Sun Corporation received a charter that authorized the issuance of 118.pdf
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Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid $235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year, earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the balance sheet at December 31, Year 2. Complete this question by entering your answers in the tabs below..
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Winnie Corporation was organized on January 1- 2022- It is authorized.pdf
Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000
sibrtansactions occurred stock with a stated value of $4 per share. The following select equity,
debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock
for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8
Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash.
Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased
100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and
November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of
common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for
$8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun.
15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock
for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold
4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the
semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of
record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8
per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company
declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec.
31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per
share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a
net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued
interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the
adjusting entries at December 31,2022 , to report the investment securities at fair value. All
securities are considered to be short-term, except for the JW Company commn stock..
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
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
...
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
Accounting II
Test #2
QUESTION #1
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
Instructions
Prepare all entries related to the bond issue for 2008.
QUESTION #2
Presented below are three independent situations:
(a)
Howell Corporation purchased $250,000 of its bonds on June 30, 2008, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $229,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(b)
Justice, Inc. purchased $200,000 of its bonds at 97 on June 30, 2008, and immediately retired them. The carrying value of the bonds on the retirement date was $196,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(c)
Starr Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Starr $5 par value common stock for each $1,000 par value bond. On December 31, 2008, after the bond interest has been paid, $30,000 par value of bonds were converted. The market value of Starr's common stock was $38 per share on December 31, 2008.
Instructions
For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
QUESTION #3
Unruh Company issued $900,000, 10%, 20-year bonds on January 1, 2008, at 104. Interest is payable semiannually on July 1 and January 1. Unruh uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the January 1, 2008 and the July 1, 2008 journal entries related to the bond issue.
QUESTION #4
Karly Company issued $250,000, 11%, 10-year bonds on December 31, 2008, for $230,000. Interest is payable semiannually on June 30 and December 31. Karly uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the appropriate journal entries on
(a)
December 31, 2008.
(b)
June 30, 2009.
QUESTION #5
The adjusted trial balance for Payne Corporation at the end of the current year contained the following accounts:
Bonds payable, 10%
..............................................................
$800,000
Bond interest payable
............................................................
20,000
Discount on bonds payable
....................................................
40,000
Lease liability
.........................................................................
60,000
Mortgage notes payable, 9%, due 2018
.................................
80,000
Accounts payable
...................................................................
120,000
Instructions
(a)
Prepare the long-term liabilities section of the balance sheet.
(b)
Indicat.
Recommended
Winnie Corporation was organized on January 1- 2022- It is authorized.pdf
Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000
sibrtansactions occurred stock with a stated value of $4 per share. The following select equity,
debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock
for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8
Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash.
Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased
100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and
November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of
common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for
$8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun.
15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock
for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold
4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the
semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of
record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8
per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company
declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec.
31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per
share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a
net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued
interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the
adjusting entries at December 31,2022 , to report the investment securities at fair value. All
securities are considered to be short-term, except for the JW Company commn stock..
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
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
...
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
Accounting II
Test #2
QUESTION #1
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
Instructions
Prepare all entries related to the bond issue for 2008.
QUESTION #2
Presented below are three independent situations:
(a)
Howell Corporation purchased $250,000 of its bonds on June 30, 2008, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $229,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(b)
Justice, Inc. purchased $200,000 of its bonds at 97 on June 30, 2008, and immediately retired them. The carrying value of the bonds on the retirement date was $196,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(c)
Starr Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Starr $5 par value common stock for each $1,000 par value bond. On December 31, 2008, after the bond interest has been paid, $30,000 par value of bonds were converted. The market value of Starr's common stock was $38 per share on December 31, 2008.
Instructions
For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
QUESTION #3
Unruh Company issued $900,000, 10%, 20-year bonds on January 1, 2008, at 104. Interest is payable semiannually on July 1 and January 1. Unruh uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the January 1, 2008 and the July 1, 2008 journal entries related to the bond issue.
QUESTION #4
Karly Company issued $250,000, 11%, 10-year bonds on December 31, 2008, for $230,000. Interest is payable semiannually on June 30 and December 31. Karly uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the appropriate journal entries on
(a)
December 31, 2008.
(b)
June 30, 2009.
QUESTION #5
The adjusted trial balance for Payne Corporation at the end of the current year contained the following accounts:
Bonds payable, 10%
..............................................................
$800,000
Bond interest payable
............................................................
20,000
Discount on bonds payable
....................................................
40,000
Lease liability
.........................................................................
60,000
Mortgage notes payable, 9%, due 2018
.................................
80,000
Accounts payable
...................................................................
120,000
Instructions
(a)
Prepare the long-term liabilities section of the balance sheet.
(b)
Indicat.
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 ...
1-Identify whether obligations are current liabilities.(LO 1), C.docx
1-Identify whether obligations are current liabilities.
(LO 1), C
Linton Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability, noncurrent liability, or both.
3-Compute and record sales taxes payable.
(LO 3)AP
Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales.
4-Prepare entries for unearned revenues.
(LO 3), AP
Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.
10-Prepare journal entries for bonds issued at face value.
(LO 5), AP
Rooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2014, at face value. Interest is paid each January 1.
(a)
Prepare the journal entry to record the sale of these bonds on January 1, 2014.
(b)
Prepare the adjusting journal entry on December 31, 2014, to record interest expense.
(c)
Prepare the journal entry on January 1, 2015, to record interest paid.
13-Prepare liabilities section of balance sheet.
(LO 7), AP
Presented here are liability items for Desmond Inc. at December 31, 2014. Prepare the liabilities section of Desmond's balance sheet.
Accounts payable
$157,000
Notes payable (due May 1, 2015)
20,000
Bonds payable (due 2018)
900,000
Unearned rent revenue
240,000
Discount on bonds payable
41,000
FICA taxes payable
$7,800
Interest payable
40,000
Notes payable (due 2016)
80,000
Income taxes payable
3,500
Sales taxes payable
1,700
2-Prepare entries for interest-bearing notes.
(LO 2), AP
On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480.
Instructions
(a)
Determine the amount borrowed by Criqui.
(b)
Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555?
(c)
Prepare the entry for the initial borrowing and the repayment for the facts in part (a).
3-Prepare entries for interest-bearing notes.
(LO 2), AP
On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1.
Instructions
(a)
Prepare the entry on June 1.
(b)
Prepare the adjusting entry on June 30.
(c)
Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.
5-Journalize payroll entries.
(LO 3), AP
...
On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,
070,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,320,
000 and accumulated depreciation of $670,000. Poplar acquired the Spruce shares to obtain
control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were
valued at $767,500, were not recognized on Spruce's separate-entity balance sheet, and had an
useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets
and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances
of the two companies were as follows: Additional Information - The Year 7 net incomes of the two
companies are as follows: - The mineral rights owned by Spruce have increased in value since the
date of acquisition and were worth $931,300 at December 31, Year 7. - On January 2, Year 5,
Poplar sold equipment to Spruce for $570,000. The equipment had a carrying amount of $456,000
at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7
opening inventories of Poplar contained $507,000 of merchandise purchased from Spruce during
Year 6. Spruce had recorded a gross profit of $202,800 on this merchandise. - During Year 7,
Spruce's sales to Poplar totalled $1,007,000. These sales were made at a gross profit rate of 35%
. - Poplar's ending inventory contains $307,000 of merchandise purchased from Spruce. - On
January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for $521,000.
Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of
this issue on the open market at a cost of $238,000. - Other expenses include depreciation
expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated
financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O"
wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all
values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells
blank - be certain to enter "O" wherever required. Amounts to be deducted should be indicated
with a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in
Spruce if Poplar had used the equity method to account for its investment. (Omit $ sign in your
response.) Balance, Dec. 31, Year 7 $ (c) This part of the question is not part of your Connect
assignment..
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
On January 2, Year 4, Poplar Ltd. purchased 80 of the outstanding.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for
$1,930,000. At that date, Spruce had common shares of $500,000 and retained earnings of
$1,180,000 and accumulated depreciation of $530,000. Poplar acquired the Spruce shares to
obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights
were valued at $732,500, were not recognized on Spruces separate-entity balance sheet, and had
an useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded
assets and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial
balances of the two companies were as follows:
Additional Information
The Year 7 net incomes of the two companies are as follows:
The mineral rights owned by Spruce have increased in value since the date of acquisition and
were worth $940,300 at December 31, Year 7.
On January 2, Year 5, Poplar sold equipment to Spruce for $440,000. The equipment had a
carrying amount of $352,000 at the time of the sale. The remaining useful life of the equipment
was 5 years.
The Year 7 opening inventories of Poplar contained $517,000 of merchandise purchased from
Spruce during Year 6. Spruce had recorded a gross profit of $206,800 on this merchandise.
During Year 7, Spruces sales to Poplar totalled $1,017,000. These sales were made at a gross
profit rate of 35%.
Poplars ending inventory contains $317,000 of merchandise purchased from Spruce.
On January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for
$521,000. Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased
one-half of this issue on the open market at a cost of $238,000.
Other expenses include depreciation expense.
Tax allocation will be at a rate of 40%.
Required:
(a) Prepare the following consolidated financial statements for Year 7:
(i) Income statement (Leave no cells blank - be certain to enter "0" wherever required. Input all
values as positive numbers.)
(ii) Retained earnings statement (Input all values as positive numbers. Omit $ sign in your
response.)
(iii) Balance sheet (Leave no cells blank - be certain to enter "0" wherever required. Amounts to
be deducted should be indicated with a minus sign.)
(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce if Poplar
had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 $
PoplarSpruceCash$930,000$517,000Accounts
receivable1,860,000288,000Inventory2,790,0001,936,000Plant and
equipment13,020,0002,830,000Investment in Spruce (cost)1,930,000Investment in
bonds242,000Cost of goods sold2,330,000878,900Other expenses969,000317,000Interest
expense37,000Income tax
expense647,400280,000Dividends600,000250,000$25,113,400$7,538,900Accounts
payable$2,418,000$2,408,500Accumulated depreciation: plant and
equipment3,887,800930,000Bonds payable500,000Premium on bonds payable12.
The Annapolis Corporation's stockholders' equity accounts have the fol.pdf
The Annapolis Corporation's stockholders' equity accounts have the following balances as of
January 1,201 12% preferred stock, cumulative, $50 par (10,000 shares issued and outstanding)
5500,000 Common stock, $10 par (100,000 shares issued and outstanding) Additional paid-in
capitat common Retained earnings Total stockholders' equity 1 , 000 , 000 1 , 000 , 000 3 , 750 ,
000 $ , 250 , 000 Annapolis engaged in the following dividend transactions during 2018, 2019,
and 2020 . 3 3s Dividends are in arrears for 2016 and 2017, On December 1, 2018, the annual
cash dividend plus the dividends in arrears were dectared on the preferred stock. In addition, a
51.50 per share dividend was declared on the common stock. The dividends were paid on
December 31,2018 . On December 1, 2019, the annual cash dividend on the preferred stock was
declared. The dividend was paid on Decernber 31, 2019. On December 10 , a 30% stock
dividend was declared on the common stock, distributable on January 25, 2020. The market price
per share for the common stock on December 10,2019, was $28 . On January 25, 2020, the stock
dividend declared on Decernber 10, 2019, was issued On December 1, the annual cash dividend
on the preferred ttock was declared; it is payable on Jamuary 15 , 2021 . In aquition. on
December t 1 = 104 stoek dividend was deolared on the common stock, distributable on January
20, 2021. The market price per share for the common stock on December 1,2020, was $23 . No
other stock transactions took place during 2018, 2019, or 2020. Reguired Prepare the entries to
record the dividond transactions for 2018, 2019, and 2020. (Do not record any transactions.
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
Accounting II
Test #2
QUESTION #1
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
Instructions
Prepare all entries related to the bond issue for 2008.
QUESTION #2
Presented below are three independent situations:
(a)
Howell Corporation purchased $250,000 of its bonds on June 30, 2008, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $229,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(b)
Justice, Inc. purchased $200,000 of its bonds at 97 on June 30, 2008, and immediately retired them. The carrying value of the bonds on the retirement date was $196,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(c)
Starr Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Starr $5 par value common stock for each $1,000 par value bond. On December 31, 2008, after the bond interest has been paid, $30,000 par value of bonds were converted. The market value of Starr's common stock was $38 per share on December 31, 2008.
Instructions
For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
QUESTION #3
Unruh Company issued $900,000, 10%, 20-year bonds on January 1, 2008, at 104. Interest is payable semiannually on July 1 and January 1. Unruh uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the January 1, 2008 and the July 1, 2008 journal entries related to the bond issue.
QUESTION #4
Karly Company issued $250,000, 11%, 10-year bonds on December 31, 2008, for $230,000. Interest is payable semiannually on June 30 and December 31. Karly uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the appropriate journal entries on
(a)
December 31, 2008.
(b)
June 30, 2009.
QUESTION #5
The adjusted trial balance for Payne Corporation at the end of the current year contained the following accounts:
Bonds payable, 10%
$800,000
Bond interest payable
20,000
Discount on bonds payable
40,000
Lease liability
60,000
Mortgage notes payable, 9%, due 2018
80,000
Accounts payable
120,000
Instructions
(a)
Prepare the long-term liabilities section of the balance sheet.
(b)
Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.
QUESTION #6
Glaser Company had the following transactions pertaining to debt securities held as a short-term investment.
Jan.
1
Purchased 40, 8%, $1,000 Cotter Company bonds for $40,000 cash plus brokerage fees of $800. Interest i.
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.
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.
Week 6 assignment· do problems 1, 2 3 and 4 (see below)· Reso.docx
Week 6 assignment:
· do problems 1, 2 3 and 4 (see below)
· Resource: Chapters. 11 and 12 of your text.
· Submit as either a Microsoft® Excel® or Microsoft® Word document (Excel is preferred)
Problem #1 -- Issuing stock
Bellvue Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
Jan. 30. Issued 300,000 shares of common stock at par for cash.
31. Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 21. Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively.
Mar. 2. Issued 15,000 shares of preferred stock at $77.50 for cash. Journalize the transactions.
Journalize the entries to record the transactions.
Problem #2 – Treasury stock transactions
Tom’s Lawn Equipment Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 19 of the current year, Tom’s Lawn Equipment Inc. reacquired 24,000 shares of its common stock at $64 per share. On August 30, 19,000 of the reacquired shares were sold at $68 per share, and on September 6, 3,000 of the reacquired shares were sold at $70.
a. Journalize the transactions of June 19, August 30, and September 6.
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
Problem #3 -- Entries for selected corporate transactions
Bath ‘n More Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Bath ‘n More Inc., with balances on January 1, 2012, are as follows:
Common Stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) $4,000,000
Paid-In Capital in Excess of Stated Value 750,000
Retained Earnings 9,150,000
Treasury Stock (40,000 shares, at cost) 600,000
The following selected transactions occurred during the year:
Jan. 4. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800.
Apr. 3. Issued 75,000 shares of common stock for $1,200,000.
June 6. Sold all of the treasury stock for $725,000.
July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
Aug. 15. Issued the certificates for the dividend declared on July 1.
Nov. 10. Purchased 25,000 shares of treasury stock for $500,000.
Dec. 27. Declared a $0.16-per-share dividend on common stock.
31. Closed the credit balance of the income summary account, $950,000.
31. Closed the two divid.
Summarize your findings from the Activity- Communications Skills Neces.pdf
Summarize your findings from the Activity: Communications Skills Necessary in My
Discipline . Organize your ideas around the three questions you asked of your professional
contact, but extend and inform the summary with the material you located through your library
and internet research.
1. What kinds of communication skills (ex. listening, concision, persuasion, empathy, non-
verbal, etc...) do you use on a daily basis in meetings, in digital communication, or in preparing
presentations and reports?
2. What skills do people in supply chain need in order to carry out their duties or advance
professionally?
3. What are the most common communication mistakes that we see in supply chain?.
Summarize LinkedIn's diversity practices and the impact on the company.pdf
Summarize LinkedIn's diversity practices and the impact on the company. Discuss how it ties
into the information from the textbook; does it agree or disagree? Compare/contrast the
information. Was any new information revealed? Share one key learning point that you can
apply in your current or future position..
Suggestion- Use Netbeans to copy your last lab (Lab 07) to a new proje.pdf
Suggestion:
Use Netbeans to copy your last lab (Lab 07) to a new project called Lab08.
Close Lab07.
Work on the new Lab08 project then.
The Student class
A Student is a Person with 3 extra attributes, major, academic year and gpa.
Attributes
String major
String academicYear
double GPA
Constructorsone constructor with no input parameterssince it doesn't have input parameters, use
the default data below
major - IST
academicYear - Sr.
GPA - 3.0
remember to call the constructor of the superclass with no parameters
one constructor with all the parameters
all three parameters from Student, one for each attribute
since this is a subclass, remember to include also the parameters for the superclass
Methods
Get and Set methods (a requirement from encapsulation)
public String toString()
returns this object as a String, i.e., make each attribute a String, concatenate all strings and return
as one String.
toString() is a special method, you will learn more about it in the next lessons
it needs to be public
it needs to have @override notation (on the line above the method itself). Netbeans will suggest
you do it.
important : in the subclass toString, remember to make a call to the superclass toString so that
the resulting String includes
data from the subclass Student
data from the superclass Person
The Person Class
Attributes
String firstName
String lastName
String hometown
String state
Height height
Constructorsone constructor with no input parameterssince it doesn't receive any input values,
you need to use the default values below:
firstName - No
lastName - Name
hometown - N/A
state - N/A
height - use the Height class no parameter constructor
one constructor with three parameters
firstName using the input parameter
lastName using the input parameter
height using the input parameter
use the default values for
hometown - N/A
state - N/A
one constructor with all (five) parameters
one input parameter for each attribute
Methods
Get and Set methods (a requirement from encapsulation)
important:
You should start generating the default get and set methods using NetBeans automatic generator
Then you will change getFirstName and setLastName as specified. getFirstName
returns firstName with the first letter in upper case and the remaining of the String in lower case
getLastName
getHometown
getState
getHeight
setFirstName
setLastName
updates lastName to be all caps (all upper case)
remember to use setLastName in all constructors so the data (the updated lastName) is stored
correctly
setHometown
setState
setHeight
public String toString()
returns this object as a String, i.e., make each attribute a String, concatenate all strings and return
as one String.
toString() is a special method, you will learn more about it in the next lessons
it needs to be public
it needs to have @override notation (on the line above the method itself). Netbeans will suggest
you do it.
regarding state , the toString method will have a similar functionality as App had in the first lab.
if t.
Sue Helins Applanoes wants to establish an essembly line to manulactur.pdf
Sue Helins Applanoes wants to establish an essembly line to manulacture its new product, the
Mecto Popcom Poppor. The goal is to produce fies poppars par hour, The tatk, task Imec, and
inmediate predecessors for producing one Mioro Popcom Popper are as follows: a) The
theorebcal minimum namber of workstatons = (round your respense us to the neut whole
number).
Subsurface Microbial Communities You have discovered a new anaerobic m.pdf
Subsurface Microbial Communities You have discovered a new anaerobic microorganism from
marine sediments that uses Fe(III) as a terminal electron acceptor. Which of the following
predictions is most reasonable? Multiple Choice This microorganism probably lives close to the
surface of the sediment. This microorganism should be able to outcompete anaerobes that use
nitrate as a terminal electron acceptor. This microorganism probably represents one of many
such anaerobes that inhabit a zone between anaerobes that use Mn(IV) and sulfate as terminal
electron acceptors. This isolate represents an unusual and rare type of microorganism..
Subsidiary roles specify the positions of particular units in relation.pdf
Subsidiary roles specify the positions of particular units in relation to the rest of the organization
as well as the contribution of the subsidiary to the efficiency of the overall MNE. Subsidiaries
are classified based on the degrees to which inflows and outflows of knowledge and practices are
transferred between the subsidiary and the broader MNE as local innovators, global innovators,
implementers, and integrated players.
1. Which of the following are features of the local innovator?
A.High inflow, High outflow
B.Low inflow, Low outflow
C.High inflow, Low outflow
D.Low inflow, High outflow
2 Which of the following are features of the implementer?
A.High inflow, High outflow
B.Low inflow, Low outflow
C.High inflow, Low outflow
D.Low inflow, High outflow
3. Which of the following features do global innovators and integrated players share in
common?
A. High inflow
B. High outflow
C.Low inflow
D.Low outflow
.
Sue likes candy and she had been very good about not eating any for a.pdf
Sue likes candy and she had been very good about not eating any for a couple of
months. Recently she had a bout of acid indigestion and decided to take some flavored
antacid tablets. Since she has an addictive personality and she has been craving candy
she could not stop eating them until the whole bottle was gone. She then became
confused and her breathing rate decreases. Explain how Sue's ingestion of antacids
could cause her symptoms?.
Subject- Probability analysis in civil engineering Problem 2- A slop.pdf
Subject: Probability analysis in civil engineering
Problem 2. A slope has three potential failure surfaces, A, B, C. The probability of failure along
these three slip surfaces are P(A) = 0.2, P(B) = 0.1 and P(C) = 0.05. Suppose that the events of
failure along these three slip surfaces are statistically independent. What is the probability of
failure of the slope?.
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Similar to Sun Corporation received a charter that authorized the issuance of 118.pdf
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 ...
1-Identify whether obligations are current liabilities.(LO 1), C.docx
1-Identify whether obligations are current liabilities.
(LO 1), C
Linton Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability, noncurrent liability, or both.
3-Compute and record sales taxes payable.
(LO 3)AP
Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales.
4-Prepare entries for unearned revenues.
(LO 3), AP
Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.
10-Prepare journal entries for bonds issued at face value.
(LO 5), AP
Rooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2014, at face value. Interest is paid each January 1.
(a)
Prepare the journal entry to record the sale of these bonds on January 1, 2014.
(b)
Prepare the adjusting journal entry on December 31, 2014, to record interest expense.
(c)
Prepare the journal entry on January 1, 2015, to record interest paid.
13-Prepare liabilities section of balance sheet.
(LO 7), AP
Presented here are liability items for Desmond Inc. at December 31, 2014. Prepare the liabilities section of Desmond's balance sheet.
Accounts payable
$157,000
Notes payable (due May 1, 2015)
20,000
Bonds payable (due 2018)
900,000
Unearned rent revenue
240,000
Discount on bonds payable
41,000
FICA taxes payable
$7,800
Interest payable
40,000
Notes payable (due 2016)
80,000
Income taxes payable
3,500
Sales taxes payable
1,700
2-Prepare entries for interest-bearing notes.
(LO 2), AP
On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480.
Instructions
(a)
Determine the amount borrowed by Criqui.
(b)
Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555?
(c)
Prepare the entry for the initial borrowing and the repayment for the facts in part (a).
3-Prepare entries for interest-bearing notes.
(LO 2), AP
On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1.
Instructions
(a)
Prepare the entry on June 1.
(b)
Prepare the adjusting entry on June 30.
(c)
Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.
5-Journalize payroll entries.
(LO 3), AP
...
On January 2 Year 4 Poplar Ltd purchased 80 of the outst.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,
070,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,320,
000 and accumulated depreciation of $670,000. Poplar acquired the Spruce shares to obtain
control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights were
valued at $767,500, were not recognized on Spruce's separate-entity balance sheet, and had an
useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded assets
and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial balances
of the two companies were as follows: Additional Information - The Year 7 net incomes of the two
companies are as follows: - The mineral rights owned by Spruce have increased in value since the
date of acquisition and were worth $931,300 at December 31, Year 7. - On January 2, Year 5,
Poplar sold equipment to Spruce for $570,000. The equipment had a carrying amount of $456,000
at the time of the sale. The remaining useful life of the equipment was 5 years. - The Year 7
opening inventories of Poplar contained $507,000 of merchandise purchased from Spruce during
Year 6. Spruce had recorded a gross profit of $202,800 on this merchandise. - During Year 7,
Spruce's sales to Poplar totalled $1,007,000. These sales were made at a gross profit rate of 35%
. - Poplar's ending inventory contains $307,000 of merchandise purchased from Spruce. - On
January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for $521,000.
Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased one-half of
this issue on the open market at a cost of $238,000. - Other expenses include depreciation
expense. - Tax allocation will be at a rate of 40%. Required: (a) Prepare the following consolidated
financial statements for Year 7: (i) Income statement (Leave no cells blank - be certain to enter "O"
wherever required. Input all values as positive numbers.)(ii) Retained earnings statement (Input all
values as positive numbers. Omit $ sign in your response.) (iii) Balance sheet (Leave no cells
blank - be certain to enter "O" wherever required. Amounts to be deducted should be indicated
with a minus sign.)(b) Calculate the December 31, Year 7, balance in the account Investment in
Spruce if Poplar had used the equity method to account for its investment. (Omit $ sign in your
response.) Balance, Dec. 31, Year 7 $ (c) This part of the question is not part of your Connect
assignment..
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
On January 2, Year 4, Poplar Ltd. purchased 80 of the outstanding.pdf
On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for
$1,930,000. At that date, Spruce had common shares of $500,000 and retained earnings of
$1,180,000 and accumulated depreciation of $530,000. Poplar acquired the Spruce shares to
obtain control of mineral rights owned by Spruce. At the date of acquisition, these mineral rights
were valued at $732,500, were not recognized on Spruces separate-entity balance sheet, and had
an useful life of 10 years. Except for the mineral rights, the carrying amount of the recorded
assets and liabilities of Spruce were equal to their fair values. On December 31, Year 7, the trial
balances of the two companies were as follows:
Additional Information
The Year 7 net incomes of the two companies are as follows:
The mineral rights owned by Spruce have increased in value since the date of acquisition and
were worth $940,300 at December 31, Year 7.
On January 2, Year 5, Poplar sold equipment to Spruce for $440,000. The equipment had a
carrying amount of $352,000 at the time of the sale. The remaining useful life of the equipment
was 5 years.
The Year 7 opening inventories of Poplar contained $517,000 of merchandise purchased from
Spruce during Year 6. Spruce had recorded a gross profit of $206,800 on this merchandise.
During Year 7, Spruces sales to Poplar totalled $1,017,000. These sales were made at a gross
profit rate of 35%.
Poplars ending inventory contains $317,000 of merchandise purchased from Spruce.
On January 2, Year 5, Poplar issued 8%, 7 year bonds with a face value of $500,000 for
$521,000. Interest is paid annually on December 31. On January 2, Year 6, Spruce purchased
one-half of this issue on the open market at a cost of $238,000.
Other expenses include depreciation expense.
Tax allocation will be at a rate of 40%.
Required:
(a) Prepare the following consolidated financial statements for Year 7:
(i) Income statement (Leave no cells blank - be certain to enter "0" wherever required. Input all
values as positive numbers.)
(ii) Retained earnings statement (Input all values as positive numbers. Omit $ sign in your
response.)
(iii) Balance sheet (Leave no cells blank - be certain to enter "0" wherever required. Amounts to
be deducted should be indicated with a minus sign.)
(b) Calculate the December 31, Year 7, balance in the account Investment in Spruce if Poplar
had used the equity method to account for its investment. (Omit $ sign in your response.)
Balance, Dec. 31, Year 7 $
PoplarSpruceCash$930,000$517,000Accounts
receivable1,860,000288,000Inventory2,790,0001,936,000Plant and
equipment13,020,0002,830,000Investment in Spruce (cost)1,930,000Investment in
bonds242,000Cost of goods sold2,330,000878,900Other expenses969,000317,000Interest
expense37,000Income tax
expense647,400280,000Dividends600,000250,000$25,113,400$7,538,900Accounts
payable$2,418,000$2,408,500Accumulated depreciation: plant and
equipment3,887,800930,000Bonds payable500,000Premium on bonds payable12.
The Annapolis Corporation's stockholders' equity accounts have the fol.pdf
The Annapolis Corporation's stockholders' equity accounts have the following balances as of
January 1,201 12% preferred stock, cumulative, $50 par (10,000 shares issued and outstanding)
5500,000 Common stock, $10 par (100,000 shares issued and outstanding) Additional paid-in
capitat common Retained earnings Total stockholders' equity 1 , 000 , 000 1 , 000 , 000 3 , 750 ,
000 $ , 250 , 000 Annapolis engaged in the following dividend transactions during 2018, 2019,
and 2020 . 3 3s Dividends are in arrears for 2016 and 2017, On December 1, 2018, the annual
cash dividend plus the dividends in arrears were dectared on the preferred stock. In addition, a
51.50 per share dividend was declared on the common stock. The dividends were paid on
December 31,2018 . On December 1, 2019, the annual cash dividend on the preferred stock was
declared. The dividend was paid on Decernber 31, 2019. On December 10 , a 30% stock
dividend was declared on the common stock, distributable on January 25, 2020. The market price
per share for the common stock on December 10,2019, was $28 . On January 25, 2020, the stock
dividend declared on Decernber 10, 2019, was issued On December 1, the annual cash dividend
on the preferred ttock was declared; it is payable on Jamuary 15 , 2021 . In aquition. on
December t 1 = 104 stoek dividend was deolared on the common stock, distributable on January
20, 2021. The market price per share for the common stock on December 1,2020, was $23 . No
other stock transactions took place during 2018, 2019, or 2020. Reguired Prepare the entries to
record the dividond transactions for 2018, 2019, and 2020. (Do not record any transactions.
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
Accounting II
Test #2
QUESTION #1
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
Instructions
Prepare all entries related to the bond issue for 2008.
QUESTION #2
Presented below are three independent situations:
(a)
Howell Corporation purchased $250,000 of its bonds on June 30, 2008, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $229,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(b)
Justice, Inc. purchased $200,000 of its bonds at 97 on June 30, 2008, and immediately retired them. The carrying value of the bonds on the retirement date was $196,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(c)
Starr Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Starr $5 par value common stock for each $1,000 par value bond. On December 31, 2008, after the bond interest has been paid, $30,000 par value of bonds were converted. The market value of Starr's common stock was $38 per share on December 31, 2008.
Instructions
For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
QUESTION #3
Unruh Company issued $900,000, 10%, 20-year bonds on January 1, 2008, at 104. Interest is payable semiannually on July 1 and January 1. Unruh uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the January 1, 2008 and the July 1, 2008 journal entries related to the bond issue.
QUESTION #4
Karly Company issued $250,000, 11%, 10-year bonds on December 31, 2008, for $230,000. Interest is payable semiannually on June 30 and December 31. Karly uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the appropriate journal entries on
(a)
December 31, 2008.
(b)
June 30, 2009.
QUESTION #5
The adjusted trial balance for Payne Corporation at the end of the current year contained the following accounts:
Bonds payable, 10%
$800,000
Bond interest payable
20,000
Discount on bonds payable
40,000
Lease liability
60,000
Mortgage notes payable, 9%, due 2018
80,000
Accounts payable
120,000
Instructions
(a)
Prepare the long-term liabilities section of the balance sheet.
(b)
Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.
QUESTION #6
Glaser Company had the following transactions pertaining to debt securities held as a short-term investment.
Jan.
1
Purchased 40, 8%, $1,000 Cotter Company bonds for $40,000 cash plus brokerage fees of $800. Interest i.
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.
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.
Week 6 assignment· do problems 1, 2 3 and 4 (see below)· Reso.docx
Week 6 assignment:
· do problems 1, 2 3 and 4 (see below)
· Resource: Chapters. 11 and 12 of your text.
· Submit as either a Microsoft® Excel® or Microsoft® Word document (Excel is preferred)
Problem #1 -- Issuing stock
Bellvue Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
Jan. 30. Issued 300,000 shares of common stock at par for cash.
31. Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 21. Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively.
Mar. 2. Issued 15,000 shares of preferred stock at $77.50 for cash. Journalize the transactions.
Journalize the entries to record the transactions.
Problem #2 – Treasury stock transactions
Tom’s Lawn Equipment Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 19 of the current year, Tom’s Lawn Equipment Inc. reacquired 24,000 shares of its common stock at $64 per share. On August 30, 19,000 of the reacquired shares were sold at $68 per share, and on September 6, 3,000 of the reacquired shares were sold at $70.
a. Journalize the transactions of June 19, August 30, and September 6.
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
Problem #3 -- Entries for selected corporate transactions
Bath ‘n More Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Bath ‘n More Inc., with balances on January 1, 2012, are as follows:
Common Stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) $4,000,000
Paid-In Capital in Excess of Stated Value 750,000
Retained Earnings 9,150,000
Treasury Stock (40,000 shares, at cost) 600,000
The following selected transactions occurred during the year:
Jan. 4. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800.
Apr. 3. Issued 75,000 shares of common stock for $1,200,000.
June 6. Sold all of the treasury stock for $725,000.
July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
Aug. 15. Issued the certificates for the dividend declared on July 1.
Nov. 10. Purchased 25,000 shares of treasury stock for $500,000.
Dec. 27. Declared a $0.16-per-share dividend on common stock.
31. Closed the credit balance of the income summary account, $950,000.
31. Closed the two divid.
Similar to Sun Corporation received a charter that authorized the issuance of 118.pdf (14)
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Exercises Financial Accounting - Stockholders Equity
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Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
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Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed.docx
Week 6 assignment· do problems 1, 2 3 and 4 (see below)· Reso.docx
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A Student is a Person with 3 extra attributes, major, academic year and gpa.
Attributes
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subject- Management Information System Required- a) Elaborate the foll.pdf
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subject- Management Information System Required- a) Define the followi.pdf
Subject- Management Information System Required- a) Briefly explain ho.pdf
Subject- Management Information System Required- a) Briefly explain ho.pdf
subject- business ethics i need answer for 1 page Lecture Ethical Awar.pdf
subject- business ethics i need answer for 1 page Lecture Ethical Awar.pdf
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subject- information system subject- information system Give an exa.pdf
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Subject -- Theory of Computation Please give the solution with detaile.pdf
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subject -- theory of computation i) Convert the regular Expression in.pdf
StudentID StudentName MajorID MajorNameUsing the ENROLLMENT table prov.pdf
StudentID StudentName MajorID MajorNameUsing the ENROLLMENT table prov.pdf
Structural Geology- For a given sense of slip (dextral-right or sinist.pdf
Structural Geology- For a given sense of slip (dextral-right or sinist.pdf
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Structurewhat chemical-Cytoplasmic Membrane DNA Proteins.pdf
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special B.ed 2nd year old paper_20240531.pdf
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Thesis Statement for students diagnonsed withADHD.ppt
Presentation required for the master in Education.
Embracing GenAI - A Strategic Imperative
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Synthetic Fiber Construction in lab .pptx
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Biological Screening of Herbal Drugs in detailed.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
2024.06.01 Introducing a competency framework for languag learning materials ...
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Unit 8 - Information and Communication Technology (Paper I).pdf
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Acetabularia Information For Class 9 .docx
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Supporting (UKRI) OA monographs at Salford.pptx
How libraries can support authors with open access requirements for UKRI funded books
Wednesday 22 May 2024, 14:00-15:00.
Unit 2- Research Aptitude (UGC NET Paper I).pdf
This slide describes the research aptitude of unit 2 in the UGC NET paper I.
How to Make a Field invisible in Odoo 17
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI funded books
Wednesday 22 May 2024, 14:00-15:00.
The approach at University of Liverpool.pptx
How libraries can support authors with open access requirements for UKRI funded books
Wednesday 22 May 2024, 14:00-15:00.
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Thesis Statement for students diagnonsed withADHD.ppt
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
2024.06.01 Introducing a competency framework for languag learning materials ...
2024.06.01 Introducing a competency framework for languag learning materials ...
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...
Sun Corporation received a charter that authorized the issuance of 118.pdf
- 1. Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid $235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year, earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the balance sheet at December 31, Year 2. Complete this question by entering your answers in the tabs below.