Corporation purchased 65% of the outstanding common stock of
Sun Company, which became a subsidiary of Paulson. No goodwill was reported on this
acquisition. Differences between book value and fair value of the net identifiable assets of Sun
Company on January 1, 2022, were limited to the following: Book value Fair value Inventories
(FIFO) $ 19,000 $ 18,500 Building (net) [remaining life: 5 years; straight-line depreciation; no
salvage value] 45,000 40,000 Suns cost of goods sold was $38,000 in 2022. Sun reported an
income of 20,000 in 2023. The noncontrolling interest in net income for the year ended December
31, 2023 (second year after business combination) was a. $7,350 b. $7,175 c. $6,825 d. $6,650
4. On January 1, 2023, Pantop Corporation acquired 85% of the outstanding common stock of
Song Company for $578,000. There was no control premium. The following information about
Song Company on January 1, 2023 was available: Book value Fair value Cash 193,000 193,000
Inventory 40,000 39,400 Building 180,000 200,000 Total 413,000 432,400 Accounts Payable
3,000 3,000 Common Stock 200,000 Add. Paid-in Capital 110,000 Retained Earnings 100,000
Total 413,000 Pantop uses the complete equity method to account for its investment in Song.
During 2023, Song had a net income of $72,000. The remaining useful life of the building was five
years with no salvage value. Song uses straight line depreciation. Songs cost of goods sold
(FIFO) was $50,000 in 2023. On December 23, 2023, Song declared and paid $48,000 cash
dividend to its shareholders. Goodwill was unimpaired as of December 31, 2023. (i) Prepare
journal entries for Pantop to record under the complete equity method of accounting the operating
results of Song in 2023. (ii) Prepare the working paper eliminating entries C, E, R, O and N (in
journal entry format) for Pantop Corporation and subsidiary for the year ended December 31,
2023..
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
The following transactions relate to Sunlight Mountain Inc. Prepare journal entries for each
transaction. Prepare the equity section of the balance sheet at each year-end, December 31 .
Assume 2015 was Sunlight's irst year of operations. 1. Sunlight issued 1,000 shares of $1 par
value common stock for $70 per share on January 1 , 2015. 2. Sunlight issued 500 shares of no
par value, $5 , non-cumulative preferred stock for $50 per share on January 1, 2015. 3. Sunlight
reported net income of $2 , 000 during 2015 and paid no dividends. Prepare the company's
equity section of the December 31, 2015, balance sheet. Stockholders' Equity: Total
Stockholders' Equity 4. On January 1, 2016, Sunlight purchased 200 shares of its common stock
for $60 per share. 5. On December 15, 2016, Sunlight declared and paid dividends totaling $6 ,
600 during 2016. Prepare the company's equity section from December 31, 2016. 6. Sunlight
reported net income of $20 , 000 during 2016. Prepare the company's stockholders' equity
section of the December 31,2016 , balance sheet..
WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx
WEEK 2
H/W
Due in LEO no later than 11:00 PM on 30-AUG-2015 U.S. Eastern Time (Washington, DC)
Brief Exercise 15-1
Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant.
(a)
Issuance of 160,000 shares of common stock at the market price of $10 per share.
(b)
Issuance of $1,600,000, 8% bonds at face value.
Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.)
Issue Stock
Issue Bond
Income before interest and taxes
$701,100
$701,100
Interest expense from bonds
Income before income taxes
Income tax expense (25%)
Net income
$
$
Outstanding shares
541,100
Earnings per share
$
$
Indicate which alternative is preferable.
Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding.
Brief Exercise 15-2
Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100.
Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
Top of Form
Bottom of Form
Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
July 1
Bottom of Form
Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Bottom of Form
Brief Exercise 15-4
Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds.
1.
On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value.
2.
On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104.
3.
On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98.
Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
July 1
Sept. 1
Brief Exercise 16-1
Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800.
Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
ACC 423 Final Exam Guide/uophelp.com
For more course tutorials visit
www.uophelp.com
This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
Exercise 15-1
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On July 1, 2021, Truman Company acquired a 70 percent interest in Atlanta Company in
exchange for consideration of $759.850 in cash and equity securities. The remaining 30 percent of
Atlanta's shares traded closely near an average price that totaled $325,650 both before and after
Truman's acquisition. In reviewing its acquisition, Truman assigned a $138,000 fair value to a
patent recently developed by Atlanta, even though it was not recorded within the financial records
of the subsidiary. This patent is anticipated to have a remaining life of five years. The following
financial information is available for these two companies for 2021. In addition, the subsidiary's
income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.a.
What is the excess fair-value assigned to patent and goodwill? b. How did Truman allocate the
goodwill from the acquisition across the controlling and noncontroling interests? c. How did
Truman derive the investment in Atlanta account balance at the end of 2021 ? d. Prepare a
worksheet to consolidate the financlal statements of these two companies as of December 31,
2021. At yeat-end, there were no intra-enity receivabies or payables.Prepare a worksheet to
consolidate the financial statements or these two companies as of December 31,2021 . At year-
end, there were no intra-entity receivab or payables. (For accounts- where multiple consolidation
entries are required, combine alf debit entries into one amount and enter this amount in the debit
color of the warksheet. Similarly, combine all credit entries into one arnount and enter this amount
in the credit column of the worksheet. Input all amounts as posith values.?.
On June 30 Year 3 Finch Companys total current assets we.pdf
On June 30 , Year 3, Finch Company's total current assets were $500,500 and its total current
liabilities were $277,500. On July 1 , Year 3 , Finch issued a long-term note to a bank for $38,800
cash. Required a. Compute Finch's working capital before and after issuing the note. b. Compute
Finch's current ratio before and after issuing the note. (Round your answers to 1 decimal place.)
Answer is complete but not entirely correct..
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