Sievie - O Sporting. Inc, compleled the following selected transactio.pdf

•

0 likes•2 views

Sievie - O Sporting. Inc, compleled the following selected transactions during 2018: (i) (Cick the icon to view the transacions) 1. Record the transactions in the journal. (Record debis trnt, then eredts. Exclude explanations from any joumal entries. If no journal enty is requed, select "No entry required" on the firt ine of Requirements the Acoounts column and leave af other celli blank.) Jan 6: Dedared a cash didend on the 10,000 shares of 54 , no-par preferred stock cutstanding. Declared a 50.60 por shace dvidend on the 20,000 shares of comnon stock outstanding. The date of record is Janualy 17 , and the payment date is January 20 . Start by peoparing the necssary entry on the date of deciaration-January 6. (Prepare a compound anity.) More info Jan 6 Deciared a cash dividend on the 10.000 shares of \$4, no-par prelemed thock outstanding. Dedared a so so per share dividend on the 20,000 shares of common stock oudtatanden. The date of record is January 17 , and the paymeet date is January. 20. Jan 20 Paid the cash dividends Mar 21 splt commen stock. 2 ter-1 by caling is the 20,000 shares of 512 par common wotk and iuming new stock in its place. Apr 18 Declued and dstributed a 10% stock devidend on the commen stock. The maiket value of the common tock was 520 per share Jun 10 Purchased 8,000 shares of veaviy cemmon sock at 533 per thare. Dec 22 Sold 4,000 shares of veasury comenan stock for $37 per ahare..

Education

Hought Offion Machines, Incits acoourtants assertbled the following selocted data for the year ended December 31,2018 : III (Cick the icon to view the curtent accounts.) It (Cick the icon to view the transacion data.) Requirement 1. Prepare Heught Oflice Machines, Inc's stalement of cash flows using the hdirect methed to report operasing activbes. List noncash investing and finanoing activites on an acoompanying schedule Hought Citice Machines, incis accountants assembled the following solected daa for the year ended December 31,2018. HII (Ciok the ioge lo ved the cumpent accounts) (Click the icon to viow the vamsacton data) Requiremeat 1. Prepare Houpht Ofice Machines, the 's statement of cash fiows using the indirect method to report operating activies. List noncasti investing and fnancing activibes on an accompanying schedule 5 assembled the following selected data for the year ended December 31, 2018: (Click the icon to view the transaction data.) acis statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Data table Data table Stevens Office Machines, Inc's accountants assembled the following selected data for the year ended December 31, 2018: III (Cick the icon bo viow the cartent acoounts) (Cick the icon to view the transaction data) Requirement 1. Prepare Shevens Osce Machines. Inci. stalement of cash flows using the indrect method to report operating activios. List noncesh investing and financing activises on an accompanying schedule. Wement one soction at a fime, beginning with the cash flows trom operating activites. (Use parentheses or a minus sign for numb Data table Data table.

WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx

melbruce90096

WEEK 2 H/W Due in LEO no later than 11:00 PM on 30-AUG-2015 U.S. Eastern Time (Washington, DC) Brief Exercise 15-1 Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant. (a) Issuance of 160,000 shares of common stock at the market price of $10 per share. (b) Issuance of $1,600,000, 8% bonds at face value. Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.) Issue Stock Issue Bond Income before interest and taxes $701,100 $701,100 Interest expense from bonds Income before income taxes Income tax expense (25%) Net income $ $ Outstanding shares 541,100 Earnings per share $ $ Indicate which alternative is preferable. Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding. Brief Exercise 15-2 Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100. Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Top of Form Bottom of Form Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Bottom of Form Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Bottom of Form Brief Exercise 15-4 Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds. 1. On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value. 2. On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104. 3. On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98. Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 July 1 Sept. 1 Brief Exercise 16-1 Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800. Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..

On January 1- 2020- Pharoah Corporation had 96-000 shares of no-par co.pdf

Edwardw5nSlaterl

On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 14,000 additional shares of common stock for $15 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 Declareda cash dividend on outstanding shares of 51.10 per share to stockholders of record on December 31. (a) Your answer is incorrect. Prepere the entries, if any, on each of the three dividend dates. (Credit account litles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "Wo Entry" for the account titles and enter O for the amounts. List all debic entries before credit entries. Record journal entries in the order presented in the problem.).

Accountancy for Class XII

SmartPrep Education

chapter 7ashan silva

1.value10.00 points The following data relate to the operatio.docx

fredellsberry

1.value: 10.00 points The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash $ 6,000 Accounts receivable $ 36,000 Inventory $ 9,800 Buildings and equipment, net $ 110,885 Accounts payable $ 32,550 Capital stock $ 100,000 Retained earnings $ 30,135 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) $ 60,000 January $ 70,000 February $ 80,000 March $ 85,000 April $ 55,000 c. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. d. Each month’s ending inventory should equal 20% of the following month’s budgeted cost of goods sold. e. One-quarter of a month’s inventory purchases is paid for in the month of purchase; the other three-quarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory. f. Monthly expenses are as follows: commissions, $12,000; rent, $1,800; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $2,400 for the quarter and includes depreciation on new assets acquired during the quarter. g. Equipment will be acquired for cash: $3,000 in January and $8,000 in February. h. Management would like to maintain a minimum cash balance of $5,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $50,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the data above: 1. Complete the following schedule. Schedule of Expected Cash Collections January February March Quarter - Total Cash sales $ 28,000 $ $ $ Credit sales 36,000 Total collections $ 64,000 $ $ $ 2. Complete the following: (Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values.) Merchandise Purchases Budget January February March Quarter - Total Budgeted cost of goods sold $ 49,000 * $ $ $ Add desired ending inventory 11,200 † Total needs 60,200 Less beginning inventory 9,800 Required purchases $ 50,400 $ $ $ *$70,000 sales × 70% = $49,000. †$80,000 × 70% × 20% = $11,200. Schedule of Expected Cash Disbursements—Merchandise Purchases January February Ma.

On January 1- 2020- Blossom Corporation had 106-000 shares of no-par c.pdf

aarnnaenterprises

On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 issued 10,000 additional shares of common stock for $16 per share. June 15 Declared a cish dividend of $1 per share to stockholders of record on June 30. July 10 Paid the 51 cash dividend. Dec. 1 Purchased 1.800 additional shares of common stock for $15 per share. Dec. 15 Declared a cash dividend on outstanding shares of 51.30 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on eachi d the three dividend outes (Credit account bities are dutamatically indented when the dinount is: entered Do not indent mandally. If no entry is requ red, select 'No Entry' for the cacourit titics and enter of oor the omounts, List all debit eatries before credit entries Recordjournd entries in the order presented in the problerme Prepare the entries, if ary, on each of the three dividend datesi (Credit occount titles are outomatloelly indented when the ansount 5 . entered, Do not indent manually If no entry bs required, select "No Entry" for the occount titles and enter 0 for the amounts Ust ofl dehit. entries before credit entries. Record journal entries in the order presented in the problem..

Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash $ 100,000 Liabilities $ 80,000 Noncash assets 200,000 Fred, capital 100,000 George, capital 120,000 Total assets $ 300,000 Total liabilities and capital $ 300,000 1. Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Distributed safe cash payments to the partners. b. Paid $40,000 of the partnership’s liabilities. c. Sold noncash assets for $220,000. d. Distributed safe cash payments to the partners. e. Paid all remaining partnership liabilities of $40,000. f. Paid $8,000 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Ex. 2 A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business’s balance sheet prior to the commencement of liquidation is as follows: Cash $ 27,000 Liabilities $ 40,000 Noncash assets 254,000 Simpson, capital (20%) 18,000 Hart, capital (40%) 40,000 Bobb, capital (20%) 48,000 Reidl, capital (20%) 135,000 Total assets $281,000 Total liabilities and capital $281,000 Prepare a predistribution plan for this partnership. Partner Capital Balance Loss Allocation Maximum loss that can be absorb Schedule 1 Sampson Hart Bobb Reidl Schedule 2 Hart Bobb Reidl Schedule 3 Bobb Reidl Sampson Hart Bobb Reidl Reported balances Assumed loss Schedule 1 Adjusted Balances Assumed loss Schedule 2 Adjusted balances Assumed loss Schedule 3 Adjusted balances EX. 3 The Prince-Robbins partnership has the following capital account balances on January 1, 2015: Prince, Capital $ 70,000 Robbins, Capital 60,000 Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances. On January 2, 2015, Jeffrey invests $37,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50%), Robbins (30%), and Jeffrey (20%). In 2015, the partnership reports a net income of $15,000. a. Prepare the journal entry to record Jeffrey entrance into the partnership on January 2, 2015. (If no entry .

Required information -The following information applies to the questio (49).pdf

aarikaadesigners

Required information [The following information applies to the questions dispiayed below.] Fresh Foods established a petty cash fund of $350 on January 2 On January 31 , the fund contained cash of $170.70 and vouchers for the following cash payments. The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund. (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund, Assume the company uses the alternative approach to petty cash expense recognition and replenishment. a. Show each of the three events in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or a financing activity (FA). Leave blank to indicate that an account was not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign. Round your final answers to 2 decimal places.).

Rick Hall owns a card shop Halls Cards The following cash.pdf

adaacollections

Rick Hall owns a card shop. Hall's Cards. The following cash information is avallable for the month of August Year 1 : As of August 31, the bank statement shows a balance of $14,140. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,564. A review of the bank statement revealed the following information: 1. A deposit of $1,010 on August 31, Year 1, does not appear on the August bank statement. 2. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,720 but was recorded on the books as $2, 620. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4.765 were found to be outstanding. 4. A debit memo for $79 was included in the bank statement for the purchase of a new supply of checks. Required: Prepare a bank reconcillation at the end of August showing the true cash balance. Note: Negative amounts should be indicated with minus sign.Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month; There was $21 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses (Note. all expenses are recorded in total as miscellaneous expense). and (4) replenishment of the fund. Assume the Company uses the traditional approach to petty cash expense recognition and replenishment. Required: a. Show each of the four events in a horizontal statements model. c. Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your answers in the tabs below.Complete this question by entering your answers in the tabs below. Show each of the four events in a horizontal statements model. Note: Enter amy decreases to account balances whth a minus sign. For changes on the 5 tatement of Cash Flows, indicate whether the item is an operating activity (OA), investing (IA), finanoing activity (FA), or leave the cell blank if there is no effect.Complete this question by entering your answers in the tabs below. Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect..

Account Receivable QuestionsZ

MUHAMMAD AYAZ IQBAL

21.5 Analysing a Budgeted Cash Flow Statement

VCE Accounting - Michael Allison

1-Identify whether obligations are current liabilities.(LO 1), C.docx

dorishigh

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

Stock A has a standard deviation of 20 whereas Stock B has a standar.pdf

Sievie - O Sporting. Inc, compleled the following selected transactio.pdf

Recommended

Recommended

More Related Content

Similar to Sievie - O Sporting. Inc, compleled the following selected transactio.pdf

Similar to Sievie - O Sporting. Inc, compleled the following selected transactio.pdf (8)

More from officenikung

More from officenikung (20)

Recently uploaded

Recently uploaded (20)

Sievie - O Sporting. Inc, compleled the following selected transactio.pdf