Prepare the stockholders' equity section of Headland Corporation's bal.pdf
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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..
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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 ...
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 .
Acc 227 week 7 dq 2
This document contains accounting questions and problems related to stock splits, stock dividends, equity transactions, earnings per share calculations, and preferred stock conversions. It includes journal entries, balance sheet preparations, and computations for basic and diluted EPS. The document provides a complete course guide for ACC 227 Week 7 available at the given URL.
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,
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..
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..
Whispering Winds Corporation has been authorized to issue 20,000 sh.pdf
Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value,
10%, preferred stock and 1,066,800 shares of no-par common stock. The corporation assigned a
$2.80 stated value to the common stock. At December 31 , 2022 , the ledger contained the
following balances pertaining to stockholders' equity. The preferred stock was issued for land
having a fair value of $144,000. All common stock issued was for cash. In November, 1,680
shares of common stock were purchased for the treasury at a per share cost of $13. In December,
560 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022 .
Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.)
Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital from Treasury Stock Total
Additional Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less :
Treasury Stock Total Stockholders' Equity.
Recommended
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 ...
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 .
Acc 227 week 7 dq 2
This document contains accounting questions and problems related to stock splits, stock dividends, equity transactions, earnings per share calculations, and preferred stock conversions. It includes journal entries, balance sheet preparations, and computations for basic and diluted EPS. The document provides a complete course guide for ACC 227 Week 7 available at the given URL.
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,
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..
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..
Whispering Winds Corporation has been authorized to issue 20,000 sh.pdf
Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value,
10%, preferred stock and 1,066,800 shares of no-par common stock. The corporation assigned a
$2.80 stated value to the common stock. At December 31 , 2022 , the ledger contained the
following balances pertaining to stockholders' equity. The preferred stock was issued for land
having a fair value of $144,000. All common stock issued was for cash. In November, 1,680
shares of common stock were purchased for the treasury at a per share cost of $13. In December,
560 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022 .
Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.)
Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital from Treasury Stock Total
Additional Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less :
Treasury Stock Total Stockholders' Equity.
Acc 227 week 7 dq 1
This document contains instructions and information for several accounting exercises and questions. It includes details about stock splits, stock dividends, equity transactions, earnings per share calculations, and links to additional online resources and tutorials. Students are to record journal entries, prepare balance sheet sections, and compute earnings per share data based on the information provided for various corporations.
Sept. 1 Nov. 1 eTextbook and Media List of Accounts.pdf
Sept. 1 Nov. 1 eTextbook and Media List of Accounts
(b) The parts of this question must be completed in order. This part will be available when you
complete the part above.
Journalize the transactions. (List all debit entries before credit entries. Record journal entries in
the order presented in the problem. Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Sheffield Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares
of 8%,$100 par value preferred stock, and 520,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were completed during the first year. Jan.
10 Issued 75,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of
preferred stock for cash at \$110 per share. Apr. 1 Issued 22,500 shares of common stock for
land. The asking price of the land was $85,500. The fair value of the land was $80,000. May 1
Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares
of common stock to attorneys in payment of their bill of $39,500 for services performed in
helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at \$6 per
share. Nov. 1 Issued 2,000 shares of preferred stock for cash at \$110 per share..
Problem 13-6AIrwin Corporation has been authorized to issue 20,80.docx
*Problem 13-6A
Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock
and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At
December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In
November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In
December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2014.
Preferred Stock $119,000
Paid-in Capital in Excess of Par—Preferred Stock 23,900
Common Stock 981,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,781,300
Treasury Stock (1,000 common shares) 14,000
Paid-in Capital from Treasury Stock 500
Retained Earnings 81,600
.
Problem 13-3AThe stockholders’ equity accounts of Ashley Corpo.docx
Problem 13-3A
The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows.
Preferred Stock (8%, $49 par, cumulative, 10,200 shares authorized)
$ 387,100
Common Stock ($1 stated value, 1,937,100 shares authorized)
1,408,700
Paid-in Capital in Excess of Par—Preferred Stock
123,200
Paid-in Capital in Excess of Stated Value—Common Stock
1,496,800
Retained Earnings
1,814,400
Treasury Stock (10,300 common shares)
51,500
During 2012, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1
Issued 24,100 shares of common stock for $123,900.
Apr. 14
Sold 6,000 shares of treasury stock—common for $33,800.
Sept. 3
Issued 5,100 shares of common stock for a patent valued at $35,700.
Nov. 10
Purchased 1,100 shares of common stock for the treasury at a cost of $5,700.
Dec. 31
Determined that net income for the year was $456,600.
No dividends were declared during the year.
(a)
Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Feb. 1
Apr. 14
Sept. 3
Nov. 10
Dec. 31
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.
Novak Corporation has been authorized to issue 20-000 shares of $100 p.docx
Novak Corporation has been authorized to issue 20.000 shares of $100 par value, 10% , preferred stock and 1,149.400 shares of nopar common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31,2022 , the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $141 , 000 . All common stock issued was for cash. In November, 1,380 shares of common stock were purchased for the treasury at a per share cost of $13 . In December, 460 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022. indented when amount is entered. Do not indent manuolly.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. [b] Prepare the stodholders equity section at December 31.2022 . fEnter the account name only and do not provide the deseriptive information provided in the question.J
.
On January 1, 20XI, Parent Company acquired 80 of the common stock .pdf
On January 1, 20XI, Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. On this date, Subsidiary had total owners equity of $540,000
Any excess of cost over book value is attritbutable to land, undervalued $197,500 and to
goodwill.
During 20XI and 20X2, Parent has appropriately accounted for its investment in Subsidiary
using the simple equity method.
On January 1, 20X2, Parent held merchandise acquired from Subsidiary for $10,000. During
20X2, Subsidiary sold merchandise to Parent for $100,000, of which $20,000 is held by Parent
on December 31, 20X2. Subsidiary usual gross profit on affiliated sales is 40%.
On Dcember 31, 20X2, Parent still owes Subsidiary $20,000 for merchandise acquired in
December of 20X2.
On January 1, 20X2, Parent sold to Subsidiary some equipment with a cost of $50,000 and a
book value of $20,000. The sales price was $40,000, Subsidiary uses the equipment in its
business and is depreciating the equipment over a fire year life, assuming no salvage value and
using the straight line method.
****Prepare the Determenation and Distribution Schedule as of the Date of Acquisiton, 1/1/X1,
Please Use Good Form!!
Solution
Since it is given that Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. & Subsidiary had total owners equity of $540,000 & it is also given that
excess of cost over book value is attritbutable to land, undervalued $197,500 and balance to
goodwill
therefore following is the distributionParticularsAmountInvestment as 1st Jan 20x1
7,50,000DistributionCommon Stock (80%) 4,32,000Revalution of Land
1,97,500Goodwill (Balance) 1,20,500.
Week 4 wiley plus assignment
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Key Wing, Inc, prepared the fo owing bolsnce sheet st December 31, 20.pdf
Key Wing, Inc, prepared the fo owing bolsnce sheet st December 31, 200. The follawing
occunred durling 20X. L. A $35,000 nate poysble was lssued. 2. Land was durchsed for $50,000
3. Bands poygble (meturing in 205 ) in the smount of $30,000 were retired by poying
$30,000cssh. 4. Capltsl stock. in the amount of $40,000 wss lisued at psr volue. 5. The compony
sold surplus equlpment for $14,000. The equlpment had s book value of $14,000 st the time of
the ssie. 6. Net income wss $35,500. 7. Cosh dividends of $5,000 were ouid to the stockholders.
8. 100 shares of stock of anather compsny (considered short-term lnvestments) were purchased
for $8,300. 9.$75,000 in bonds were lasued. The next dey, the proceeds were used to purchase a
new bulding. 10. \$12,000 of depreclation wss recorded on the plant and equipment. 11. At
December 51,201, Cssh was 993,200 , Accounts recelvable had a bo ance af $4,500, lnventory
had increased to $73,0 Account: psysble had fsllen to $25,500. Lang-term investments snd Tsxes
poysble were unchanged from 200. Required: L. Prepse a ststement of cash flows for 20X. 2.
Prepare the December 31,20X1, balance sheet far Koy Wing, lnc. Complete this question by
entering your answers in the tabs below. Prepare a statement of cash flows for 20x1. (Net cach
outfiowa and amaunts ta be deducted should be indicated by a minus siqn.)
The following occurred during 201. 1. A $35,000 note payable was issued. 2. Land was
purchased for $50,000 3. Bonds payable (maturing in 205 ) In the amount of $30,000 were
retired by paying $30,000 cash. 4. Capltal stock in the amount of $40,000 was issued at par
value. 5. The company sold surplus equipment for $14,000. The equipment had a book value of
$14,000 at the time of the sale. 6. Net income was $35,500 7. Cash dlvidends of $5,000 were
paid to the stockholders. 8. 100 shares of stock of another company (consldered short-term
Investments) were purchased for $8,300. 9.$75,000 in bonds were issued. The next day, the
proceeds were used to purchase a new bullding. 10. $12000 of depreclation was recorded on the
plant and equipment. 11. At December 31,201, Cash was $93,200, Accounts recelvable had a
balance of $41,500, Inventory had increased to $73,000, a Accounts payable had fallen to
$25,500. Long-term Investments and Taxes payable were unchanged from 200. Required: 1.
Prepare a statement of cash flows for 201. 2. Prepare the December 31, 20X1, balance sheet for
Kay Wing. Inc. Complete this question by entering your answers in the tabs below. Prepare the
December 31, 20X1, balance sheet for Kay Wing, Inc..
On January 1, 2013 Frascom had the following account balances in its.docx
On January 1, 2013 Frascom had the following account balances in its shareholder’s equity accounts.
Common Stock, $1 par, 250,000 shares issued 250,000
Paid-in Capital –excess of par, common 500,000
Paid-in Capital- excess of par, preferred 100,000
Preferred Stock, $100 par, 10,000 shares outstanding 1,000,000
Retained Earning 2,000,000
Treasury Stock at cost, 5,000 shares. 25,000
During 2013, Frascom,Inc had several transactions relating to common stock.
January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value of $10 per share, market value $9 per share)
February 17: Distributed the property dividends.
April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date.
July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The market value is $5 per share.
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.
.
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..
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.
Week 6 assignment· do problems 1, 2 3 and 4 (see below)· Reso.docx
Week 6 assignment:
· do problems 1, 2 3 and 4 (see below)
· Resource: Chapters. 11 and 12 of your text.
· Submit as either a Microsoft® Excel® or Microsoft® Word document (Excel is preferred)
Problem #1 -- Issuing stock
Bellvue Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
Jan. 30. Issued 300,000 shares of common stock at par for cash.
31. Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 21. Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively.
Mar. 2. Issued 15,000 shares of preferred stock at $77.50 for cash. Journalize the transactions.
Journalize the entries to record the transactions.
Problem #2 – Treasury stock transactions
Tom’s Lawn Equipment Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 19 of the current year, Tom’s Lawn Equipment Inc. reacquired 24,000 shares of its common stock at $64 per share. On August 30, 19,000 of the reacquired shares were sold at $68 per share, and on September 6, 3,000 of the reacquired shares were sold at $70.
a. Journalize the transactions of June 19, August 30, and September 6.
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
Problem #3 -- Entries for selected corporate transactions
Bath ‘n More Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Bath ‘n More Inc., with balances on January 1, 2012, are as follows:
Common Stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) $4,000,000
Paid-In Capital in Excess of Stated Value 750,000
Retained Earnings 9,150,000
Treasury Stock (40,000 shares, at cost) 600,000
The following selected transactions occurred during the year:
Jan. 4. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800.
Apr. 3. Issued 75,000 shares of common stock for $1,200,000.
June 6. Sold all of the treasury stock for $725,000.
July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
Aug. 15. Issued the certificates for the dividend declared on July 1.
Nov. 10. Purchased 25,000 shares of treasury stock for $500,000.
Dec. 27. Declared a $0.16-per-share dividend on common stock.
31. Closed the credit balance of the income summary account, $950,000.
31. Closed the two divid.
Question 5No.Account Titles and ExplanationDebitCredit1..pdf
Question 5
No.
Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Question 5 Irwin Corporation has been authorized to issue 21,000 shares of $100 par value,
10%, preferred stock and 1,004,400 shares of no-par common stock. The corporation assigned a
$2.70 stated value to the common stock. At December 31, 2017, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock$120,000Paid-in Capital in Excess of Par—Preferred Stock22,000Common
Stock1,004,400Paid-in Capital in Excess of Stated Value—Common Stock2,715,600Treasury
Stock (720 common shares)7,920Paid-in Capital from Treasury Stock1,080Retained
Earnings82,500
The preferred stock was issued for land having a fair value of $142,000. All common stock
issued was for cash. In November, 1,080 shares of common stock were purchased for the
treasury at a per share cost of $11. In December, 360 shares of treasury stock were sold for $14
per share. No dividends were declared in 2017.
Solution
a) Journal Entries (Amounts in $)
b) IRWIN CORPORATION
Balance Sheet (Partial)
December 31, 2017 (Amounts in $)
No.Account Titles and ExplanationDebitCredit1Land142,000Preferred Stock120,000Paid-in
Capital in Excess of Par Value-Preferred Stock22,0002Cash3,720,000Common
Stock1,004,400Paid-in Capital in Excess of Stated Value-Common Stock2,715,6003Treasury
Stock (1,080 shares*$11)11,880Cash11,8804Cash (360 shares*$14)5,040Treasury Stock (360
shares*$11 per share)3,960Paid-in Capital from Treasury Stock (360 shares*$3)1,080.
1-1- Propare the joumal ontries to record the transactions of Canada L.docx
This document provides instructions to prepare journal entries to record transactions for Canada Ltd. and prepare the equity section of the balance sheet as of December 2022. It states that Canada Ltd. is authorized to issue 400,000 $100 par value 10% noncumulative preference shares and 3,000,000 no-par ordinary shares with a $5 stated value. Balances in the equity section include preference share capital of $40,000, ordinary share capital of $15,000, share premium of $30,000, treasury share capital of $13,500 and retained earnings of $5,000.
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.
At the beginning of 2024 Taylor Corporation had the followi.pdf
At the beginning of 2024, Taylor Corporation had the following stockholders equity balances in its
general ledger:
Common Stock, $10 Par Value $2,500,000 Paid-In Capital in Excess of Par: Common 500,000
Paid-In Capital, Treasury Stock 4,000
Paid-In Capital, Stock Options 44,000
Retained Earnings 3,000,000
Treasury Stock (15,000 shares) (180,000)
Total Stockholders Equity $5,868,000
The paid-in capital from stock options relates to options granted on 1/1/20 to the CEO as incentive
compensation. As of 1/1/24, the remaining expected benefit period is six years; expense has been
and will be recorded evenly over the benefit period.
The following events were among the many occurring in 2024:
a. January 2: Purchased 4,000 shares of its common stock for $18 per share. Brown uses the cost
method of accounting for treasury stock transactions.
b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common
stock. (Hint: Dont forget to consider Treasury Stock existing on 1/1/24 when computing
outstanding shares.
) c. April 1: Issued 18,000 shares of $40 par, noncumulative, convertible 6% preferred stock for
$60 per share, where one share of preferred stock is convertible into two shares of common stock.
d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $11 per share
were re-issued for $8 per share.
e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common
stock when the market value of the common stock was $21 per share. Brown uses the book value
method of accounting for conversions.
f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when
the market price of the stock was $16 per share.
g. November 1: Corrected an error that was made several years ago, when land that had been
purchased for $40,000 was inadvertently expensed.
h. December 1: Declared and distributed a property dividend of land to preferred shareholders.
The land had a fair value of $45,000 and a carrying value of $44,000.
i. December 31: Recorded 2024 compensation expense related to the stock options.
Required : all the Journal Entries for the entries.
At the beginning of 2024 Taylor Corporation had the followi.pdf
At the beginning of 2024, Taylor Corporation had the following stockholders equity balances in its
general ledger:
Common Stock, $10 Par Value $2,500,000 Paid-In Capital in Excess of Par: Common 500,000
Paid-In Capital, Treasury Stock 4,000
Paid-In Capital, Stock Options 44,000
Retained Earnings 3,000,000
Treasury Stock (15,000 shares) (180,000)
Total Stockholders Equity $5,868,000
The paid-in capital from stock options relates to options granted on 1/1/20 to the CEO as incentive
compensation. As of 1/1/24, the remaining expected benefit period is six years; expense has been
and will be recorded evenly over the benefit period.
The following events were among the many occurring in 2024:
a. January 2: Purchased 4,000 shares of its common stock for $18 per share. Brown uses the cost
method of accounting for treasury stock transactions.
b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common
stock. (Hint: Dont forget to consider Treasury Stock existing on 1/1/24 when computing
outstanding shares.
) c. April 1: Issued 18,000 shares of $40 par, noncumulative, convertible 6% preferred stock for
$60 per share, where one share of preferred stock is convertible into two shares of common stock.
d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $11 per share
were re-issued for $8 per share.
e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common
stock when the market value of the common stock was $21 per share. Brown uses the book value
method of accounting for conversions.
f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when
the market price of the stock was $16 per share.
g. November 1: Corrected an error that was made several years ago, when land that had been
purchased for $40,000 was inadvertently expensed.
h. December 1: Declared and distributed a property dividend of land to preferred shareholders.
The land had a fair value of $45,000 and a carrying value of $44,000.
i. December 31: Recorded 2024 compensation expense related to the stock options.
Required : all the Journal Entries for the entries.
Concord Corporation has been authorized to issue 20,000 shares of $10.pdf
Concord Corporation has been authorized to issue 20,000 shares of $100 par value, 10%,
preferred stock and 997,100 shares of nopar common stock. The corporation assigned a $2.60
stated value to the common stock. At December 31, 2022, the ledger contained the following
balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair
value of $141,500. All common stock issued was for cash. In November, 1,440 shares of
common stock were purchased for the treasury at a per share cost of $13. In December, 480
shares of treasury stock were sold for \$16 per share. No dividends were declared in 2022.
Prepare the joumal entries for the: (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of
preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common
treasury stock for cash. (4) Sale of treasury stock for cash.
(b) Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only
and do not provide the descriptive information provided in the question.) CONCORD
CORPORATION Balance Sheet (Partial) $$.
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
...
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.
Prompt Vh one ta twe paregaph- eddress the following - Describe the st.pdf
Prompt Vh one ta twe paregaph, eddress the following - Describe the steps fieinda was ute to
peform horicontal anaysis and vertical anaypis - identily the financial statements Delince will use
to perform norizontar ansiysis and vertial analyes - Explan how the findings fiem horiontal and
veitical arulyws can be used to help Belida with her feport.
Property- plant- and equipment (PP&E) are considered assets that gener.pdf
Property, plant, and equipment (PP&E) are considered assets that generate revenue or other
value beyond the current accounting period. PP&E are generally capitalized, meaning that these
assets appear on a company's balance sheet.
Group of answer choices
True
False.
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This document contains instructions and information for several accounting exercises and questions. It includes details about stock splits, stock dividends, equity transactions, earnings per share calculations, and links to additional online resources and tutorials. Students are to record journal entries, prepare balance sheet sections, and compute earnings per share data based on the information provided for various corporations.
Sept. 1 Nov. 1 eTextbook and Media List of Accounts.pdf
Sept. 1 Nov. 1 eTextbook and Media List of Accounts
(b) The parts of this question must be completed in order. This part will be available when you
complete the part above.
Journalize the transactions. (List all debit entries before credit entries. Record journal entries in
the order presented in the problem. Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Sheffield Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares
of 8%,$100 par value preferred stock, and 520,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were completed during the first year. Jan.
10 Issued 75,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of
preferred stock for cash at \$110 per share. Apr. 1 Issued 22,500 shares of common stock for
land. The asking price of the land was $85,500. The fair value of the land was $80,000. May 1
Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares
of common stock to attorneys in payment of their bill of $39,500 for services performed in
helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at \$6 per
share. Nov. 1 Issued 2,000 shares of preferred stock for cash at \$110 per share..
Problem 13-6AIrwin Corporation has been authorized to issue 20,80.docx
*Problem 13-6A
Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock
and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At
December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In
November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In
December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2014.
Preferred Stock $119,000
Paid-in Capital in Excess of Par—Preferred Stock 23,900
Common Stock 981,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,781,300
Treasury Stock (1,000 common shares) 14,000
Paid-in Capital from Treasury Stock 500
Retained Earnings 81,600
.
Problem 13-3AThe stockholders’ equity accounts of Ashley Corpo.docx
Problem 13-3A
The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows.
Preferred Stock (8%, $49 par, cumulative, 10,200 shares authorized)
$ 387,100
Common Stock ($1 stated value, 1,937,100 shares authorized)
1,408,700
Paid-in Capital in Excess of Par—Preferred Stock
123,200
Paid-in Capital in Excess of Stated Value—Common Stock
1,496,800
Retained Earnings
1,814,400
Treasury Stock (10,300 common shares)
51,500
During 2012, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1
Issued 24,100 shares of common stock for $123,900.
Apr. 14
Sold 6,000 shares of treasury stock—common for $33,800.
Sept. 3
Issued 5,100 shares of common stock for a patent valued at $35,700.
Nov. 10
Purchased 1,100 shares of common stock for the treasury at a cost of $5,700.
Dec. 31
Determined that net income for the year was $456,600.
No dividends were declared during the year.
(a)
Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Feb. 1
Apr. 14
Sept. 3
Nov. 10
Dec. 31
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Novak Corporation has been authorized to issue 20-000 shares of $100 p.docx
Novak Corporation has been authorized to issue 20.000 shares of $100 par value, 10% , preferred stock and 1,149.400 shares of nopar common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31,2022 , the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $141 , 000 . All common stock issued was for cash. In November, 1,380 shares of common stock were purchased for the treasury at a per share cost of $13 . In December, 460 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022. indented when amount is entered. Do not indent manuolly.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. [b] Prepare the stodholders equity section at December 31.2022 . fEnter the account name only and do not provide the deseriptive information provided in the question.J
.
On January 1, 20XI, Parent Company acquired 80 of the common stock .pdf
On January 1, 20XI, Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. On this date, Subsidiary had total owners equity of $540,000
Any excess of cost over book value is attritbutable to land, undervalued $197,500 and to
goodwill.
During 20XI and 20X2, Parent has appropriately accounted for its investment in Subsidiary
using the simple equity method.
On January 1, 20X2, Parent held merchandise acquired from Subsidiary for $10,000. During
20X2, Subsidiary sold merchandise to Parent for $100,000, of which $20,000 is held by Parent
on December 31, 20X2. Subsidiary usual gross profit on affiliated sales is 40%.
On Dcember 31, 20X2, Parent still owes Subsidiary $20,000 for merchandise acquired in
December of 20X2.
On January 1, 20X2, Parent sold to Subsidiary some equipment with a cost of $50,000 and a
book value of $20,000. The sales price was $40,000, Subsidiary uses the equipment in its
business and is depreciating the equipment over a fire year life, assuming no salvage value and
using the straight line method.
****Prepare the Determenation and Distribution Schedule as of the Date of Acquisiton, 1/1/X1,
Please Use Good Form!!
Solution
Since it is given that Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. & Subsidiary had total owners equity of $540,000 & it is also given that
excess of cost over book value is attritbutable to land, undervalued $197,500 and balance to
goodwill
therefore following is the distributionParticularsAmountInvestment as 1st Jan 20x1
7,50,000DistributionCommon Stock (80%) 4,32,000Revalution of Land
1,97,500Goodwill (Balance) 1,20,500.
Week 4 wiley plus assignment
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Key Wing, Inc, prepared the fo owing bolsnce sheet st December 31, 20.pdf
Key Wing, Inc, prepared the fo owing bolsnce sheet st December 31, 200. The follawing
occunred durling 20X. L. A $35,000 nate poysble was lssued. 2. Land was durchsed for $50,000
3. Bands poygble (meturing in 205 ) in the smount of $30,000 were retired by poying
$30,000cssh. 4. Capltsl stock. in the amount of $40,000 wss lisued at psr volue. 5. The compony
sold surplus equlpment for $14,000. The equlpment had s book value of $14,000 st the time of
the ssie. 6. Net income wss $35,500. 7. Cosh dividends of $5,000 were ouid to the stockholders.
8. 100 shares of stock of anather compsny (considered short-term lnvestments) were purchased
for $8,300. 9.$75,000 in bonds were lasued. The next dey, the proceeds were used to purchase a
new bulding. 10. \$12,000 of depreclation wss recorded on the plant and equipment. 11. At
December 51,201, Cssh was 993,200 , Accounts recelvable had a bo ance af $4,500, lnventory
had increased to $73,0 Account: psysble had fsllen to $25,500. Lang-term investments snd Tsxes
poysble were unchanged from 200. Required: L. Prepse a ststement of cash flows for 20X. 2.
Prepare the December 31,20X1, balance sheet far Koy Wing, lnc. Complete this question by
entering your answers in the tabs below. Prepare a statement of cash flows for 20x1. (Net cach
outfiowa and amaunts ta be deducted should be indicated by a minus siqn.)
The following occurred during 201. 1. A $35,000 note payable was issued. 2. Land was
purchased for $50,000 3. Bonds payable (maturing in 205 ) In the amount of $30,000 were
retired by paying $30,000 cash. 4. Capltal stock in the amount of $40,000 was issued at par
value. 5. The company sold surplus equipment for $14,000. The equipment had a book value of
$14,000 at the time of the sale. 6. Net income was $35,500 7. Cash dlvidends of $5,000 were
paid to the stockholders. 8. 100 shares of stock of another company (consldered short-term
Investments) were purchased for $8,300. 9.$75,000 in bonds were issued. The next day, the
proceeds were used to purchase a new bullding. 10. $12000 of depreclation was recorded on the
plant and equipment. 11. At December 31,201, Cash was $93,200, Accounts recelvable had a
balance of $41,500, Inventory had increased to $73,000, a Accounts payable had fallen to
$25,500. Long-term Investments and Taxes payable were unchanged from 200. Required: 1.
Prepare a statement of cash flows for 201. 2. Prepare the December 31, 20X1, balance sheet for
Kay Wing. Inc. Complete this question by entering your answers in the tabs below. Prepare the
December 31, 20X1, balance sheet for Kay Wing, Inc..
On January 1, 2013 Frascom had the following account balances in its.docx
On January 1, 2013 Frascom had the following account balances in its shareholder’s equity accounts.
Common Stock, $1 par, 250,000 shares issued 250,000
Paid-in Capital –excess of par, common 500,000
Paid-in Capital- excess of par, preferred 100,000
Preferred Stock, $100 par, 10,000 shares outstanding 1,000,000
Retained Earning 2,000,000
Treasury Stock at cost, 5,000 shares. 25,000
During 2013, Frascom,Inc had several transactions relating to common stock.
January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value of $10 per share, market value $9 per share)
February 17: Distributed the property dividends.
April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date.
July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The market value is $5 per share.
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.
.
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..
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.
Week 6 assignment· do problems 1, 2 3 and 4 (see below)· Reso.docx
Week 6 assignment:
· do problems 1, 2 3 and 4 (see below)
· Resource: Chapters. 11 and 12 of your text.
· Submit as either a Microsoft® Excel® or Microsoft® Word document (Excel is preferred)
Problem #1 -- Issuing stock
Bellvue Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
Jan. 30. Issued 300,000 shares of common stock at par for cash.
31. Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 21. Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively.
Mar. 2. Issued 15,000 shares of preferred stock at $77.50 for cash. Journalize the transactions.
Journalize the entries to record the transactions.
Problem #2 – Treasury stock transactions
Tom’s Lawn Equipment Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 19 of the current year, Tom’s Lawn Equipment Inc. reacquired 24,000 shares of its common stock at $64 per share. On August 30, 19,000 of the reacquired shares were sold at $68 per share, and on September 6, 3,000 of the reacquired shares were sold at $70.
a. Journalize the transactions of June 19, August 30, and September 6.
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
Problem #3 -- Entries for selected corporate transactions
Bath ‘n More Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Bath ‘n More Inc., with balances on January 1, 2012, are as follows:
Common Stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) $4,000,000
Paid-In Capital in Excess of Stated Value 750,000
Retained Earnings 9,150,000
Treasury Stock (40,000 shares, at cost) 600,000
The following selected transactions occurred during the year:
Jan. 4. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800.
Apr. 3. Issued 75,000 shares of common stock for $1,200,000.
June 6. Sold all of the treasury stock for $725,000.
July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
Aug. 15. Issued the certificates for the dividend declared on July 1.
Nov. 10. Purchased 25,000 shares of treasury stock for $500,000.
Dec. 27. Declared a $0.16-per-share dividend on common stock.
31. Closed the credit balance of the income summary account, $950,000.
31. Closed the two divid.
Question 5No.Account Titles and ExplanationDebitCredit1..pdf
Question 5
No.
Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Question 5 Irwin Corporation has been authorized to issue 21,000 shares of $100 par value,
10%, preferred stock and 1,004,400 shares of no-par common stock. The corporation assigned a
$2.70 stated value to the common stock. At December 31, 2017, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock$120,000Paid-in Capital in Excess of Par—Preferred Stock22,000Common
Stock1,004,400Paid-in Capital in Excess of Stated Value—Common Stock2,715,600Treasury
Stock (720 common shares)7,920Paid-in Capital from Treasury Stock1,080Retained
Earnings82,500
The preferred stock was issued for land having a fair value of $142,000. All common stock
issued was for cash. In November, 1,080 shares of common stock were purchased for the
treasury at a per share cost of $11. In December, 360 shares of treasury stock were sold for $14
per share. No dividends were declared in 2017.
Solution
a) Journal Entries (Amounts in $)
b) IRWIN CORPORATION
Balance Sheet (Partial)
December 31, 2017 (Amounts in $)
No.Account Titles and ExplanationDebitCredit1Land142,000Preferred Stock120,000Paid-in
Capital in Excess of Par Value-Preferred Stock22,0002Cash3,720,000Common
Stock1,004,400Paid-in Capital in Excess of Stated Value-Common Stock2,715,6003Treasury
Stock (1,080 shares*$11)11,880Cash11,8804Cash (360 shares*$14)5,040Treasury Stock (360
shares*$11 per share)3,960Paid-in Capital from Treasury Stock (360 shares*$3)1,080.
1-1- Propare the joumal ontries to record the transactions of Canada L.docx
This document provides instructions to prepare journal entries to record transactions for Canada Ltd. and prepare the equity section of the balance sheet as of December 2022. It states that Canada Ltd. is authorized to issue 400,000 $100 par value 10% noncumulative preference shares and 3,000,000 no-par ordinary shares with a $5 stated value. Balances in the equity section include preference share capital of $40,000, ordinary share capital of $15,000, share premium of $30,000, treasury share capital of $13,500 and retained earnings of $5,000.
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.
At the beginning of 2024 Taylor Corporation had the followi.pdf
At the beginning of 2024, Taylor Corporation had the following stockholders equity balances in its
general ledger:
Common Stock, $10 Par Value $2,500,000 Paid-In Capital in Excess of Par: Common 500,000
Paid-In Capital, Treasury Stock 4,000
Paid-In Capital, Stock Options 44,000
Retained Earnings 3,000,000
Treasury Stock (15,000 shares) (180,000)
Total Stockholders Equity $5,868,000
The paid-in capital from stock options relates to options granted on 1/1/20 to the CEO as incentive
compensation. As of 1/1/24, the remaining expected benefit period is six years; expense has been
and will be recorded evenly over the benefit period.
The following events were among the many occurring in 2024:
a. January 2: Purchased 4,000 shares of its common stock for $18 per share. Brown uses the cost
method of accounting for treasury stock transactions.
b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common
stock. (Hint: Dont forget to consider Treasury Stock existing on 1/1/24 when computing
outstanding shares.
) c. April 1: Issued 18,000 shares of $40 par, noncumulative, convertible 6% preferred stock for
$60 per share, where one share of preferred stock is convertible into two shares of common stock.
d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $11 per share
were re-issued for $8 per share.
e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common
stock when the market value of the common stock was $21 per share. Brown uses the book value
method of accounting for conversions.
f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when
the market price of the stock was $16 per share.
g. November 1: Corrected an error that was made several years ago, when land that had been
purchased for $40,000 was inadvertently expensed.
h. December 1: Declared and distributed a property dividend of land to preferred shareholders.
The land had a fair value of $45,000 and a carrying value of $44,000.
i. December 31: Recorded 2024 compensation expense related to the stock options.
Required : all the Journal Entries for the entries.
At the beginning of 2024 Taylor Corporation had the followi.pdf
At the beginning of 2024, Taylor Corporation had the following stockholders equity balances in its
general ledger:
Common Stock, $10 Par Value $2,500,000 Paid-In Capital in Excess of Par: Common 500,000
Paid-In Capital, Treasury Stock 4,000
Paid-In Capital, Stock Options 44,000
Retained Earnings 3,000,000
Treasury Stock (15,000 shares) (180,000)
Total Stockholders Equity $5,868,000
The paid-in capital from stock options relates to options granted on 1/1/20 to the CEO as incentive
compensation. As of 1/1/24, the remaining expected benefit period is six years; expense has been
and will be recorded evenly over the benefit period.
The following events were among the many occurring in 2024:
a. January 2: Purchased 4,000 shares of its common stock for $18 per share. Brown uses the cost
method of accounting for treasury stock transactions.
b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common
stock. (Hint: Dont forget to consider Treasury Stock existing on 1/1/24 when computing
outstanding shares.
) c. April 1: Issued 18,000 shares of $40 par, noncumulative, convertible 6% preferred stock for
$60 per share, where one share of preferred stock is convertible into two shares of common stock.
d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $11 per share
were re-issued for $8 per share.
e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common
stock when the market value of the common stock was $21 per share. Brown uses the book value
method of accounting for conversions.
f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when
the market price of the stock was $16 per share.
g. November 1: Corrected an error that was made several years ago, when land that had been
purchased for $40,000 was inadvertently expensed.
h. December 1: Declared and distributed a property dividend of land to preferred shareholders.
The land had a fair value of $45,000 and a carrying value of $44,000.
i. December 31: Recorded 2024 compensation expense related to the stock options.
Required : all the Journal Entries for the entries.
Concord Corporation has been authorized to issue 20,000 shares of $10.pdf
Concord Corporation has been authorized to issue 20,000 shares of $100 par value, 10%,
preferred stock and 997,100 shares of nopar common stock. The corporation assigned a $2.60
stated value to the common stock. At December 31, 2022, the ledger contained the following
balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair
value of $141,500. All common stock issued was for cash. In November, 1,440 shares of
common stock were purchased for the treasury at a per share cost of $13. In December, 480
shares of treasury stock were sold for \$16 per share. No dividends were declared in 2022.
Prepare the joumal entries for the: (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of
preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common
treasury stock for cash. (4) Sale of treasury stock for cash.
(b) Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only
and do not provide the descriptive information provided in the question.) CONCORD
CORPORATION Balance Sheet (Partial) $$.
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
...
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.
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submission link on Moodle. Submit your ppt file at the Part B submission link on Moodle before
the Part B due date. Part B submissions at the Part A submission link without prior approval of
Part A will not be accepted. Email submissions will not be accepted..
Problem 4- A Hill cipher with block size m-2 was used to encrypt HELlo.pdf
Problem 4. A Hill cipher with block size m = 2 was used to encrypt HELloworld as
EXBCMKFVve. Find the encryption matrix M ..
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Problem: Several innovations in data management are reshaping the IT landscape. Among them
are: server virtualization, storage virtualization, desktop virtualization, artificial intelligence,
cloud applications, and the near future network virtualization. As an executive, we will ask
ourselves, and discuss, the extent to which the virtualization of processing portends the removal
of a dedicated IT staff. We will discuss the extent to which the CIO is no longer the manager of a
dedicated expert staff, but fully engaged in vendor management and service oversight. Finally
we should ask ourselves the extent to which bricks and mortar will even define the corporation as
an entity. The corporation, or at least its administrative wing, is more of an abstract. Does it
matter if the processing engine of your corporate data is in Bangladesh or Nairobi? Does it
matter what flag the vendor's employee's salute or what god they worship? Once we have
achieved global network infrastructure stability and redundancy, we may find ourselves seriously
questioning our understanding of "corporation" or even employment.
Discuss: What is the balance between sustaining the interests of the corporation's stakeholders
(shareholders. Executives, the board of directors) and sustaining the interests of our staff? Is our
traditional staff (bound by the "contractual" arrangements) significant when weighed against the
interests of the stockholders? This is not an easy or obvious question. Start with Eisenhart. The
discussion is not about server virtualization. That is a footnote to illustrate how technology
renders more efficient that which people once did.
The readings here occupy three niches: virtualization technology; the nature of the corporate
structure and its relevance to workers; and managing disruption. I include a discussion of
Charles Handy. He was prescient regarding the future of work. The interest theory article should
be read to understand how interests are managed through the contract. Agents work for
principals. Both are subject to the terms (limitations) of the contract..
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Problem 7 Show how each of the following floating-point values would be stored using IEEE-
754 double precision (be sure to indicate the sign bit, the exponent, and the significand fields): a)
12.5 b) 1.5 c) 0.75 d) 26.625.
Problem 6 Subtract the following signed binary numbers as shown using.pdf
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Problem 4-3A (Algo) Determining balance sheet classifications LO C1 Common categories of a
classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible
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identify the balance sheet category where the item typically would best appear. If an item does
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Problem 5 (about 15 points) Consider the Cauchy law given by the random variable X and the
transformation Y = 2 X 4 13 . Find the probability density function for Y and simplify the
expression. Show your work..
Problem 4- Investments X and Y both offer the same expected rate of re.pdf
Problem 4: Investments X and Y both offer the same expected rate of return. The standard
deviation of X is lower than that of Y's standard deviation. If an investor needs to choose
between the two, which investment should he invest in? (1.5 Points).
Problem 3 (12 points)- Give an example showing that subtraction is not.pdf
Problem 3 (12 points): Give an example showing that subtraction is not associative: A ( B C ) = (
A B ) C.
Problem 23 Let A-B- and C be three events with probabilities given bel.pdf
Problem 23 Let A , B , and C be three events with probabilities given below: a. Find P ( A B ) .
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Problem 2 (4pts): Suppose that Alice's RSA public key is ( N , e ) = ( 3569 , 5 ) with p = 43 , q =
83 . A) Find her private key, d. B) If Bob encrypts the message M = 26 using Alice's public key,
find the ciphertext C . C) Let S be the result when Alice digitally signs the message M = 26 ,
then find S . D) If Alice receives the ciphertext C = 13 from Bob, then find Bob's message M ..
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Prob 1. Let V := C 2 . Give an example of a map T L ( V , V ) such that V = null T range T , with
both null T and range T non-zero, or prove that none exists..
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Problem 17 Four teams A , B , C , and D compete in a tournament, and exactly one of them will
win the tournament. Teams A and B have the same chance of winning the tournament. Team C is
twice as likely to win the tournament as team D . The probability that either team A or team C
wins the tournament is 0.6 . Find the probabilities of each team winning the tournament..
prisine 188+2 At a 0 os levet af sigheleario what is rope candeanet.pdf
This very short document is unclear and does not seem to convey a coherent message or idea. It contains unfamiliar terms and numbers that do not form a clear summary.
Presented below is the production data for the first six months of the.pdf
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costs incurred by Euclid Company. Euclid Company uses the high low method to analyze mixed
costs. The variable cost per unit is $1.25 $0.75 $1.31 $0.132.
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Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
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Slideshare: http://www.slideshare.net/PECBCERTIFICATION
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core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
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advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
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of extensive research and worry. As the global community grapples with swift urbanization,
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significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
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The utilization of land is impacted by human needs and environmental factors. In countries
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Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
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Changes in vegetation cover refer to variations in the distribution, composition, and overall
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