The following transactions relate to Penelope Inc. Prepare journal e.pdf

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The following transactions relate to Penelope Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2013 was Penelope’s first year of operations. 1.Penelope issued 1,000 shares of $1 par value common stock for $70 per share on January 1, 2013. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/13 2.Penelope issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per share on January 1, 2013. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/13 1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the company’s equity section of the December 31, 2013, balance sheet. Stockholders’ Equity: Total Stockholders’ Equity 2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/14 3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014. Prepare the company’s equity section from December 31, 2014. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 12/15/14 Class of Stock Total Dividend Dividend Per Share Preferred Common 4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’ equity section of the December 31, 2014, balance sheet. Stockholders’ Equity: Total Stockholders’ Equity DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 1/1/13 Solution 1)a. Cash Debit 70,000 [70 * 1000] Common sto credit 1,000 [1* 1000 ] Additional paid in capital credit 69,000 [69* 1000] [being common stock issued at premium recorded] Asset = liabilities + equity + 70,000 = 0 + +70,000 1b) cash Debit 25,000 [500*50] Preferred stock credit 25,000 [Being preferred stock issued recorded] 1c)Stockholders equity 2) Treasury stock Debit 12,000 [60*200] cash credit 12,000 [being stock repurchased recorded] Asset = Liabilities + equity - 12000 = 0 + (- )12000 3)Retained earnings Debit 6,600 Preferred stock dividend payable credit 2500 [5*500 ] Common stock dividend payable credit 4100 [6600 -2500] [being dividend declared recorded] b)Preferred stock dividend payable Debit 2500 [5*500 ] Common stock dividend payable Debit 4100 cash credit 6600 [being dividend paid recorded] 4)Preferred stock25,000Common stock1,000Additional paid in capital -common stock69,000Retained earnings2,000stockholders equity97,000.

E
1/1/13
1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the
company’s equity section of the December 31, 2013, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/14
3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014.
Prepare the company’s equity section from December 31, 2014.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT

A
=
L
+
E
R
-
E
12/15/14
Class of Stock Total Dividend Dividend Per Share
Preferred
Common
4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’
equity section of the December 31, 2014, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E

1/1/13
Solution
1)a.
Cash Debit 70,000 [70 * 1000]
Common sto credit 1,000 [1* 1000 ]
Additional paid in capital credit 69,000 [69* 1000]
[being common stock issued at premium recorded]
Asset = liabilities + equity
+ 70,000 = 0 + +70,000
1b) cash Debit 25,000 [500*50]
Preferred stock credit 25,000
[Being preferred stock issued recorded]
1c)Stockholders equity
2) Treasury stock Debit 12,000 [60*200]
cash credit 12,000
[being stock repurchased recorded]
Asset = Liabilities + equity
- 12000 = 0 + (- )12000
3)Retained earnings Debit 6,600
Preferred stock dividend payable credit 2500 [5*500 ]
Common stock dividend payable credit 4100 [6600 -2500]
[being dividend declared recorded]
b)Preferred stock dividend payable Debit 2500 [5*500 ]
Common stock dividend payable Debit 4100
cash credit 6600
[being dividend paid recorded]
4)Preferred stock25,000Common stock1,000Additional paid in capital -common
stock69,000Retained earnings2,000stockholders equity97,000

ACCT 221 Midterm Problems 1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During 2013, its first year of operation, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $11 per share. Jan. 30 The company’s attorney accepted 3,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $28,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The stock is currently selling on a national exchange at $14 per share. Instructions Journalize the transactions for Albert Corporation. 2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013: The company uses the cost method to account for treasury stock transactions. During 2013, the following treasury stock transactions occurred: March 1 Purchased 12,000 shares at $18 per share. July 1 Sold 3,500 shares at $21 per share. Sept 1 Sold 3,100 shares at $14 per share. Instructions Journalize the treasury stock transactions for 2013. Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder 1 Common Stock, $10 par value $1,500,000 Paid-in Capital in Excess of Par 200,000 Retained Earnings 500,000 Total Stockholders’ Equity $2,200,000 3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued 20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: Year Dividend 2011 5,000 2012 15,000 2013 35,000 Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. (b) Journalize the declaration of the cash dividend at December 31, 2013. 4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of common stock at $14 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on December 31. Net income for 2013 was $550,000. Instructions Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15, 2013, and the issuance of the stock dividend on January 15, 2014. 5. Prepare the journal entries for the following two independent situations: (a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780. The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that Hathaway Corporation would make on January 1. (b) Monaghan, Inc. redeemed .

Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf

santanadenisesarin13

Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1, 2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income $850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need a column for Preferred shares instead of Contributed Surplus) Solution Journal Entries Date Particulars Debit Credit 31-Jan Cash $66,500.00 Preferred Shares $66,500.00 Preferred Shares being issued 2-Mar Cash $80,000.00 Treasury stock $80,000.00 Common stocks being repurchased 28-Jun No entry required, since stocks do not have any par value 15-Sep Dividends - Preferred $30,800.00 Dividends Payable - Preferred $30,800.00 Preferred dividends at $4 per dividend being declared 30-Sep Dividends Payable - Preferred $30,800.00 Cash $30,800.00 Preferred dividends declared being paid 31-Oct Dividends - Common $217,500.00 Dividends Payable - Common $217,500.00 Common stock dividends being declared 15-Dec Dividends Payable - Common $217,500.00 Cash $217,500.00 Common dividends declared being paid Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800 Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500 Stocks repurchased at $16 = 5,000 x $16 = $80,000 Statement of Changes in Shareholders\' Equity Year ended on December 31, 2017 Preferred Share Capital Common Share Capital Treasury Shares Retained Earnings Accumulated Other Comprehensive Income Total Equity Balance at January 1, 2017 $850,000 $2,250,000 $0 $1,750,000 $22,000 $4,872,000 Profit for the year $0 $0 $0 $450,000 $0 $450,000 Other Comprehensive Income $0 $0 $0 $0 $15,000 $15,000 Dividends - Preferred $0 $0 $0 $30,800 $0 $30,800 Dividends - Common $0 $0 $0 $217,500 $0 $217,500 Purchase of Own Shares $0 $0 $80,000 ($80,000) $0 $0 Balance at December 31, 2017 $850,000 $2,250,000 $80,000 $2,368,300 $37,000 $5,585,300 Journal Entries Date Particulars Debit Credit 31-Jan Cash $66,500.00 Preferred Shares $66,500.00 Preferred Shar.

The stockholders equity accounts of Miley Corporation on January 1- 20.pdf

ankitgarg9513

The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) = $300,000 Common Stock ($4 stated value, 300,000 shares authorized) =1,000,000 Paid-in Capital in Excess of Par Value Preferred Stock) =15,000 Paid-in Capital in Excess of Stated Value Common Stock = 480,000 Retained Earnings =710,000 Treasury Stock (5,000 common shares) = 40,000 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $280,000. Paid the dividend declared on December 1. I am trying to perform a tabular summary with beginning balances on Jan 1 2014 and am confused with the calculations.

19.8 Recording Accrued Revenue

VCE Accounting - Michael Allison

eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf

fathimaoptical

Do you believe Americans\' concern for the environment is a stronger value than their materialism? What ethical issues do you see relating to green marketing? Please answer in 300- 400 words. Solution Americans\' concern for the environment is less strong compared to their materialism as both of these are contradictory most of the times where the environmental concerns around recycling wastes, energy saving through controllable use etc. outdo the increasing consumption of materials or products that add to the wastes and result in increase in energy consumption. Few examples include consumers buying mobile phones and latest gadgets that increase the energy consumption while switching of electrical appliances when they are not using them to save the energy. Consumers can identify green marketing as a solution to the environmental issues without the need to reduce the consumption of the materials/products while compromising to an extent on the features or specifications of the products. Below are the ethical issues relating to green marketing –.

Determine the missing amounts. (Hint For example, to solve for (a), .pdf

amrishinda

Determine the missing amounts. (Hint: For example, to solve for (a), Assets Liabilities Stockholders Equity - $28,730.) anuary 1, 2015 Assets Liabilities Stockholders\' equity $ 86,190 $126,412 s 137904 (g) 86,190 51,714 $172,380 57,460 57460 (d) 68,952 57460 0) 114,920 28730 (a) December 31, 2015 Assets Liabilities Stockholders\' equity 109174 (b) 63,206 45,968 157,440 229,840 252824 (k) 91,936 86,190 71250 (e) 17,238 80444 (h) 149,396 160,888 Stockholders\' equity changes in year Additional investment Dividends Total revenues Total expenses 17,238 11,492 574,600 11,492 11,492 402,220 379,236 16,089 482,664 442,442 393,026 Solution Donatello Company: January 1, 2015: Stockholders’ Equity = Assets - Liabilities Stockholders’ Equity = $86,190 - $57,460 Stockholders’ Equity = $28,730 December 31, 2015: Assets = Liabilities + Stockholders’ Equity Assets = $63,206 + $45,968 Assets = $109,174 Change in Stockholders’ Equity = Stockholders’ Equity, December 31, 2015 - Stockholders’ Equity, January 1, 2015 Change in Stockholders’ Equity = $45,968 - $28,730 Change in Stockholders’ Equity = $17,238 Change in Stockholders’ Equity = Additional Investment + Total Revenues - Total Expenses - Dividends $17,238 = Additional Investment + $402,220 - $379,236 - $11,492 Additional Investment = $5,746 Leonardo Company: January 1, 2015: Assets = Liabilities + Stockholders’ Equity $126,412 = Liabilities + $68,952 Liabilities = $57,460 December 31, 2015: Assets = Liabilities + Stockholders’ Equity $157,440 = $86,190 + Stockholders’ Equity Stockholders’ Equity = $71,250 Change in Stockholders’ Equity = Stockholders’ Equity, December 31, 2015 - Stockholders’ Equity, January 1, 2015 Change in Stockholders’ Equity = $71,250 - $68,952 Change in Stockholders’ Equity = $2,298 Change in Stockholders’ Equity = Additional Investment + Total Revenues - Total Expenses - Dividends $2,298 = $17,238 + $482,664 - $442,442 - Dividends Dividends = $55,162 Michelangelo Company: January 1, 2015: Assets = Liabilities + Stockholders’ Equity Assets = $86,190 + $51,714 Assets = $137,904 December 31, 2015: Assets = Liabilities + Stockholders’ Equity $229,840 = Liabilities + $149,396 Liabilities = $80,444 Change in Stockholders’ Equity = Stockholders’ Equity, December 31, 2015 - Stockholders’ Equity, January 1, 2015 Change in Stockholders’ Equity = $149,396 - $51,714 Change in Stockholders’ Equity = $97,682 Change in Stockholders’ Equity = Additional Investment + Total Revenues - Total Expenses - Dividends $97,682 = $11,492 + Total Revenues - $393,026 - $16,089 Total Revenues = $495,305 Raphael Company: January 1, 2015: Assets = Liabilities + Stockholders’ Equity $172,380 = Liabilities + $114,920 Liabilities = $57,460 December 31, 2015: Assets = Liabilities + Stockholders’ Equity Assets = $91,936 + $160,888 Assets = $252,824 Change in Stockholders’ Equity = Stockholders’ Equity, December 31, 2015 - Stockholders’ Equity, January 1, 2015 Change in Stockholders’ Equity = $160,888 - $114,920 Cha.

Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January 1, 2017: Common Stock ($5 par) $536,800, Paid-in Capital in Excess of Par—Common Stock $193,790, and Retained Earnings $100,450. In 2017, the company had the following treasury stock transactions. Mar. 1 Purchased 5,700 shares at $9 per share. June 1 Sold 1,040 shares at $13 per share. Sept. 1 Sold 1,980 shares at $10 per share. Dec. 1 Sold 1,310 shares at $7 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $32,820 ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for net income. (Record journal entries in the order presented in the problem. 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.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance J10 J10 J10 Treasury Stock Date Explanation Ref. Debit Credit Balance J10 J10 J10 J10 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance ? J10 SHOW LIST OF ACCOUNTS Date Account Titles and Explanation Debit Credit Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 Dec. 1 Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 SHOW LIST OF ACCOUNTS Solution Journal Entries: Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Stock (5700*$9) $ 51,300.00 Cash $ 51,300.00 (Being shares repurchased ) June. 1 Cash (1040*$13) $ 13,520.00 Paid-in Capital from Treasury Stock = 13520 - 9360 $ 4,160.00 Treasury Stock (1040*$9) $ 9,360.00 (Being treasury shares reissued) Sept. 1 Cash (1980*$10) $ 19,800.00 Paid-in Capital from Treasury Stock = 19800-17820 $ 1,980.00 Treasury Stock (1980*$9) $ 17,820.00 (Being treasury shares reissued) Dec. 1 Cash (1310*$7) $ 9,170.00 Paid-in Capital from Treasury Stock = 11790-9170 $ 2,620.00 Treasury Stock (1310*$9) $ 11,790.00 (Being treasury shares reissued) Dec. 31 Income Summary $ 32,820.00 Retained Earnings $ 32,820.00 (Being bet inc0me closed) Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance June. 1 J10 $ 4,160.00 $ 4,160.00 Sept. 1 J10 $ 1,980.00 $ 6,140.00 Dec. 1 J10 $ 2,620.00 $ 3,520.00 Treasury Stock Date Explanation Ref. Debit Credit Balance Mar. 1 J10 $ 51,300.00 $ 51,300.00 June. 1 J10 $ 9,360.00 $ 41,940.00 Sept. 1 J10 $ 17,820.00 $ 24,120.00 Dec. 1 J10 $ 11,790.00 $ 12,330.00 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance $ 100,450.00 $ 100,450.00 Dec. 31 J10 $ 32,820.00 $ 133,270.00 FECHTER CORPORATION Balance Sheet (Partial) For the Year Ended December 31, 2017 Common Stock ($5 par) $ 536,800.00 Paid-in Capital in Excess of Par—Common Stock $ 193,790.00 Retained Earnings $ 133,270.0.

Problem 11-2A Fechter Corporation had the following stockholders’ eq.pdf

ajantahandlooms14

Wilco Corporation has the following account balances at December 3.docx

alanfhall8953

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.

The stockholders equity accounts of Ivanhoe Corporation on January .pdf

Clothcafejpr

The stockholders' equity accounts of Ivanhoe Corporation on January 1, 2027, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 294,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,400 common shares) Feb. 1 Mar. 20 Oct. 1 Nov. Dec. During 2027, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 1 $264,000 Dec. 31 940,800 13,200 470,400 699,500 35,200 Issued 4,400 shares of common stock for $30,800. Purchased 1,400 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2027. Paid the dividend declared on December 1. The stockholders equity accounts of Ivanhoe Corporation on January 1, 2027, were as follows. During 2027, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,400 shares of common stock for $30,800. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $8 per share. Oct. 1 Declareda 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec 1 Deciared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31. 2027. Dec. 31 Paid the dividend declared on December 1. (a) Prepare a tabular summary that includes the January 1, 2027, balances. Do not include the beginning balance in Retained (b) Record the 2027 transactions in the tabular summary. Include margin explanations for the changes in revenues and expenses. (Round answers to 0 decimal ploces, eg. 5,275.) - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. - Increases in Discount on Bonds Poyable require a negotive sign or parentheses. - Increases in Treasury Stock require a negative sign or parentheses. (a) BaL. (b) Feb, 1 Mar.20 Oct. 1 Nov. 1 Dec 1 Dec. 31 $$$$ 30,800 . Stockholders' Equity Retained Earnings Treasury Stock Revenue Expense Dividend ; $$ 5 I. Retained Earnings Expense $ Dividend $ Commonstock Dividends Interest expense Paid-in- capital in excess of common stock Paid in-capital in excess of preferred stock Preferred stock.

Introduction to Financial Accounting Solutions

Monique Anderson

NCVPS Accounting Week 1seanblack1000

Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf

suretheboss10

Question. Find the mean, variance and standard deviation of the binominal distribution with the given values of n and p. N=126 , p=0.84 The mean u, is __ Round to nearest tenth The variance, o^2, is __ Round to nearest tenth The standard deviation o, is __ Round to nearest tenth Solution The mean u is n*p or 126*0.84 = 105.8 The variance n*p*(1-p) or 126*0.84*0.16 = 16.9 The stdev is sqrt of variance or sqrt of 16.9 = 4.1.

Herbie Corp-'s Balance Sheet showed the following at 12-31-13 Common S.docx

tpaula2

Herbie Corp\'s Balance Sheet showed the following at 12/31/13 Common Stock, $10 par $100,000 APIC $50,000 Retained Earnings $20,000 A cash dividend is declared on 12/31/13, and is payable on 1/20/14 to shareholders of record as of 1/10/14. Show all appropriate journal entires assuming a cash dividend of $1 per share Show all appropriate entries for a $5 per share dividend Solution 1. Journal entry to record dividend of $1 per share. No. of shares is 10,000 ($100,000/$10) 31-12-2013 - Entry for dividend declaration will be recorded Retained earnings (10,000X1) Debit 10,000 To Dividend payable Credit 10,000 20-1-2014, Entry to record dividend payment. There will be no entry on 10-1-2014 i.e. the record date. As record date merely determines the names of the stakeholders that will receive dividend. Dividend payable Debit 10,000 To Cash Credit 10,000 2. Cash dividend of $5 per share. Retained earnings can be used for dividend payments. APIC cannot be used because the Company cannot declare dividends more than retained earnings. In this case, Retained earnings balance will be negative. 31-12-14 Retained earnings Debit 50,000 To Dividend payable Credit 50,000 20-1-14 Dividend payable Debit 50,000 To cash Credit 50,000 .

Financial Accounting.ppt

Atul Sharma

The John Marshall Company Inc which provides consulting s.pdf

15921

The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 - Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1 - Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected $300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased $150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses. September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000. November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in advance for services to be provided in December and January. December 30 - Declared and paid a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401 Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial balance as of December 31 . 6. Prepare a single-step income statement and statement of retained eamings for the year.

The John Marshall Company Inc which provides consulting s.pdf

info964273

Accounting basic -LFU.Erbil

Brwa Qasim

On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx

farrahkur54

On January 1, 2024 , Blossom Ltd. had the following shareholders' equity accounts: Common shares (1,090,000 issued) $1,635,000 Retained earnings 1,962,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 109,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 104,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $103,000. Journalize the transactions and the entries to close dividends and the income Summary account. fGredit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is reguired, select "No Entry" for the account titles Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the .

Introduction to Financial statements - Accounting

FaHaD .H. NooR

Transaction analysis ppt @ BEC-DOMS

Babasab Patil

Q 10 Assume an investee has the following financial statement informat.pdf

ctalreja

Q 10 Assume an investee has the following financial statement information for the three years ending December 31, 2013: Review of pre-consolidation equity method (controlling investment in affiliate, fair value differs from book value) Assume that on January 1, 2011, an investor company purchased 100% of the outstanding voting common stock of the investee. On the date of the acquisition, the investee's identifiable net assets had fair values that approximated their historical book values, except for tangible fixed assets, which had fair value that was $150,000 higher than the investee's recorded book value. The tangible fixed assets had a remaining useful life of 10 years. In addition, the acquisition resulted in goodwill in the amount of $300,000 recognized in the consolidated financial statements of the investor company. Assuming that the investor company uses the equity method to account for its investment in the investee, what is the balance in the "income from investee" account in the investor company's pre-consolidation income statement for the year ended December 31, 2013? $126,000 $82,500 $67,500 $141,000 (At December 31) 2011 2012 2013 Current assets $310,500 $416,550 $428,205 Tangible fixed assets 844,500 861,450 992,595 Intangible assets 75,000 67,500 60,000 Total assets $1,230,000 $1,345,500 $1,480,800 Current liabilities $150,000 $165,000 $181,500 Noncurrent liabilities 330,000 363,000 399,300 Common stock 150,000 150,000 150,000 Additional paid-in capital 150,000 150,000 150,000 Retained earnings 450,000 517,500 600,000 Total liabilities and equity $1,230,000 $1,345,500 $1,480,800 .

Acc 557 homework 4 chapters 11 and 12

Lisaha milton

Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf

FOREVERPRODUCTCHD

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.

The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf

amitparekh2584

The following transactions relate to Sunlight Mountain Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31 . Assume 2015 was Sunlight's irst year of operations. 1. Sunlight issued 1,000 shares of $1 par value common stock for $70 per share on January 1 , 2015. 2. Sunlight issued 500 shares of no par value, $5 , non-cumulative preferred stock for $50 per share on January 1, 2015. 3. Sunlight reported net income of $2 , 000 during 2015 and paid no dividends. Prepare the company's equity section of the December 31, 2015, balance sheet. Stockholders' Equity: Total Stockholders' Equity 4. On January 1, 2016, Sunlight purchased 200 shares of its common stock for $60 per share. 5. On December 15, 2016, Sunlight declared and paid dividends totaling $6 , 600 during 2016. Prepare the company's equity section from December 31, 2016. 6. Sunlight reported net income of $20 , 000 during 2016. Prepare the company's stockholders' equity section of the December 31,2016 , balance sheet..

Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf

apexsports101

Scenario 1 : 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share To Proposed Dividend $ 1/ share 2) 20th Jan Proposed dividend Account Dr $ 1/ share To Bank $ 1/ share Scenario 2: 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share To Proposed Dividend $ 5/ share 2) 20th Jan Proposed dividend Account Dr $ 5/ share To Bank $ 5/ share Notes: Dividend is the source of income of shareholders when they invest money in shares for gaining the dividend. On the other hand, when company declares the dividend for shareholder, it will be the deduction of its net profit. For transferring dividend out of net profit, we make the profit and loss appropriation account. Following are the journal entries of dividends 1. When dividend is proposed by company out of net profit. Profit and Loss Appropriation Account Debit Proposed Dividend Account Credit 2. When Proposed dividend is paid by Company Proposed Dividend Account Debit Bank Account Credit 3. When Dividend is Declared Out of Retained Earning Retained Earning Account Debit Dividend Account Credit 4. When Such Dividend is Paid Dividend Account Debit Bank Account Credit Examples : Let’s assume that the Reliance Corporation, on Dec. 20, 2011, declared a cash dividend of Rs. 2 per share on 4,00,000 shares payable April 1, 2012, to all stockholders of record March 15. The following journal entries are required: 1. Date of declaration, Dec. 20, 2011 Retained Earning Account Debit 8,00,000 Dividend Payable Account Credit 8,00,000 2. When dividend is paid on Date of payment, April 1, 2012 Dividend Payable Account Debit 8,00,000 Bank Account Credit 8,00,0000 Important : Sometime company may not have sufficient cash, at that time, company may give his fully paid up new equity shares or other investments. So, we will not credit the bank account but we will credit the equity share capital or investment. Solution Scenario 1 : 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share To Proposed Dividend $ 1/ share 2) 20th Jan Proposed dividend Account Dr $ 1/ share To Bank $ 1/ share Scenario 2: 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share To Proposed Dividend $ 5/ share 2) 20th Jan Proposed dividend Account Dr $ 5/ share To Bank $ 5/ share Notes: Dividend is the source of income of shareholders when they invest money in shares for gaining the dividend. On the other hand, when company declares the dividend for shareholder, it will be the deduction of its net profit. For transferring dividend out of net profit, we make the profit and loss appropriation account. Following are the journal entries of dividends 1. When dividend is proposed by company out of net profit. Profit and Loss Appropriation Account Debit Proposed Dividend Account Credit 2. When Proposed dividend is paid by Company Proposed Dividend Account Debit Bank Account Credit 3. When Dividend is Declared Out of Retained Earning Retained Earning Account Debit Dividend Account Credi.

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The following transactions relate to Penelope Inc. Prepare journal e.pdf

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