Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf
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Question. Find the mean, variance and standard deviation of the binominal distribution with the given values of n and p. N=126 , p=0.84 The mean u, is __ Round to nearest tenth The variance, o^2, is __ Round to nearest tenth The standard deviation o, is __ Round to nearest tenth Solution The mean u is n*p or 126*0.84 = 105.8 The variance n*p*(1-p) or 126*0.84*0.16 = 16.9 The stdev is sqrt of variance or sqrt of 16.9 = 4.1.
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![outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
Solution
b)
**Paid in capital -common stock = 150,000 +25000 for stock dividend- 750 for treasury stock
reissued (insufficient) = 174,250
**Retained earnings= 700,000 - 75000 -207125 + 275,000
= 692875
**common stock issued and outstanding = after stock split shares outstanding + stock held as
treasury
= 209500+250
= 209750 sharesDateAccount titleDebitcreditjan 1Retained
earnings 75000Dividend payable75000[Being stock dividend declared (100,000 .05 )
=5000shares * 15 = 75000jan 31Dividend payable75000common stock [5000*10]50,000paid
in capital -common stock25000[being stock dividend paid]feb 15Treasury stock
[1000*20]20000cash20000[being stock outstanding repurchased]march 31cash [250*25
]6250Treasury stock [250 *20]5000Paid in capital in excess of par -Treasury stock1250[being
treasury stock reissued]july 1cash [500*16]8000Paid in capital -common stock [10000-
8000-1250]750Paid in capital -treasury stock1250**restricted to amount availableTreasury
stock [500 *20]10,000oct 1Retained earnings207,125Preferred dividend payable [1,000,000
*.05]50,000common stock dividend payable [100,000 +5000stock dividend - 250 held in
treasury= 104750 shares * 1.50157,125[Being dividend declared ]oct 15Preferred dividend
payable50000common stock dividend payable157125cash207125[dividend paid
recorded]dec15common stock ( 104,750 shares @ 10 par)1,047,500common stock (209,500
shares @ 5 par)1,047,500[stock split of shares made recorded] 104750 *2 = 20950031 decnet
income275,000Retained earning275,000[being net income earned closed to retained earning]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recommended
For this exam, omit all general journal entry explanations.Ensure .pdf
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question1: 30% points:
On December 31, 2014, Flimsy 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, Flimsy 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, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy 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, Flimsy 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.
Ensure to include correct dollar signs, underlines & double underlines.
Date
Account
Debit
Credit
Comment
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
Solution
Journal entries:
Date
Accounts Title
Debit $
Credit $
Jan. 1
Retained Earnings (100000 Shares x 5%x$15)
75,000.00
Dividend Distributable (100000 Shares× 5%x$15)
75,000.00
(Being Stock Dividend Declared)
Jan. 31
Dividend Distributable
75,000.00
Paid-in Capital in Excess of par, Common (100,000 Shares x5%x($15- $10)
25,000.00
Common Stock (100000 Shares ×5%x$10)
50,000.00
(Being Stock Dividend Distributed)
Feb. 15
Treasury Stock
20,000.00
Cash (1,000x$20)
20,000.00
(Being 1000 Shares required)
Mar. 31
Cash (250 Sharesx$25)
6,250.00
Paid-in Capital in Excess of par, Common (250 Shares x ($25-20)
1,250.00
Treasury Stock (250 Shares x $20)
5,000.00
Rissued 250 shares of treasury stock for $25 each)
Jul. 1
Cash (500 Shares x $16)
8,000.00
Paid-in Capital in Excess of par, Common (500 Shares x ($20-16)
2,000.00
Treasury Stock (500 Shares x$20)
10,000.00
(To record the issued 500 shares of treasury stock for $16 each)
Oct. 1
Reatined Earnings
199,625.00
Dividend Distributable (50,000+149,625)
199,625.00
(To record the Dividend Declared)
Pref.
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.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.
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.
Acct221 Page 1 of 8
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: 10% 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 for the year ended December 31, 2014 u.
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.
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.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1,
2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 non-
cumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number
authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income
$850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following
transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000
common shares at $16 a share. Announced a 3-for-1 stock split of the common shares.
Immediately before the split, the share price was $13 a share. Declared the annual dividend on
preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common
share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on
Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other
comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of
the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use
format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need
a column for Preferred shares instead of Contributed Surplus)
Solution
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shares being issued
2-Mar
Cash
$80,000.00
Treasury stock
$80,000.00
Common stocks being repurchased
28-Jun
No entry required, since stocks do not have any par value
15-Sep
Dividends - Preferred
$30,800.00
Dividends Payable - Preferred
$30,800.00
Preferred dividends at $4 per dividend being declared
30-Sep
Dividends Payable - Preferred
$30,800.00
Cash
$30,800.00
Preferred dividends declared being paid
31-Oct
Dividends - Common
$217,500.00
Dividends Payable - Common
$217,500.00
Common stock dividends being declared
15-Dec
Dividends Payable - Common
$217,500.00
Cash
$217,500.00
Common dividends declared being paid
Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800
Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500
Stocks repurchased at $16 = 5,000 x $16 = $80,000
Statement of Changes in Shareholders\' Equity
Year ended on December 31, 2017
Preferred Share Capital
Common Share Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income
Total Equity
Balance at January 1, 2017
$850,000
$2,250,000
$0
$1,750,000
$22,000
$4,872,000
Profit for the year
$0
$0
$0
$450,000
$0
$450,000
Other Comprehensive Income
$0
$0
$0
$0
$15,000
$15,000
Dividends - Preferred
$0
$0
$0
$30,800
$0
$30,800
Dividends - Common
$0
$0
$0
$217,500
$0
$217,500
Purchase of Own Shares
$0
$0
$80,000
($80,000)
$0
$0
Balance at December 31, 2017
$850,000
$2,250,000
$80,000
$2,368,300
$37,000
$5,585,300
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shar.
10) The Magic Flute Company provides the following information from th.pdf
10) The Magic Flute Company provides the following information from the Stockholders' Equity
section of the balance sheet: Magic Flute had the following transactions related to treasury
shares: January 1 Acquired 30,000 shares of its common stock in the open market for $12 per
share March 1 Sold 5,000 shares for $16 April 1 Sold 5,000 shares for $6 May I Retired 5,000
treasury shares Prepare the necessary journal entries to record all treasury stock transactions.
Answer: 11) Purffect Paws Company issues 1,000 shares of $50 par preferred stock for $250 ,
000 . The company is not required to buy back the preferred stock. However, the preferred stock
includes a redemption feature that gives the holder the option to redeem the shares for cash at
specified dates. This would be classified as A) debt; equity under U.S. GAAP and B) debt; debt
C) equity; debt D) equity; equity 12) Stinson Corporation has 7% participating preferred shures.
In 2015 the company pays common shareholders dividends that are 9% of common par value.
What, if any, additional dividend will preferred shareholders receive? A) 2% B) 9% C) 100% D)
none 13) Bach, Inc. issued 800 shares of 8% , $80 par value, preferred stock for $80 , 000 . The
board of directors declared dividends on December 30 , to be paid in January. What journal entry
is necessary to record the payment of dividends?.
E1518 Dividends and Equity Section Elizabeth Company repo.pdf
E15-18 (Dividends and Equity Section) Elizabeth Company reported the following amounts in the
equity section of its December 31, 2010, statement of financialposition. Share capital--preference,
8%, $100 par (10,000 shares authorized, 2,000 shares issued) Share capital-ordinary, $5 par
(100,000 shares authorized, 20.000 shares issued) Share premium Retained earnings $200.000
100.000 125.000 450.000 Total $875,000 During 2011, Elizabeth took part in the following
transactions concerning equity.
During 2011, Elizabeth took part in the following transactions concerning equity.
1.
Paid the annual 2010 $8 per share dividend on preference shares and a $2 per share dividend on
ordinary shares. These dividends had been declared on December 31,2010.
2.
Purchased 2,700 shares of its own outstanding ordinary shares for $40 per share. Elizabeth uses
3. 4.
the cost method.
Reissued 700 treasury shares for land valued at $30,000. Issued 500 preferenceshares at $105
per share.
5. Declareda10%sharedividendontheoutstandingordinaryshareswhenthesharesaresellingfor $45
per share.
6. Issued the share dividend.
7. Declared the annual 2011 $8 per share dividend on preference shares and the $2 per share
divi- dend on ordinary shares. These dividends are payable in 2012.
Instructions
(a) Prepare journal entries to record the transactions described above.
(b) Prepare the December 31, 2011, equity section. Assume 2011 net income was $330,000..
Recommended
For this exam, omit all general journal entry explanations.Ensure .pdf
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question1: 30% points:
On December 31, 2014, Flimsy 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, Flimsy 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, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy 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, Flimsy 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.
Ensure to include correct dollar signs, underlines & double underlines.
Date
Account
Debit
Credit
Comment
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
Solution
Journal entries:
Date
Accounts Title
Debit $
Credit $
Jan. 1
Retained Earnings (100000 Shares x 5%x$15)
75,000.00
Dividend Distributable (100000 Shares× 5%x$15)
75,000.00
(Being Stock Dividend Declared)
Jan. 31
Dividend Distributable
75,000.00
Paid-in Capital in Excess of par, Common (100,000 Shares x5%x($15- $10)
25,000.00
Common Stock (100000 Shares ×5%x$10)
50,000.00
(Being Stock Dividend Distributed)
Feb. 15
Treasury Stock
20,000.00
Cash (1,000x$20)
20,000.00
(Being 1000 Shares required)
Mar. 31
Cash (250 Sharesx$25)
6,250.00
Paid-in Capital in Excess of par, Common (250 Shares x ($25-20)
1,250.00
Treasury Stock (250 Shares x $20)
5,000.00
Rissued 250 shares of treasury stock for $25 each)
Jul. 1
Cash (500 Shares x $16)
8,000.00
Paid-in Capital in Excess of par, Common (500 Shares x ($20-16)
2,000.00
Treasury Stock (500 Shares x$20)
10,000.00
(To record the issued 500 shares of treasury stock for $16 each)
Oct. 1
Reatined Earnings
199,625.00
Dividend Distributable (50,000+149,625)
199,625.00
(To record the Dividend Declared)
Pref.
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.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.
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.
Acct221 Page 1 of 8
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: 10% 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 for the year ended December 31, 2014 u.
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.
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.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1,
2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 non-
cumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number
authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income
$850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following
transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000
common shares at $16 a share. Announced a 3-for-1 stock split of the common shares.
Immediately before the split, the share price was $13 a share. Declared the annual dividend on
preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common
share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on
Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other
comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of
the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use
format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need
a column for Preferred shares instead of Contributed Surplus)
Solution
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shares being issued
2-Mar
Cash
$80,000.00
Treasury stock
$80,000.00
Common stocks being repurchased
28-Jun
No entry required, since stocks do not have any par value
15-Sep
Dividends - Preferred
$30,800.00
Dividends Payable - Preferred
$30,800.00
Preferred dividends at $4 per dividend being declared
30-Sep
Dividends Payable - Preferred
$30,800.00
Cash
$30,800.00
Preferred dividends declared being paid
31-Oct
Dividends - Common
$217,500.00
Dividends Payable - Common
$217,500.00
Common stock dividends being declared
15-Dec
Dividends Payable - Common
$217,500.00
Cash
$217,500.00
Common dividends declared being paid
Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800
Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500
Stocks repurchased at $16 = 5,000 x $16 = $80,000
Statement of Changes in Shareholders\' Equity
Year ended on December 31, 2017
Preferred Share Capital
Common Share Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income
Total Equity
Balance at January 1, 2017
$850,000
$2,250,000
$0
$1,750,000
$22,000
$4,872,000
Profit for the year
$0
$0
$0
$450,000
$0
$450,000
Other Comprehensive Income
$0
$0
$0
$0
$15,000
$15,000
Dividends - Preferred
$0
$0
$0
$30,800
$0
$30,800
Dividends - Common
$0
$0
$0
$217,500
$0
$217,500
Purchase of Own Shares
$0
$0
$80,000
($80,000)
$0
$0
Balance at December 31, 2017
$850,000
$2,250,000
$80,000
$2,368,300
$37,000
$5,585,300
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shar.
10) The Magic Flute Company provides the following information from th.pdf
10) The Magic Flute Company provides the following information from the Stockholders' Equity
section of the balance sheet: Magic Flute had the following transactions related to treasury
shares: January 1 Acquired 30,000 shares of its common stock in the open market for $12 per
share March 1 Sold 5,000 shares for $16 April 1 Sold 5,000 shares for $6 May I Retired 5,000
treasury shares Prepare the necessary journal entries to record all treasury stock transactions.
Answer: 11) Purffect Paws Company issues 1,000 shares of $50 par preferred stock for $250 ,
000 . The company is not required to buy back the preferred stock. However, the preferred stock
includes a redemption feature that gives the holder the option to redeem the shares for cash at
specified dates. This would be classified as A) debt; equity under U.S. GAAP and B) debt; debt
C) equity; debt D) equity; equity 12) Stinson Corporation has 7% participating preferred shures.
In 2015 the company pays common shareholders dividends that are 9% of common par value.
What, if any, additional dividend will preferred shareholders receive? A) 2% B) 9% C) 100% D)
none 13) Bach, Inc. issued 800 shares of 8% , $80 par value, preferred stock for $80 , 000 . The
board of directors declared dividends on December 30 , to be paid in January. What journal entry
is necessary to record the payment of dividends?.
E1518 Dividends and Equity Section Elizabeth Company repo.pdf
E15-18 (Dividends and Equity Section) Elizabeth Company reported the following amounts in the
equity section of its December 31, 2010, statement of financialposition. Share capital--preference,
8%, $100 par (10,000 shares authorized, 2,000 shares issued) Share capital-ordinary, $5 par
(100,000 shares authorized, 20.000 shares issued) Share premium Retained earnings $200.000
100.000 125.000 450.000 Total $875,000 During 2011, Elizabeth took part in the following
transactions concerning equity.
During 2011, Elizabeth took part in the following transactions concerning equity.
1.
Paid the annual 2010 $8 per share dividend on preference shares and a $2 per share dividend on
ordinary shares. These dividends had been declared on December 31,2010.
2.
Purchased 2,700 shares of its own outstanding ordinary shares for $40 per share. Elizabeth uses
3. 4.
the cost method.
Reissued 700 treasury shares for land valued at $30,000. Issued 500 preferenceshares at $105
per share.
5. Declareda10%sharedividendontheoutstandingordinaryshareswhenthesharesaresellingfor $45
per share.
6. Issued the share dividend.
7. Declared the annual 2011 $8 per share dividend on preference shares and the $2 per share
divi- dend on ordinary shares. These dividends are payable in 2012.
Instructions
(a) Prepare journal entries to record the transactions described above.
(b) Prepare the December 31, 2011, equity section. Assume 2011 net income was $330,000..
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy 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, Flimsy 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, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy 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, Flimsy 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: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, 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.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy 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.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
5)Sonny has the following account balances as of January 1, 2018 bef.pdf
5)Sonny has the following account balances as of January 1, 2018 before an acquisition
transaction takes place.
The fair value of Sonny\' Land and Buildings are $200,000 and $300,000, respectively. On
January 1, 2018, Phillip Company issues 30,000 shares of its $10 par value ($25 fair value)
common stock in exchange for all of the shares of Sonny\' common stock. Phillip paid $10,000
for costs to issue the new shares of stock. Before the acquisition, Phillip has $700,000 in its
common stock account and $300,000 in its additional paid-in capital account.
On January 1, 2018, what value is assigned to Phillip\'s investment account?
A. $150,000.
B. $300,000.
C. $750,000.
D. $760,000.
E. $1,350,000.
6)Acquired in-process research and development is considered as
A. an indefinite-lived asset subject to testing for impairment.
B. a definite-lived asset subject to testing for impairment.
C. an indefinite-lived asset subject to amortization.
D. a definite-lived asset subject to amortization.
E. a research and development expense at the date of acquisition.
7) Sonny has the following account balances as of January 1, 2018 before an acquisition
transaction takes place.
The fair value of Sonny\' Land and Buildings are $200,000 and $300,000, respectively. On
January 1, 2018, Phillip Company issues 30,000 shares of its $10 par value ($25 fair value)
common stock in exchange for all of the shares of Sonny\' common stock. Phillip paid $10,000
for costs to issue the new shares of stock. Before the acquisition, Phillip has $700,000 in its
common stock account and $300,000 in its additional paid-in capital account.
Immediately after the acquisition, what is the consolidated additional paid in capital?
A. $500,000.
B. $740,000.
C. $750,000.
D. $760,000.
E. $940,000.Inventory$100,000Land400,000Buildings (net)500,000Common
stock600,000Additional paid in capital200,000Retained
Earnings200,000Revenues450,000Expenses250,000
Solution
Part 5)
The value assigned to Phillip\'s investment account is determined as below:
Value Assigned to Philip\'s Investment Account = Number of Shares Issued*Fair Value Per
Share
Using the values provided in the question, we get,
Value Assigned to Philip\'s Investment Accounton January 1 2008 = 30,000*25 = $750,000
(which is Option C)
_____
Part 6)
An indefinite-lived asset subject to testing for impairment. (which is Option A)
_____
Explanation:
As per the applicable accounting rules/standards, the value of in-process research and
development is capitalized as an asset for the combined entity. It is treated as an intangible asset
having an indefinite life and is subject to impairment.
_____
Part 7)
The value of consolidated additional paid in capital is arrived as below:
Value of Consolidated Additional Paid in Capital = Current Balance in Phillip\'s Additional Paid-
In Capital Account + Increase in Additional Paid in Capital on the Date of Acquisition
Using the values provided in the question, we get,
Value of Consolidated Additional Paid.
Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders\'
equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in
Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During
the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to
stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share
was $35 July 1 Declared a 10% stock dividend to stockholders of record on July 15 distributable
uly 31 On uly 1, the market price of the stock was SA er share. 31 Dec. 1 31 Issued the shares for
the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December
15, payable January 5, 2018. Determined that net income for the year was $300,000
Solution
a) Journal Entries Date Accounts and Titles Debit Credit Feb.1 Retained Earnings (50,000
X $1) $50,000.00 Dividends Payable $50,000.00 Mar.1 Dividends Payable $50,000.00
Cash $50,000.00 Apr.1 No Entry Two-for-one stock split increases number of shares to
100,000 = (50,000 X 2) and reduces par value to $10 per share Jul.1 Retained Earnings
(100,000 x 10% x $14) $140,000.00 Common Stock Dividends Distributable (10,000 X $10)
$100,000.00 Paid-in Capital in Excess of Par Value (10,000 X $4) $40,000.00 Jul.31
Common Stock Dividends Distributable $100,000.00 Common Stock $100,000.00 Dec.
1 Retained Earnings (110,000 X $.30) $33,000.00 Dividends Payable $33,000.00 Dec.
31 Income Summary $300,000.00 Retained Earnings $300,000.00 b) Geffrey
Corporation Balance Sheet (Partial) December 31, 2017 Stockholders’ equity Paid-
in capital Capital stock Common stock, $10 par value, 110,000 shares issued and
outstanding $1,100,000.00 Additional paid-in capital In excess of par value ($190,000 +
$40,000) $230,000.00 Total paid-in capital $1,330,000.00 Retained earnings ($300,000 +
33000 + 140000 + 50000) $523,000.00 Total stockholders’ equity $1,853,000.00.
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. 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 2016 and were not recorded:
a. On January 1, Murphy 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, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 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, 2016.
c.
Question 4 (14 points)
4A. Janu.
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. 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 2016 and were not recorded:
a.
On January 1, Murphy 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, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 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, 2016.
Question 4 (14 poi.
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
.
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
...
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 ...
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.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
Homer Corp became public on January 1, 2013 and issued the following.pdf
Homer Corp became public on January 1, 2013 and issued the following stock for cash: 800,000
shares of $1 par value common stock authorized, 150,000 shares issued for $19 per share.
200,000 shares of $100 par value, 9.5% cumulative preferred stock authorized, 60,000 issued for
$122 per share. No dividends were declared or paid during 2013. However, on 12/28/14, the
board of directors of Homer declared dividends of $1,800,000, payable of February 12, 2015 to
holders of record as of January 19, 2015. a. Use the Horizontal model to show the effects of the
issuance of common and preferred stock. b. Of the total amount of dividends to be paid how
much will preferred stockholders and common stockholders receive respectively?
Solution
b)Total Dividend paid = 1,800,000
Less: Preferred dividend = [6,000,000 * .095 ] = $ 570,000
Dividend to be paid to common stock = $ 1,230,000Preferred stock authorized200,000 shares of
$ 100 par value ,9.5% cummulative preferred stock authorizedof which , 60,000 issuedPreferred
stock [60,000 * 100 ]6,000,000Additional paid in capital -preferred stock [60,000 * (122 -
100 ) ]1,320,000800,000shares of $ 1 par value common stock authorizedof which 150,000
shares issuedcommon stock [150,000 * 1]150,000Additinal paid in capital -common stock
[150,000 * (19 -1)]2,700,000.
ACCT 221 FINAL EXAM (SUMMER 2016)
This document contains an accounting exam with 3 questions. Question 1 provides balances for Rayco Inc. as of 12/31/2014 and transactions during 2014 that were not recorded, and asks the student to prepare journal entries and a classified balance sheet. Question 2 provides information about XYZ Company's purchase of Rayco stock and asks for related journal entries and the investment balance on XYZ's balance sheet. Question 3 provides selected financial information for Rayco for 2014 and asks the student to prepare Rayco's statement of cash flows for the year using the indirect method.
The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) = $300,000 Common
Stock ($4 stated value, 300,000 shares authorized) =1,000,000 Paid-in Capital in Excess of Par
Value Preferred Stock) =15,000 Paid-in Capital in Excess of Stated Value Common Stock =
480,000 Retained Earnings =710,000 Treasury Stock (5,000 common shares) = 40,000 During
2014, the corporation had the following transactions and events pertaining to its stockholders
equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000
additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend
on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1
Declared a $0.50 per share cash dividend to common stockholders of record on December 15,
payable December 31, 2014. Dec. 31 Determined that net income for the year was $280,000.
Paid the dividend declared on December 1. I am trying to perform a tabular summary with
beginning balances on Jan 1 2014 and am confused with the calculations.
Marianna Corporation is authorized to issue 100-000 shares of $5 state.docx
Marianna Corporation is authorized to issue 100,000 shares of $5 stated par value stock and 2,000 shares of $100 par value, 6 percent preferred stock. Prepare journal entries in journal form without explanations to record the following transactions:
July 15 Issued 1,000 shares of common stock to an attorney for a bill of $7,000 for
services rendered.
7000
July 25 Issued 2,000 shares of preferred stock for cash of $120 per share.
July 27 Issued 10,000 shares of common stock in exchange for land for a plant site
valued at $75,000.
Aug. 1 Issued 5,000 shares of common stock for $35,000 in cash.
Solution
Journal Entries
.
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.
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. 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 2016 and were not recorded:
On January 1, Murphy 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.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal entries for each transaction.
Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2013 was
Penelope’s first year of operations.
1.Penelope issued 1,000 shares of $1 par value common stock for $70 per share on January 1,
2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
2.Penelope issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per
share on January 1, 2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the
company’s equity section of the December 31, 2013, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/14
3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014.
Prepare the company’s equity section from December 31, 2014.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
12/15/14
Class of Stock Total Dividend Dividend Per Share
Preferred
Common
4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’
equity section of the December 31, 2014, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
Solution
1)a.
Cash Debit 70,000 [70 * 1000]
Common sto credit 1,000 [1* 1000 ]
Additional paid in capital credit 69,000 [69* 1000]
[being common stock issued at premium recorded]
Asset = liabilities + equity
+ 70,000 = 0 + +70,000
1b) cash Debit 25,000 [500*50]
Preferred stock credit 25,000
[Being preferred stock issued recorded]
1c)Stockholders equity
2) Treasury stock Debit 12,000 [60*200]
cash credit 12,000
[being stock repurchased recorded]
Asset = Liabilities + equity
- 12000 = 0 + (- )12000
3)Retained earnings Debit 6,600
Preferred stock dividend payable credit 2500 [5*500 ]
Common stock dividend payable credit 4100 [6600 -2500]
[being dividend declared recorded]
b)Preferred stock dividend payable Debit 2500 [5*500 ]
Common stock dividend payable Debit 4100
cash credit 6600
[being dividend paid recorded]
4)Preferred stock25,000Common stock1,000Additional paid in capital -common
stock69,000Retained earnings2,000stockholders equity97,000.
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)
Acc 557 homework 4 chapters 11 and 12
This document provides instructions for ACC 557 Homework 4 assignments covering accounting topics from Chapters 11 and 12. It includes exercises involving journal entries for stock transactions, stock dividends, and investments. It also includes problems calculating stockholders' equity accounts and preparing a classified balance sheet. Students are to complete the assignments in a Word or Excel document and submit by the due date of Week 8.
R. Moore, Inc. assembles collections of records from the 1980s, secu.pdf
R-square is called the Coeffiecent of Determination and 1-R-square is called as the Coefficient of
Non-Determination. The latter is also
1) the slope of a simple linear regression
2) the proportion of the variation in the dependent variable y explained by variation in the
independent variable X
3) the proprtion of the variation in the dependent variable y not explained by the variation in the
independent variable x
4) the intercept of a simple linear regression
Solution
3) the proportion of the variation in the dependent variable not explained by the
variation in the independent variable.
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 1-5 are all based on the following information. On January 2, 2014, Max Corporation
acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000. This
acquisition gave Max the ability to exercise significant influence over the investee. The book
value of the acquired shares was $790,000. Any excess cost over the book value was assigned to
a patent that was undervalued on Rich\'s balance sheet. This patent has a remaining useful life of
7 years. For the year ended December 31, 2014, Rich reported net income of $250,000 and paid
cash dividends of $95,000. 1)At December 31, 2014, how much is the basic equity accrual
(increase)? 2)How much is the excess payment? 3)At December 31, 2014, how much is the
dividend allocation? 4)For 2014, how much is the excess amortization of the patent? 5)At
December 31, 2014, how much should Max report as its investment in Rich?
Solution
1) Basic equity accrual on 31/12/2014 155,000/-
2) The xecess payment for patent 210,000/-
3) Dividend allocation 95,000/-
4) Excess amortisation of patent 28,500/- (95,000 *30 %)
5) Max investment in rich after dividend is accounted 971,500/- (1,000,000 - 28,500).
More Related Content
Similar to Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy 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, Flimsy 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, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy 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, Flimsy 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: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, 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.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy 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.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
5)Sonny has the following account balances as of January 1, 2018 bef.pdf
5)Sonny has the following account balances as of January 1, 2018 before an acquisition
transaction takes place.
The fair value of Sonny\' Land and Buildings are $200,000 and $300,000, respectively. On
January 1, 2018, Phillip Company issues 30,000 shares of its $10 par value ($25 fair value)
common stock in exchange for all of the shares of Sonny\' common stock. Phillip paid $10,000
for costs to issue the new shares of stock. Before the acquisition, Phillip has $700,000 in its
common stock account and $300,000 in its additional paid-in capital account.
On January 1, 2018, what value is assigned to Phillip\'s investment account?
A. $150,000.
B. $300,000.
C. $750,000.
D. $760,000.
E. $1,350,000.
6)Acquired in-process research and development is considered as
A. an indefinite-lived asset subject to testing for impairment.
B. a definite-lived asset subject to testing for impairment.
C. an indefinite-lived asset subject to amortization.
D. a definite-lived asset subject to amortization.
E. a research and development expense at the date of acquisition.
7) Sonny has the following account balances as of January 1, 2018 before an acquisition
transaction takes place.
The fair value of Sonny\' Land and Buildings are $200,000 and $300,000, respectively. On
January 1, 2018, Phillip Company issues 30,000 shares of its $10 par value ($25 fair value)
common stock in exchange for all of the shares of Sonny\' common stock. Phillip paid $10,000
for costs to issue the new shares of stock. Before the acquisition, Phillip has $700,000 in its
common stock account and $300,000 in its additional paid-in capital account.
Immediately after the acquisition, what is the consolidated additional paid in capital?
A. $500,000.
B. $740,000.
C. $750,000.
D. $760,000.
E. $940,000.Inventory$100,000Land400,000Buildings (net)500,000Common
stock600,000Additional paid in capital200,000Retained
Earnings200,000Revenues450,000Expenses250,000
Solution
Part 5)
The value assigned to Phillip\'s investment account is determined as below:
Value Assigned to Philip\'s Investment Account = Number of Shares Issued*Fair Value Per
Share
Using the values provided in the question, we get,
Value Assigned to Philip\'s Investment Accounton January 1 2008 = 30,000*25 = $750,000
(which is Option C)
_____
Part 6)
An indefinite-lived asset subject to testing for impairment. (which is Option A)
_____
Explanation:
As per the applicable accounting rules/standards, the value of in-process research and
development is capitalized as an asset for the combined entity. It is treated as an intangible asset
having an indefinite life and is subject to impairment.
_____
Part 7)
The value of consolidated additional paid in capital is arrived as below:
Value of Consolidated Additional Paid in Capital = Current Balance in Phillip\'s Additional Paid-
In Capital Account + Increase in Additional Paid in Capital on the Date of Acquisition
Using the values provided in the question, we get,
Value of Consolidated Additional Paid.
Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders\'
equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in
Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During
the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to
stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share
was $35 July 1 Declared a 10% stock dividend to stockholders of record on July 15 distributable
uly 31 On uly 1, the market price of the stock was SA er share. 31 Dec. 1 31 Issued the shares for
the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December
15, payable January 5, 2018. Determined that net income for the year was $300,000
Solution
a) Journal Entries Date Accounts and Titles Debit Credit Feb.1 Retained Earnings (50,000
X $1) $50,000.00 Dividends Payable $50,000.00 Mar.1 Dividends Payable $50,000.00
Cash $50,000.00 Apr.1 No Entry Two-for-one stock split increases number of shares to
100,000 = (50,000 X 2) and reduces par value to $10 per share Jul.1 Retained Earnings
(100,000 x 10% x $14) $140,000.00 Common Stock Dividends Distributable (10,000 X $10)
$100,000.00 Paid-in Capital in Excess of Par Value (10,000 X $4) $40,000.00 Jul.31
Common Stock Dividends Distributable $100,000.00 Common Stock $100,000.00 Dec.
1 Retained Earnings (110,000 X $.30) $33,000.00 Dividends Payable $33,000.00 Dec.
31 Income Summary $300,000.00 Retained Earnings $300,000.00 b) Geffrey
Corporation Balance Sheet (Partial) December 31, 2017 Stockholders’ equity Paid-
in capital Capital stock Common stock, $10 par value, 110,000 shares issued and
outstanding $1,100,000.00 Additional paid-in capital In excess of par value ($190,000 +
$40,000) $230,000.00 Total paid-in capital $1,330,000.00 Retained earnings ($300,000 +
33000 + 140000 + 50000) $523,000.00 Total stockholders’ equity $1,853,000.00.
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. 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 2016 and were not recorded:
a. On January 1, Murphy 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, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 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, 2016.
c.
Question 4 (14 points)
4A. Janu.
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. 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 2016 and were not recorded:
a.
On January 1, Murphy 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, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 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, 2016.
Question 4 (14 poi.
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
.
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
...
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 ...
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.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
Homer Corp became public on January 1, 2013 and issued the following.pdf
Homer Corp became public on January 1, 2013 and issued the following stock for cash: 800,000
shares of $1 par value common stock authorized, 150,000 shares issued for $19 per share.
200,000 shares of $100 par value, 9.5% cumulative preferred stock authorized, 60,000 issued for
$122 per share. No dividends were declared or paid during 2013. However, on 12/28/14, the
board of directors of Homer declared dividends of $1,800,000, payable of February 12, 2015 to
holders of record as of January 19, 2015. a. Use the Horizontal model to show the effects of the
issuance of common and preferred stock. b. Of the total amount of dividends to be paid how
much will preferred stockholders and common stockholders receive respectively?
Solution
b)Total Dividend paid = 1,800,000
Less: Preferred dividend = [6,000,000 * .095 ] = $ 570,000
Dividend to be paid to common stock = $ 1,230,000Preferred stock authorized200,000 shares of
$ 100 par value ,9.5% cummulative preferred stock authorizedof which , 60,000 issuedPreferred
stock [60,000 * 100 ]6,000,000Additional paid in capital -preferred stock [60,000 * (122 -
100 ) ]1,320,000800,000shares of $ 1 par value common stock authorizedof which 150,000
shares issuedcommon stock [150,000 * 1]150,000Additinal paid in capital -common stock
[150,000 * (19 -1)]2,700,000.
ACCT 221 FINAL EXAM (SUMMER 2016)
This document contains an accounting exam with 3 questions. Question 1 provides balances for Rayco Inc. as of 12/31/2014 and transactions during 2014 that were not recorded, and asks the student to prepare journal entries and a classified balance sheet. Question 2 provides information about XYZ Company's purchase of Rayco stock and asks for related journal entries and the investment balance on XYZ's balance sheet. Question 3 provides selected financial information for Rayco for 2014 and asks the student to prepare Rayco's statement of cash flows for the year using the indirect method.
The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) = $300,000 Common
Stock ($4 stated value, 300,000 shares authorized) =1,000,000 Paid-in Capital in Excess of Par
Value Preferred Stock) =15,000 Paid-in Capital in Excess of Stated Value Common Stock =
480,000 Retained Earnings =710,000 Treasury Stock (5,000 common shares) = 40,000 During
2014, the corporation had the following transactions and events pertaining to its stockholders
equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000
additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend
on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1
Declared a $0.50 per share cash dividend to common stockholders of record on December 15,
payable December 31, 2014. Dec. 31 Determined that net income for the year was $280,000.
Paid the dividend declared on December 1. I am trying to perform a tabular summary with
beginning balances on Jan 1 2014 and am confused with the calculations.
Marianna Corporation is authorized to issue 100-000 shares of $5 state.docx
Marianna Corporation is authorized to issue 100,000 shares of $5 stated par value stock and 2,000 shares of $100 par value, 6 percent preferred stock. Prepare journal entries in journal form without explanations to record the following transactions:
July 15 Issued 1,000 shares of common stock to an attorney for a bill of $7,000 for
services rendered.
7000
July 25 Issued 2,000 shares of preferred stock for cash of $120 per share.
July 27 Issued 10,000 shares of common stock in exchange for land for a plant site
valued at $75,000.
Aug. 1 Issued 5,000 shares of common stock for $35,000 in cash.
Solution
Journal Entries
.
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.
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. 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 2016 and were not recorded:
On January 1, Murphy 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.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal entries for each transaction.
Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2013 was
Penelope’s first year of operations.
1.Penelope issued 1,000 shares of $1 par value common stock for $70 per share on January 1,
2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
2.Penelope issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per
share on January 1, 2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the
company’s equity section of the December 31, 2013, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/14
3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014.
Prepare the company’s equity section from December 31, 2014.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
12/15/14
Class of Stock Total Dividend Dividend Per Share
Preferred
Common
4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’
equity section of the December 31, 2014, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
Solution
1)a.
Cash Debit 70,000 [70 * 1000]
Common sto credit 1,000 [1* 1000 ]
Additional paid in capital credit 69,000 [69* 1000]
[being common stock issued at premium recorded]
Asset = liabilities + equity
+ 70,000 = 0 + +70,000
1b) cash Debit 25,000 [500*50]
Preferred stock credit 25,000
[Being preferred stock issued recorded]
1c)Stockholders equity
2) Treasury stock Debit 12,000 [60*200]
cash credit 12,000
[being stock repurchased recorded]
Asset = Liabilities + equity
- 12000 = 0 + (- )12000
3)Retained earnings Debit 6,600
Preferred stock dividend payable credit 2500 [5*500 ]
Common stock dividend payable credit 4100 [6600 -2500]
[being dividend declared recorded]
b)Preferred stock dividend payable Debit 2500 [5*500 ]
Common stock dividend payable Debit 4100
cash credit 6600
[being dividend paid recorded]
4)Preferred stock25,000Common stock1,000Additional paid in capital -common
stock69,000Retained earnings2,000stockholders equity97,000.
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)
Acc 557 homework 4 chapters 11 and 12
This document provides instructions for ACC 557 Homework 4 assignments covering accounting topics from Chapters 11 and 12. It includes exercises involving journal entries for stock transactions, stock dividends, and investments. It also includes problems calculating stockholders' equity accounts and preparing a classified balance sheet. Students are to complete the assignments in a Word or Excel document and submit by the due date of Week 8.
Similar to Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf (20)
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.For this .docx
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
5)Sonny has the following account balances as of January 1, 2018 bef.pdf
5)Sonny has the following account balances as of January 1, 2018 bef.pdf
Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry explanations.Be sure to include c.docx
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet .docx
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations.docx
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Homer Corp became public on January 1, 2013 and issued the following.pdf
Homer Corp became public on January 1, 2013 and issued the following.pdf
The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
Marianna Corporation is authorized to issue 100-000 shares of $5 state.docx
Marianna Corporation is authorized to issue 100-000 shares of $5 state.docx
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal e.pdf
More from suretheboss10
R. Moore, Inc. assembles collections of records from the 1980s, secu.pdf
R-square is called the Coeffiecent of Determination and 1-R-square is called as the Coefficient of
Non-Determination. The latter is also
1) the slope of a simple linear regression
2) the proportion of the variation in the dependent variable y explained by variation in the
independent variable X
3) the proprtion of the variation in the dependent variable y not explained by the variation in the
independent variable x
4) the intercept of a simple linear regression
Solution
3) the proportion of the variation in the dependent variable not explained by the
variation in the independent variable.
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 1-5 are all based on the following information. On January 2, 2014, Max Corporation
acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000. This
acquisition gave Max the ability to exercise significant influence over the investee. The book
value of the acquired shares was $790,000. Any excess cost over the book value was assigned to
a patent that was undervalued on Rich\'s balance sheet. This patent has a remaining useful life of
7 years. For the year ended December 31, 2014, Rich reported net income of $250,000 and paid
cash dividends of $95,000. 1)At December 31, 2014, how much is the basic equity accrual
(increase)? 2)How much is the excess payment? 3)At December 31, 2014, how much is the
dividend allocation? 4)For 2014, how much is the excess amortization of the patent? 5)At
December 31, 2014, how much should Max report as its investment in Rich?
Solution
1) Basic equity accrual on 31/12/2014 155,000/-
2) The xecess payment for patent 210,000/-
3) Dividend allocation 95,000/-
4) Excess amortisation of patent 28,500/- (95,000 *30 %)
5) Max investment in rich after dividend is accounted 971,500/- (1,000,000 - 28,500).
Questions 1-2 go with the following information Terry Dactel is.pdf
Questions 1-10 refer to the following frequency distribution: Annual IncomeNumber of
households under $10,000 20 $10,000
Solution
What is the frequency of the $20,000-under $30,000 class? answer =70
========================== What is the width of each class? $10,000
======================== =What is the mid-point for the $40,000-under $50,000 class?
$45,000 ================================== If we were to convert these data to
a relative frequency distribution, what value would be associated with the $50,000-under
$60,000 class? 0.06 ============================== 31. For a cumulative
frequency distribution (less than or within), what value would be associated with the $30,000-
under $40,000 class? 135 ================================ 32. For the value 10,
40, 20, 50, and 40, the value of the arithmetic mean is 32.
QuestionGive one example for each of the three generations of cel.pdf
Question:Find the probability that X(1), X(2).....X(n) is a permutation of
1,2....n when X(1), X(2).....X(n) are independent and each is equally
likely to be any of the values 1,2....n.
Solution
I assume the meaning of \"permutation of 1,2,...n\" means that the digits 1 through n
can be selected in any order, but all must be present precisely once. For the first digit you can
select any one of the n numbers. For the second digit you can select any one of the remaining (n-
1) numbers that have not yet been picked - the probability of doing so is (n-1)/n. For the third
number there are (n-2) numbers remaining that haven\'t been picked yet, so the probability of
picking a \"good\" number is (n-2)/n. And so on..
QuestionDetails 13) Prove that a is an accumulation point of S if.pdf
QuestionDetails: 1. Our genetic material, DNA, is formed from a 4 letter\"alphabet\" of bases: A,
T, G, C (adenine, thymine, guanine, andcytosine). The order in which the letters are arranged
isimportant, but because a molecule can move, there is no differencebetween a sequence and the
same sequence reversed. For example, thesequence (A, A, T, A, G, A, T) is the same as the
sequence (T, A,G, A, T, A, A).
How many distinct DNA sequences of 6 bases are there?
I tried 4^6, and it\'s wrong because i forgot the reverse ofsequences is not distinct.
46/2 is also not the correct answer.
I also tried 4*4*4*3*3*3, trying to avoid the mistake I made thefirst time. But that\'s also not
the correct answer.
Right now, I\'m thinking it\'s some form of
4*4*4*3*4*4 + 4*4*4*4*3*4 + 4*4*4*4*4*3 , since one of the lastbases can only have 3
choices to avoid being the reverse. I don\'tknow if it\'s (45 * 3)*6 or (45 * 3)*3. Or ifit\'s
something completely different, since with this approach iwould get a number way bigger than
46, which I thoughtwas the total number of strings of six bases (with four choices foreach base).
I can only submit the answer one more time, so it hasto be right :(
QuestionDetails:
Solution
Since there are 4 different choices for each of the first fourletters that would mean that there are
4^4 symetricsequences? The chances of the sequence being a palindrome depend onthe first four
sequences.
This means that the total sequences that are different for 6 basesis 4^6-4^4 = the # of asymetric
sequences
Theb I would divide that # by 2
Finally add that to 4^4 to get the total # of distinct sequences.
This turns out to be 2176 different sequences. I think this isthe right answer.
This turns out to be 2176 different sequences. I think this isthe right answer..
QuestionBriefly explain why modulation is needed in wireless comm.pdf
Question:
Based on the constellation , find out the baseband modulation symbols for the binary sequence
001001110101
(a) BPSK
(b) QPSK
(c) 8PSK
(d) 16QAM
Solution
The baseband modulation symbols for the binary sequence 001001110101
(a) BPSK
The simplest form of PSK is binary phase-shift keying (BPSK), where N = 1 and M = 2.
Therefore, with BPSK, two phases (21 = 2) are possible for the carrier. One phase represents a
logic 1, and the other phase represents a logic 0. As the input digital signal changes state (i.e.,
from a 1 to a 0 or from a 0 to a 1), the phase of the output carrier shifts between two angles that
are separated by 180°. Hence, other names for BPSK are phase reversal keying (PRK) and bi
phase modulation. BPSK is a form of square-wave modulation of a continuous wave (CW)
signal.
(b) QPSK
QPSK is an M-ary encoding scheme where N = 2 and M= 4 (hence, the name \"quaternary\"
meaning \"4\"). A QPSK modulator is a binary (base 2) signal, to produce four different input
combinations,: 00, 01, 10, and 11. Therefore, with QPSK, the binary input data are combined
into groups of two bits, called dibits. In the modulator, each dibit code generates one of the four
possible output phases (+45°, +135°, -45°, and -135°).
(c) 8PSK
The idea can be extended to have 8-PSK. Here the phase is shifted by 450
(d) 16QAM
Any rectangular QAM constellation is equivalent to superimposing two ASK signals on
quadrature carriers (I and Q components). For 4-QAM modulation, each symbol is of size k =
log2(M) = log2(4) = 2 bits. For 16-QAM modulation, the symbol size is k = log2(16) = 4 bits.
There exist other constellations that are more efficient (in terms of energy required to achieve
same error probability) than the standard rectangular constellation. But due to its simplicity in
modulation and demodulation rectangular constellations are preferred.
In any M-QAM constellation, in order to restrict the erroneous symbol decisions to single bit
error, the adjacent symbols in the transmitter constellation should not differ more than one bit.
This is usually achieved by converting the input symbols to Gray coded symbols and then
mapping it to the desired QAM constellation. But this intermediate step can be skipped
altogether by using a Look-Up-Table (LUT) approach which properly translates the input symbol
to appropriate position in the constellation. We will exploit the inherent property of Karnaugh
Maps to generate the gray coded 16-QAM constellation
Karnaugh Maps:
To generate a gray coded 16-QAM constellation we will use a 4 variable (since for 16-QAM, the
symbol size is 4 bits) K-Map. A 16 QAM constellation can be constructed using two 4-ASK
signals. For a 4-ASK signal there are 4 amplitude levels. For our case the 4 amplitude levels are
{-3,-1,+1,+3}.
Let’s draw the constellation to verify the above mentioned approach. Plot the in-phase and
quadrature phase components (QAM output) and each point with the equivalent binary
representation of the array index giv.
Question7Marks 5Students we.pdf
Question7: 5% points:
Flop Company manufactures 10,000 units of widgets for use in its annual production. Costs are
direct materials $20,000, direct labor $55,000, variable overhead $45,000, and fixed overhead
$70,000. Flimsy Company has offered to sell Flop 10,000 units of widgets for $18 per unit. If
Flop accepts the offer, some of the facilities presently used to manufacture widgets could be
rented to a third party at an annual rental of $15,000. Additionally, $4 per unit of the fixed
overhead applied to widgets would be totally eliminated.
Requirements: Prepare an incremental analysis schedule to demonstrate if Flop should accept
Flimsy\'s offer.
Solution
Statement of Incremental Income Amount ($) Sales 180000 Direct Material
20000 Direct labour 55000 variable oberhead 45000
Contribution 60000 Fixed Overhead 70000 Profit/(Loss) -10000
Other rental Income 15000 Saving In fixed Cost 40000 Net
Incremental Income 45000.
Question-Whatare Fused Sentences How they can be avoidedQue.pdf
Question-4:
A room in a building in New York City has a 12 ft W by 6 ft H window facing south. The
building is of medium weight construction. The window is
Solution
We know that solar cooling load is given as
QS = A (T It + NpIt)
Where A is area , T is transmittivity of glass , It is total radiation incident on surface, p is
absorptivity of glass ,
N is fraction of absorbed radiation transferred to the indoor by conduction and convection.
These all are standard values on putting these values we can find the value of Q.
then for load we can find out it by dividing the 3.5 which give us the value in tons.
We have all the values A = 12*6 ft2.
Question is as follows, please show all steps of working. Le.pdf
Question is
a) State the pigeonhole priciple.
b) Explain how the pigeonhole principle can be used to show that among any 11 integers, at
least two must have the same digit.
Solution
a) The pigeonhole principle states that if n pigeons are placed into m pigeonholes,
with n>m, then at least one of the pigeonholes must have more than one pigeon. Ex: If there are
366 children in a room, then at least 2 of the kids will share the same birthday (why? because at
worst, let\'s assume 365 of the kids all have different birthdays. Then the last kid, the 366th kid,
must fall on a day already taken). b) Suppose we have 11 random digits. At worst, we know that
the numbers 0, 1, 2, 3, ..., 9 are unique (i.e. don\'t have the same digit). There are ten numbers in
that list. No matter what random number is selected for the 11th number, it must contain at least
ONE of the digits I just listed. Hence, at least two must have the same digit..
Question In how many ways can 5 people be seated on 5 chairs around.pdf
Question: In a 7 day week 1 student will drop out of school. What is the Probability that 3
students will drop out in exactly 2 of the next five days?
* that is 3 students drop on each of these 2 days, (so 3 on one of the two and three more on the
second)
* Dropping out is independent
Solution
Given X~Poisson(=5/7=0.71 in five days)
P(X=x)=(0.71)^x*exp(-0.71)/x!
So the probability is
P(X=3)=(0.71)^3*exp(-0.71)/6= 0.02932748.
Question Details lim x-2 (X^2 - 3) when finding delta i get to .pdf
Question details:
Give me proof that (square root of 5) is not rational
Solution
If v5 is rational, then it can be expressed by some number a/b (in lowest terms).
This would mean: (a/b)² = 5. Squaring, a² / b² = 5. Multiplying by b², a² = 5b². If a and b are in
lowest terms (as supposed), their squares would each have an even number of prime factors. 5b²
has one more prime factor than b², meaning it would have an odd number of prime factors. Every
composite has a unique prime factorization and can\'t have both an even and odd number of
prime factors. This contradiction forces the supposition wrong, so v5 cannot be rational. It is,
therefore, irrational..
Question 6Question textSelect onea. the company matched the e.pdf
Question 6
Question 6 Martinez Corporation engaged in the following cash transactions during 2014.
Sale of land and building$196,800Purchase of treasury stock46,380Purchase of
land43,170Payment of cash dividend94,460Purchase of equipment62,310Issuance of common
stock148,120Retirement of bonds103,890
Compute the net cash provided (used) by investing activities. (Show amounts that decrease
cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Solution
Calculation of net cash provided (used) by investing activities:
Sale of land and building
$ 196,800
Purchase of land
$ (43,170)
Purchase of equipment
$ (62,310)
Net cash provided by investing activities =
$ 91,320
Calculation of net cash provided (used) by investing activities:
Sale of land and building
$ 196,800
Purchase of land
$ (43,170)
Purchase of equipment
$ (62,310)
Net cash provided by investing activities =
$ 91,320.
More from suretheboss10 (12)
R. Moore, Inc. assembles collections of records from the 1980s, secu.pdf
R. Moore, Inc. assembles collections of records from the 1980s, secu.pdf
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 11-15 are based on the followingRose Corporation acquir.pdf
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