The balance sheet of Consolidated Paper, Inc., included the following.pdf
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The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: During 2018, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for these events. a. On March 3 the board of directors declared a property dividend of 245,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $962,000 ). The investment shares had a fair value of $4 per share and were distributed March 31 to shareholders of record March 15. b. On May 3 a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $11 per share. c. On July 5 a 3% common stock dividend was declared and distributed. The market value of the common stock was $11 per share. d. On December 1 the board of directors declared the 7.5% cash dividend on the 88,000 preferred shares, payable on December 28 to shareholders of record December 20. e. On December 1 the board of directors declared a cash dividend of $0.60 per share on its common shares, payable on December 28 to shareholders of record December 20. 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc,, at December 31, 2018. Net income for the year was $780,000. Complete this question by entering your answers in the tabs below. Prepare the appropriate entries for these events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record any necessary adjustments to the Leasco International stock account as a result of the property dividend declaration. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Net income for the year was $780,000. (Negative amounts should be indicated by a minus sign.).
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Graded Assignments Stockholders Equity The balance sheet of Love Liz.pdf
Graded Assignments Stockholders' Equity The balance sheet of Love Lizzo Incorporated
included the following shareholders' equity accounts at December 31. 2022: During 2022, the
following events and transactions occurred: - On February 28th, the board of directors declared a
property dividend of 7,000 shares of Sowell Corporation common stock that Lizzo had
purchased in January as an investment with a cost basis of $125,000. The investment shares had
a fair value of $20 per share and were distributed March 31st to shareholders of record March
15th. - On June 30th, a 5\% common stock dividend was declared and distributed. The market
value of the common stock was $30 per share. - On September 5 th, the company reissued 1,000
shares of treasury stock at a price of $31 per share. - On December 1st, the board of directors
declared the annual cash dividend of 6% on the 10,000 preferred shares, payable on December
28th to shareholders of record December 20th. - On December 1st, the board of directors
declared a cash dividend of $0.20 per share on its common shares, payable on December 28th to
shareholders of record December 20th. - On December 29th, the company issued 50,000 shares
of common stock at a price of $35 per share. - On December 15, a 2-for-1 stock split was
declared and distributed. The market value of the $3 par common stock was $40 per share. Hint:
the number of treasury shares are affected by this stock split. - Net income for the year was
$5,877,000.
Required: Part 1: Record the journal entries for each transaction and supporting calculations for
each journal entry as necessary. Remember to keep track of the number of shares outstanding, as
applicable, for each transaction. Hint: Creating T-accounts and updating each time a journal
entry is recorded is helpful. Part 2: Prepare a rellforward of the shareholders' equity section of
the balance sheet for Love Lizzo, Inc, at December 31, 2022. Part 3: How many shares of
common stock are authorized, issued and outstanding?.
The stockholders' equity accounts of Sheffield Corporation on January.pdf
The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows.
During 2022, the corporation had the following transactions and events pertaining to its
stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold
6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common
stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the
treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 ,
No dividends were declared during the year. Journalize the transactions and the closing entry for
net income. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when amount is
entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the
journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
(Postentries in the order of joumal entries presented in the previous part.) Preferred Stock
Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used
Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.) SHEFFIELD
CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in
Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in
Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated
Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat
Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary
stock Total Stockholders' Equity.
Cash Dividends Date Explanation Ref Feb. 1 Dec. 1 De.pdf
Cash Dividends Date Explanation Ref Feb. 1 Dec. 1 Dec. 31 Debit Credit Balance Stock
Dividends Date July 1 Dec. 31 Explanation Ref Credit Balance
eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
Journalize the transactions and the closing entries for net income and dividends. (Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal
entries in the order presented in the problem.)
July 31 Dec. 1 Common Stock Dividends Distributable Common Stock Cash Dividends
Dividends Payable Income Summary Retained Earnings (To close net income) Retained
Earnings Stock Dividends (To close stock dividends) Dec. 31 136500 Cash Dividends Retained
Earnings 151200
Prepare a stockholders' equity section at December 31. (Enter account name only and do not
provide descriptive information.)
On January 1, 2022, Oriole Corporation had the following stockholders' equity accounts. During
the year, the following transactions occurred. Feb. 1 Declared a \$2 cash dividend per share to
stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share
was $39. July 1 Declared a 10\% stock dividend to stockholders of record on July 15,
distributable July 31 . On July 1, the market price of the stock was $15 per share. 31 Issued the
shares for the stock dividend. Dec. 1 Declared a \$0.40 per share dividend to stockholders of
record on December 15, payable January 5, 2023. 31 Determined that net income for the year
was $357,500.
Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note:
Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal
entries presented in the previous part.)
Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Jan. 1 Balance July
1v Credit Balance 212000 Retained Earnings Date Explanation Ref Debit Credit Jan.1 v Balance
Dec.31 v Net income Dec.31 Stock dividend Dec.31 Cash dividend Balance 936500 779000
627800.
ill in the dollar changes caused in the Investment account and Div.docx
ill
in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Crane Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Hudson Company.
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.)
(a) Fair Value Method
(b) Equity Method
Transaction
Investment Account
Dividend Revenue
Investment Account
Investment Revenue
1.
At the beginning of Year 1, Crane bought 25% of Hudson's common stock at its book value. Total book value of all Hudson's common stock was $850,000 on this date.
2.
During Year 1, Hudson reported $54,000 of net income and paid $27,000 of dividends.
3.
During Year 2, Hudson reported $31,500 of net income and paid $20,000 of dividends.
4.
During Year 3, Hudson reported a net loss of $12,000 and paid $3,800 of dividends.
5.
Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.
Exercise 122 (Part Level Submission)
The following information is available for Irwin Company for 2018:
Net Income
$119,000
Realized gain on sale of available-for-sale debt securities
10,000
Unrealized holding gain arising during the period on available-for-sale debt securities
30,000
Reclassification adjustment for gains included in net income
7,500
(a)
Determine other comprehensive income for 2018.
Other comprehensive income
$
Exercise 123
On January 2, 2018, Tylor Company issued a 4-year, $600,000 note at 8% fixed interest, interest payable semiannually. Tylor now wants to change the note to a variable rate note. As a result, on January 2, 2018, Tylor Company enters into an interest rate swap where it agrees to receive 8% fixed and pay LIBOR of 5.5% for the first 6 months on $600,000. At each 6-month period, the variable interest rate will be reset. The variable rate is reset to 6.6% on June 30, 2018.
Compute the net interest expense to be reported for this note and related swap transaction as of June 30, 2018.
Net interest expense
$
LINK TO TEXT
Compute the net interest expense to be reported for this note and related swap transaction as of December 31, 2018.
Net interest expense
$
Brief Exercise 17-2
Pina Company purchased, on January 1, 2017, as an available-for-sale security, $65,000 of the 8%, 5-year bonds of Chester Corporation for $60,072, which provides
an
10% return.
Prepare Pina’s journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $61,750.
(Round answers to 0 decimal places, e.g. 1,225..
Part A In late 2020 the Nicklaus Corporation was formed Th.pdf
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the
issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of
$5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000
shares of the common stock are issued in exchange for cash at an average price of $12 per share.
Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required:
1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section
of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter
2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury
stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares
for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are
reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2.
Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance
sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was
$3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its
$1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,
000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new
par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the
shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1
par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on
common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for
December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the
Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders
of record on December 14. At the date of deciaration, the common stock was seling in the open
market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being
issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and
payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders'
equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the
fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus
Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock
dividend payable on December 28, 2021, to shareholders of record on December 14. At the date
of declaration, the common stock was selling in the open market a.
The stockholders' equity accounts of Sarasota Corp- on January 1- 2022.pdf
Sarasota Corp issued 5,000 shares of common stock for $30,000 in February. In March, they purchased 1,000 shares of treasury stock for $9 per share. They declared and paid cash dividends on preferred and common stock in October, November, and December.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It includes 25 multiple choice questions related to accounting topics like unearned revenue, current liabilities, contingent gains/losses, bonds, stockholders' equity, earnings per share, investments, leases, and pensions. The document provides the answers to help students study for the final exam. It directs students to the company's website for more information and exam downloads.
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Graded Assignments Stockholders Equity The balance sheet of Love Liz.pdf
Graded Assignments Stockholders' Equity The balance sheet of Love Lizzo Incorporated
included the following shareholders' equity accounts at December 31. 2022: During 2022, the
following events and transactions occurred: - On February 28th, the board of directors declared a
property dividend of 7,000 shares of Sowell Corporation common stock that Lizzo had
purchased in January as an investment with a cost basis of $125,000. The investment shares had
a fair value of $20 per share and were distributed March 31st to shareholders of record March
15th. - On June 30th, a 5\% common stock dividend was declared and distributed. The market
value of the common stock was $30 per share. - On September 5 th, the company reissued 1,000
shares of treasury stock at a price of $31 per share. - On December 1st, the board of directors
declared the annual cash dividend of 6% on the 10,000 preferred shares, payable on December
28th to shareholders of record December 20th. - On December 1st, the board of directors
declared a cash dividend of $0.20 per share on its common shares, payable on December 28th to
shareholders of record December 20th. - On December 29th, the company issued 50,000 shares
of common stock at a price of $35 per share. - On December 15, a 2-for-1 stock split was
declared and distributed. The market value of the $3 par common stock was $40 per share. Hint:
the number of treasury shares are affected by this stock split. - Net income for the year was
$5,877,000.
Required: Part 1: Record the journal entries for each transaction and supporting calculations for
each journal entry as necessary. Remember to keep track of the number of shares outstanding, as
applicable, for each transaction. Hint: Creating T-accounts and updating each time a journal
entry is recorded is helpful. Part 2: Prepare a rellforward of the shareholders' equity section of
the balance sheet for Love Lizzo, Inc, at December 31, 2022. Part 3: How many shares of
common stock are authorized, issued and outstanding?.
The stockholders' equity accounts of Sheffield Corporation on January.pdf
The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows.
During 2022, the corporation had the following transactions and events pertaining to its
stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold
6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common
stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the
treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 ,
No dividends were declared during the year. Journalize the transactions and the closing entry for
net income. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when amount is
entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the
journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
(Postentries in the order of joumal entries presented in the previous part.) Preferred Stock
Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used
Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.) SHEFFIELD
CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in
Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in
Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated
Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat
Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary
stock Total Stockholders' Equity.
Cash Dividends Date Explanation Ref Feb. 1 Dec. 1 De.pdf
Cash Dividends Date Explanation Ref Feb. 1 Dec. 1 Dec. 31 Debit Credit Balance Stock
Dividends Date July 1 Dec. 31 Explanation Ref Credit Balance
eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
Journalize the transactions and the closing entries for net income and dividends. (Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal
entries in the order presented in the problem.)
July 31 Dec. 1 Common Stock Dividends Distributable Common Stock Cash Dividends
Dividends Payable Income Summary Retained Earnings (To close net income) Retained
Earnings Stock Dividends (To close stock dividends) Dec. 31 136500 Cash Dividends Retained
Earnings 151200
Prepare a stockholders' equity section at December 31. (Enter account name only and do not
provide descriptive information.)
On January 1, 2022, Oriole Corporation had the following stockholders' equity accounts. During
the year, the following transactions occurred. Feb. 1 Declared a \$2 cash dividend per share to
stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share
was $39. July 1 Declared a 10\% stock dividend to stockholders of record on July 15,
distributable July 31 . On July 1, the market price of the stock was $15 per share. 31 Issued the
shares for the stock dividend. Dec. 1 Declared a \$0.40 per share dividend to stockholders of
record on December 15, payable January 5, 2023. 31 Determined that net income for the year
was $357,500.
Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note:
Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal
entries presented in the previous part.)
Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Jan. 1 Balance July
1v Credit Balance 212000 Retained Earnings Date Explanation Ref Debit Credit Jan.1 v Balance
Dec.31 v Net income Dec.31 Stock dividend Dec.31 Cash dividend Balance 936500 779000
627800.
ill in the dollar changes caused in the Investment account and Div.docx
ill
in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Crane Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Hudson Company.
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.)
(a) Fair Value Method
(b) Equity Method
Transaction
Investment Account
Dividend Revenue
Investment Account
Investment Revenue
1.
At the beginning of Year 1, Crane bought 25% of Hudson's common stock at its book value. Total book value of all Hudson's common stock was $850,000 on this date.
2.
During Year 1, Hudson reported $54,000 of net income and paid $27,000 of dividends.
3.
During Year 2, Hudson reported $31,500 of net income and paid $20,000 of dividends.
4.
During Year 3, Hudson reported a net loss of $12,000 and paid $3,800 of dividends.
5.
Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.
Exercise 122 (Part Level Submission)
The following information is available for Irwin Company for 2018:
Net Income
$119,000
Realized gain on sale of available-for-sale debt securities
10,000
Unrealized holding gain arising during the period on available-for-sale debt securities
30,000
Reclassification adjustment for gains included in net income
7,500
(a)
Determine other comprehensive income for 2018.
Other comprehensive income
$
Exercise 123
On January 2, 2018, Tylor Company issued a 4-year, $600,000 note at 8% fixed interest, interest payable semiannually. Tylor now wants to change the note to a variable rate note. As a result, on January 2, 2018, Tylor Company enters into an interest rate swap where it agrees to receive 8% fixed and pay LIBOR of 5.5% for the first 6 months on $600,000. At each 6-month period, the variable interest rate will be reset. The variable rate is reset to 6.6% on June 30, 2018.
Compute the net interest expense to be reported for this note and related swap transaction as of June 30, 2018.
Net interest expense
$
LINK TO TEXT
Compute the net interest expense to be reported for this note and related swap transaction as of December 31, 2018.
Net interest expense
$
Brief Exercise 17-2
Pina Company purchased, on January 1, 2017, as an available-for-sale security, $65,000 of the 8%, 5-year bonds of Chester Corporation for $60,072, which provides
an
10% return.
Prepare Pina’s journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $61,750.
(Round answers to 0 decimal places, e.g. 1,225..
Part A In late 2020 the Nicklaus Corporation was formed Th.pdf
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the
issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of
$5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000
shares of the common stock are issued in exchange for cash at an average price of $12 per share.
Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required:
1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section
of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter
2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury
stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares
for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are
reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2.
Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance
sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was
$3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its
$1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,
000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new
par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the
shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1
par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on
common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for
December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the
Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders
of record on December 14. At the date of deciaration, the common stock was seling in the open
market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being
issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and
payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders'
equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the
fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus
Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock
dividend payable on December 28, 2021, to shareholders of record on December 14. At the date
of declaration, the common stock was selling in the open market a.
The stockholders' equity accounts of Sarasota Corp- on January 1- 2022.pdf
Sarasota Corp issued 5,000 shares of common stock for $30,000 in February. In March, they purchased 1,000 shares of treasury stock for $9 per share. They declared and paid cash dividends on preferred and common stock in October, November, and December.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It includes 25 multiple choice questions related to accounting topics like unearned revenue, current liabilities, contingent gains/losses, bonds, stockholders' equity, earnings per share, investments, leases, and pensions. The document provides the answers to help students study for the final exam. It directs students to the company's website for more information and exam downloads.
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.
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.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. its articles of
incorporation granted it the right to issue an unlimited number of common shares and 100,000
shares of $13.6 non-cumulative preferred shares. The following transactions are among those
that occurred during the first three years of operations: Jan. 12 Issued 40,100 comon shares at
$4.0 each. 20 Issued 3,660 connon shares to promoters who provided legal services that helped
to establish the company. These services had a fair value of $28,600. 31 Issued 72,690 common
shares in exchange for land, building, and equipnent, which have fair market values of
$352,000,$472,600, and $40,000, respectively. Mar. 4 Purchased equipnent at a cost of $3, abe
cash. This was thought to be a special bargain price. It was felt that at least $10,600 would
normally have had to be paid to acquire this equipment. Dec. 31 During 282e, the company
incurred a loss of $88,0e0. The Income Summary account was closed. 2921 Jan. 4 Issued 3,660
preferred shares at $64 per share. Dec. 31 The Income summary account was closed. Profit for
2621 was $268,000. 2022 Dec. 4 The conpany declared a cash dividend of 50.82 per share on the
comon shares payable on December 18 and also declared the required dividend on the preferred
shares. 18 Paid the dividends declared on Decenber 4 . 31 Profit for the year ended December
31,2022 , was $160,400. The Income Sumary. account was closed. Required: 1. Journalize the
transactions for the years 2020,2021 , and 2022 . The company does not use a cash dividends
account.
2. Prepare the statement of changes in equity for the year ended December 31,2022 . (Amounts
to be deducted should be indicated by a minus sign.)
3. Prepare the equity section on the December 31,2022 , balance sheet. Anolysis Component:
Determine the net assets of Hammond Manufacturing inc. for 2020. 2021, and 2022, is the trend
favourabie or unfavourable?.
Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
Please help, I can\'t figure out what I did wrong. Problem 11-2A (Part Level Submission) The
stockholders\' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred
Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value,
310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in
Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400
common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the
corporation had the following transactions and events pertaining to its stockholders equity Feb. 1
Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of
common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock,
payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.85 per
share cash dividend to common stockholders of record on December 15, payable December 31,
2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared
on December 1
Solution
I have only corrected the journal entries marked in red
Calculation of cash dividends on Dec1:
No of common stock shares outstanding: (1033,333/4) + 4620 - 4400 - 1250 = 257303.25
<4620 is additional shares issued; 4400 is treasury stock; 1250 is additional treasury stock>
Cash dividend declared = 0.85 per share
Hence, total cash dividend = 257303.25 x 0.85 = $218708
Calculation of cash dividends on Dec 31:
Oct 1 cash dividend (as per journal entry): 18480
Dec 1 cash dividend (as per journal entry): 218708
Total cash dividend: 237188DateAccount titlesDebitCreditFeb
1Cash32340Common stock18480Paid-in Capital in excess of stated value-common
stock13860Dec 1Cash dividends218708Dividends payable218708Dec 31Retained
earnings237188Cash dividends237188Dec 31Dividends payable218708Cash218708.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback transactions. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
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
...
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
The main difference between lactic acid fermentation and alcoholic fe.pdf
The main difference between lactic acid fermentation and alcoholic fermentation is that lactic
acid fermentation produces less energy than alcoholic fermentation. has a three-carbon molecule
end product and alcoholic fermentation does not. regenerates a two-carbon molecule, but
alcoholic fermentation does not. produces more energy than alcoholic fermentation. regenerates
NAD+but alcoholic fermentation does not..
The IRC Section 199A deduction is designed to give some taxpayers who.pdf
The IRC Section 199A deduction is designed to give some taxpayers who operate a trade or
business directly on Schedule C (or through a flow-through entity) a deduction to reduce Taxable
Income. 1) True 2) False Question 8 ( 2 points) Saved When a business borrows money to
purchase tax-exempt bonds, the interest paid on the loan is not deductible. 1) True 2) False.
The IRS recently completed an audit of Sheas tax return and assessed.pdf
The IRS recently completed an audit of Shea's tax return and assessed $15.000 additional tax.
She requested an appeals conference but was unable to settle the case at the conference. She is
contemplating which trial court to choose to hear her case. Provide a recommendation based on
the following alternative facts a. Shea resides in the 2 end Circuit, and the 2 nd Circuit has
recently ruled against the position Shea is litigating b. The Federal Circuit Court of Appeals has
recently ruled in favor of Shea's position. c. The iswue being litigated involves a quesbon of fact.
Shea has a very appealing story to tell but little favorable case Law to support her position. d.
The issue being litigated is highly technical, and shea believes strongly in her interpretation of
the law. 6. Shea is a lecal elected otficial and would prefer to minimize any local publicity
regarding the case..
The Income Statement Balance Sheet Statement Based on the Financial S.pdf
The Income Statement Balance Sheet Statement Based on the Financial Statements work as
group to and compute the following ratios: Analyzing the Debt Management Ratios Debt-to-
Asset Ratio.1 2. Long term debt to equity 3. Debt to equity 4. Debt to capital 5. Financial
Leverage * Analyzing the Profitability Ratios 1. Net Profit Margin 2. Gross profit 3. Operating
profit margin - Analyzing the liquidity 1. Current Ratio 2. Quick ratio 3. Cash ratio.
The graph below illustrates how changes in temperature influences t.pdf
The graph below illustrates how changes in temperature influences the amount of water vapor
the air can hold. As leaves and the atmosphere in which they eoist are commoniy at different
terperat. this influences the vapor pressure difference (VPD) that influences how rapidly water
diffuses from a leat to the atmosphere. Examine the dots (and their corresponding to the letter to
the right) on the graph and indicate 1. which lettered dot represents a relative humidity of
approximately 6596? 2. Which lettered dot would result in precipitation? 3. Which lettered dot
most likely represents the water vapor concentration in a leaf? ".
The following table lists the probability distribution of the number .pdf
The following table lists the probability distribution of the number of patients entering the
emergency room during a 1-hour period Millard Fellmore Memorial Hospital. Calculate to 4
decimal places the mean and standard deviation of this probability distribution. == eTextbook
and Media Assistance Used.
The following information is available for Cullumber Company at Decem.pdf
The following information is available for Cullumber Company at December 31, 2025,
regarding its investments: The company did not have any investments prior to 2025. Your
answer is partially correct. Prepare the adjusting entry (if any) for 2025 , assuming neither
investment results in significant influence over the companies whose equity is held. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts. List
debit entry before credit entry.)
Indicate how the amounts reported in the financial statements are affected by the entries in (a).
The account is reported in the income statement under " The account is added to the cost of the
account on the balance sheet to arrive at eTextbook and Media List of Accounts.
The duties of the board of directors include the Duty of Care, which .pdf
The duties of the board of directors include the Duty of Care, which requires directors to A. act
in the best interests of the corporation and its shareholders. B. make reasonable efforts to review
all pertinent information before making a business decision. C. take the interests of all
stakeholders to heart and show due empathy and care toward those interests. D. all of the above
E. A and B only.
The following are the sufficient and necessary conditions for a monop.pdf
The following are the sufficient and necessary conditions for a monopolist to be able to
maximize potential positive economic profits. Ep=1 and TR>TCP=MC and increasing
MCMR=MC and Increasing MCTR>TC and MR=0.
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Similar to The balance sheet of Consolidated Paper, Inc., included the following.pdf
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.
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.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. its articles of
incorporation granted it the right to issue an unlimited number of common shares and 100,000
shares of $13.6 non-cumulative preferred shares. The following transactions are among those
that occurred during the first three years of operations: Jan. 12 Issued 40,100 comon shares at
$4.0 each. 20 Issued 3,660 connon shares to promoters who provided legal services that helped
to establish the company. These services had a fair value of $28,600. 31 Issued 72,690 common
shares in exchange for land, building, and equipnent, which have fair market values of
$352,000,$472,600, and $40,000, respectively. Mar. 4 Purchased equipnent at a cost of $3, abe
cash. This was thought to be a special bargain price. It was felt that at least $10,600 would
normally have had to be paid to acquire this equipment. Dec. 31 During 282e, the company
incurred a loss of $88,0e0. The Income Summary account was closed. 2921 Jan. 4 Issued 3,660
preferred shares at $64 per share. Dec. 31 The Income summary account was closed. Profit for
2621 was $268,000. 2022 Dec. 4 The conpany declared a cash dividend of 50.82 per share on the
comon shares payable on December 18 and also declared the required dividend on the preferred
shares. 18 Paid the dividends declared on Decenber 4 . 31 Profit for the year ended December
31,2022 , was $160,400. The Income Sumary. account was closed. Required: 1. Journalize the
transactions for the years 2020,2021 , and 2022 . The company does not use a cash dividends
account.
2. Prepare the statement of changes in equity for the year ended December 31,2022 . (Amounts
to be deducted should be indicated by a minus sign.)
3. Prepare the equity section on the December 31,2022 , balance sheet. Anolysis Component:
Determine the net assets of Hammond Manufacturing inc. for 2020. 2021, and 2022, is the trend
favourabie or unfavourable?.
Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
Please help, I can\'t figure out what I did wrong. Problem 11-2A (Part Level Submission) The
stockholders\' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred
Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value,
310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in
Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400
common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the
corporation had the following transactions and events pertaining to its stockholders equity Feb. 1
Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of
common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock,
payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.85 per
share cash dividend to common stockholders of record on December 15, payable December 31,
2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared
on December 1
Solution
I have only corrected the journal entries marked in red
Calculation of cash dividends on Dec1:
No of common stock shares outstanding: (1033,333/4) + 4620 - 4400 - 1250 = 257303.25
<4620 is additional shares issued; 4400 is treasury stock; 1250 is additional treasury stock>
Cash dividend declared = 0.85 per share
Hence, total cash dividend = 257303.25 x 0.85 = $218708
Calculation of cash dividends on Dec 31:
Oct 1 cash dividend (as per journal entry): 18480
Dec 1 cash dividend (as per journal entry): 218708
Total cash dividend: 237188DateAccount titlesDebitCreditFeb
1Cash32340Common stock18480Paid-in Capital in excess of stated value-common
stock13860Dec 1Cash dividends218708Dividends payable218708Dec 31Retained
earnings237188Cash dividends237188Dec 31Dividends payable218708Cash218708.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback accounting. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
Acct 311 final exam answers
This document provides the answers to an ACCT 311 final exam. It lists 27 multiple choice questions about accounting concepts such as unearned revenue, current liabilities, contingent gains/losses, earnings per share, cash flows, deferred taxes, pensions, leases, and sale-leaseback transactions. For each question, 4 possible answer choices are provided. The full questions and answers are available at the listed website.
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
...
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
Similar to The balance sheet of Consolidated Paper, Inc., included the following.pdf (13)
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)· Reso.docx
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 3.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf
1-Identify whether obligations are current liabilities.(LO 1), C.docx
1-Identify whether obligations are current liabilities.(LO 1), C.docx
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
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investment results in significant influence over the companies whose equity is held. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts. List
debit entry before credit entry.)
Indicate how the amounts reported in the financial statements are affected by the entries in (a).
The account is reported in the income statement under " The account is added to the cost of the
account on the balance sheet to arrive at eTextbook and Media List of Accounts.
The duties of the board of directors include the Duty of Care, which .pdf
The duties of the board of directors include the Duty of Care, which requires directors to A. act
in the best interests of the corporation and its shareholders. B. make reasonable efforts to review
all pertinent information before making a business decision. C. take the interests of all
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The following are the sufficient and necessary conditions for a monop.pdf
The following are the sufficient and necessary conditions for a monopolist to be able to
maximize potential positive economic profits. Ep=1 and TR>TCP=MC and increasing
MCMR=MC and Increasing MCTR>TC and MR=0.
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the diagram megesebs that the modian is different fom te neat (4). The fillwing is an ectrot tron
the cumblative fesouncy able. Ue the iafoemaine in the ulie ob neimaie the iondua Cive your
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The Fibonacci numbers are a sequence generated by a recurrence relati.pdf
The Fibonacci numbers are a sequence generated by a recurrence relation. The next number in
the series is the sum of the two previous values: Fn=Fn1+Fn2 That value is huge and the
numbers continue to grow! We can instead consider just the last 5 digits of this value, 15075
Because the number itself is so large, what are the last 5 digits of the 2023 rd Fibonacci number?.
The financial statements of Beths Natural Foods include the followin.pdf
The financial statements of Beth's Natural Foods include the following items: [: Compute the
following ratios for the current year: (Click the icon to view the financial statements.) (Click the
icon to view the ratios.)
Financial Statements
a. Current ratio e. Days' sales in inventory b. Cash ratio f. Days' sales in receivables c. Acid-test
ratio g. Gross profit percentage d. Inventory turnover.
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rate is 4%. Which of the following portfolios are undervalued? 3 and 4 only 1 and 2 only 1 and 4
only 2 and 3 only.
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The common stock of Panther Group sells for $42 per share, has a rate of return of 11.96
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annual dividend paid?.
The common stock of Panther Group sells for $32.6 per share, has a ra.pdf
The common stock of Panther Group sells for $32.6 per share, has a rate of return of 13.07
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annual dividend?.
The Canadian government spending in recent years has resulted in pers.pdf
The Canadian government spending in recent years has resulted in persistent deficits. This has
made it so that they have had to increase borrowing. They must be careful since this will lead to
Select one: a. Crowding out b. Transfer payments c. Implicit liabilities a. Automatic stabilizers
Examples of automatic stabilizers set up in the economy would be everything listed EXCEPT
for: Select one: a. Child daycare benefits b. The prices of goods c. Income Taxes d.
Unemployment payments Clear my choice.
The effective annual rate of interest as a percent is . (Round the f.pdf
The document discusses calculating the effective annual rate of interest as a percentage. It instructs the reader to round the final answer to four decimal places and all intermediate values to six decimal places.
The company measures its activity in terms of flights. Customers can .pdf
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The beginning inventory of merchandise at Rhodos. Co. and data on pur.pdf
The beginning inventory of merchandise at Rhodos. Co. and data on purchases and cales for a
three-inonth period ending June 30 are as follows: BFO Pursatual weritary
llequired:
2. betar
UFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on
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record similar to the one illustrated in Extibit 4, using the last-in, irst-out method. Under LIF, If
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The diaper industry is characterized by 8 firms producing identical d.pdf
The diaper industry is characterized by 8 firms producing identical diapers. Let si denote the
percentage market share of firm i,i=1,2,8. It has been recently observed that the market shares
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now firm 2 and firm 3 merge and become a single firm labeled firm 23 . Compute the post-
merger concentration measures values I^4 and I^HH. c) Compute the change in concentration
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