The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
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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.
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Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders\'
equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in
Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During
the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to
stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share
was $35 July 1 Declared a 10% stock dividend to stockholders of record on July 15 distributable
uly 31 On uly 1, the market price of the stock was SA er share. 31 Dec. 1 31 Issued the shares for
the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December
15, payable January 5, 2018. Determined that net income for the year was $300,000
Solution
a) Journal Entries Date Accounts and Titles Debit Credit Feb.1 Retained Earnings (50,000
X $1) $50,000.00 Dividends Payable $50,000.00 Mar.1 Dividends Payable $50,000.00
Cash $50,000.00 Apr.1 No Entry Two-for-one stock split increases number of shares to
100,000 = (50,000 X 2) and reduces par value to $10 per share Jul.1 Retained Earnings
(100,000 x 10% x $14) $140,000.00 Common Stock Dividends Distributable (10,000 X $10)
$100,000.00 Paid-in Capital in Excess of Par Value (10,000 X $4) $40,000.00 Jul.31
Common Stock Dividends Distributable $100,000.00 Common Stock $100,000.00 Dec.
1 Retained Earnings (110,000 X $.30) $33,000.00 Dividends Payable $33,000.00 Dec.
31 Income Summary $300,000.00 Retained Earnings $300,000.00 b) Geffrey
Corporation Balance Sheet (Partial) December 31, 2017 Stockholders’ equity Paid-
in capital Capital stock Common stock, $10 par value, 110,000 shares issued and
outstanding $1,100,000.00 Additional paid-in capital In excess of par value ($190,000 +
$40,000) $230,000.00 Total paid-in capital $1,330,000.00 Retained earnings ($300,000 +
33000 + 140000 + 50000) $523,000.00 Total stockholders’ equity $1,853,000.00.
For this exam, omit all general journal entry explanations.Ensure .pdf
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are
normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares
issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and
outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the
market value of the common stock was $15 per share. Stock dividends were distributed on
January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash
dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders\' section of a classified balance sheet as of December 31, 2014.
Ensure to include correct dollar signs, underlines & double underlines.
Date
Account
Debit
Credit
Comment
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares
issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and
outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
Solution
Journal entries:
Date
Accounts Title
Debit $
Credit $
Jan. 1
Retained Earnings (100000 Shares x 5%x$15)
75,000.00
Dividend Distributable (100000 Shares× 5%x$15)
75,000.00
(Being Stock Dividend Declared)
Jan. 31
Dividend Distributable
75,000.00
Paid-in Capital in Excess of par, Common (100,000 Shares x5%x($15- $10)
25,000.00
Common Stock (100000 Shares ×5%x$10)
50,000.00
(Being Stock Dividend Distributed)
Feb. 15
Treasury Stock
20,000.00
Cash (1,000x$20)
20,000.00
(Being 1000 Shares required)
Mar. 31
Cash (250 Sharesx$25)
6,250.00
Paid-in Capital in Excess of par, Common (250 Shares x ($25-20)
1,250.00
Treasury Stock (250 Shares x $20)
5,000.00
Rissued 250 shares of treasury stock for $25 each)
Jul. 1
Cash (500 Shares x $16)
8,000.00
Paid-in Capital in Excess of par, Common (500 Shares x ($20-16)
2,000.00
Treasury Stock (500 Shares x$20)
10,000.00
(To record the issued 500 shares of treasury stock for $16 each)
Oct. 1
Reatined Earnings
199,625.00
Dividend Distributable (50,000+149,625)
199,625.00
(To record the Dividend Declared)
Pref.
Problem 14-1A On January 1, 2014, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2014, Geffrey Corporation had the following stockholders\'
equity accounts Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in
Capital in Excess of Par-Common Stock Retained Earnings $1,200,000 200,000 600,000 During
the year, the following transactions occurred. Declared a $1 cash dividend per share to
stockholders of record on February 15, payable March 1 Paid the dividend declared in February
Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36 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 $13 per share Issued the shares for the stock dividend Declared a
$0.50 per share dividend to stockholders of record on December 15, payable January 5, 2015
Determined that net income for the year was $350,000 Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31
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. If no entry is
required, select \"No entry\" for the account titles and enter 0 for the amounts.) Date Aocount
Titles and Explanation Debit Credit Feb. 1 Mar. 1 Apr. 1 July 1 uly 31 Dec. 1 Dec. 31 (To close
net income) (To close stock dividends) (To close cash dividends)
Solution
Journal Entries:
Date
Accounts / Explanations
Debit
Credit
Feb. 1
Cash Dividend
$ 60,000.00
Dividend Payable
$ 60,000.00
(Being cash dividend declared = 60000 Shares * $1)
Mar. 1
Dividend Payable
$ 60,000.00
Cash
$ 60,000.00
(Being cash dividend cash )
Apr. 1
No entry
(New shares = 60000*2 = 120000 Shares @ $20/ 2 =$10 Par value)
July. 1
Stock Dividend
$ 156,000.00
Dividend Distributable
$ 156,000.00
(Being Stock Dividend Declared = 120000 *10% = 12000 Shares*$13 )
July. 31
Dividend Distributable
$ 156,000.00
Paid in capital in excess of par- Common Stock (156000-120000)
$ 36,000.00
Common Stock (12000 Shares * $10)
$ 120,000.00
(Being shares issues for dividend )
Note : total number of shares after Stock Div = 120000+12000 = 132000
Dec. 1
Cash Dividend
$ 66,000.00
Dividend Payable
$ 66,000.00
(Being cash dividend declared = 132000 Shares * $0.50)
Dec. 31
Income Summary
$ 350,000.00
Retained earnings
$ 350,000.00
(Being net income closed)
Retained earnings
$ 126,000.00
Cash Dividend (60000+66000)
$ 126,000.00
(Being cash dividend closed)
Retained earnings
$ 156,000.00
Stock Dividend
$ 156,000.00
(Being cash dividend closed)
Journal Entries:
Date
Accounts / Explanations
Debit
Credit
Feb. 1
Cash Dividend
$ 60,000.00
Dividend Payable
$ 60,000.00
(Being cash dividend declared = 60000 Shares * $1)
Mar. 1
Dividend Payable
$ 60,000.00
Cash
$ 60,000.00
(Being cash dividend cash )
Apr. 1
No entry
(New shares = 60000*2 = 120000 Shares @ $20/ 2 =$10 Par value)
July. 1
Stock Dividend
$ 156,000.00
Div.
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.
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1,
2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 non-
cumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number
authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income
$850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following
transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000
common shares at $16 a share. Announced a 3-for-1 stock split of the common shares.
Immediately before the split, the share price was $13 a share. Declared the annual dividend on
preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common
share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on
Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other
comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of
the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use
format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need
a column for Preferred shares instead of Contributed Surplus)
Solution
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shares being issued
2-Mar
Cash
$80,000.00
Treasury stock
$80,000.00
Common stocks being repurchased
28-Jun
No entry required, since stocks do not have any par value
15-Sep
Dividends - Preferred
$30,800.00
Dividends Payable - Preferred
$30,800.00
Preferred dividends at $4 per dividend being declared
30-Sep
Dividends Payable - Preferred
$30,800.00
Cash
$30,800.00
Preferred dividends declared being paid
31-Oct
Dividends - Common
$217,500.00
Dividends Payable - Common
$217,500.00
Common stock dividends being declared
15-Dec
Dividends Payable - Common
$217,500.00
Cash
$217,500.00
Common dividends declared being paid
Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800
Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500
Stocks repurchased at $16 = 5,000 x $16 = $80,000
Statement of Changes in Shareholders\' Equity
Year ended on December 31, 2017
Preferred Share Capital
Common Share Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income
Total Equity
Balance at January 1, 2017
$850,000
$2,250,000
$0
$1,750,000
$22,000
$4,872,000
Profit for the year
$0
$0
$0
$450,000
$0
$450,000
Other Comprehensive Income
$0
$0
$0
$0
$15,000
$15,000
Dividends - Preferred
$0
$0
$0
$30,800
$0
$30,800
Dividends - Common
$0
$0
$0
$217,500
$0
$217,500
Purchase of Own Shares
$0
$0
$80,000
($80,000)
$0
$0
Balance at December 31, 2017
$850,000
$2,250,000
$80,000
$2,368,300
$37,000
$5,585,300
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shar.
Winnie Corporation was organized on January 1- 2022- It is authorized.pdf
Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000
sibrtansactions occurred stock with a stated value of $4 per share. The following select equity,
debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock
for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8
Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash.
Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased
100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and
November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of
common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for
$8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun.
15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock
for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold
4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the
semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of
record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8
per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company
declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec.
31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per
share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a
net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued
interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the
adjusting entries at December 31,2022 , to report the investment securities at fair value. All
securities are considered to be short-term, except for the JW Company commn stock..
Est 12-16 AM edugen-wileyplus-com Open Assignment t experience please.docx
Est 12:16 AM edugen.wileyplus.com Open Assignment t experience please view on your desktop. ort by type Sort by date Problem 11-2A (Part Level Submission) The stockholders\' equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (796, $100 par noncumulative, 4,300 shares authorized) Common Stock ($3 stated 793,680 value, 330,700 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 (4,300 common shares) 10,320 5 529,120 4,400 During 2014, the corporation had the following transactions and events pertaining to its stockholders\' equity. reb. i Issued 4,600 shares of common stock for $32,200. a20 Purchased 1,750 additional shares of common treasury stock at $7 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. No Paid the dividend declared on October 1 Dec. 1 Declared a $0.70 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 $283,900. Paid the dividend declared on December 1. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2.200
Solution
Entry is given below
.
Recommended
Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders\'
equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in
Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During
the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to
stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share
was $35 July 1 Declared a 10% stock dividend to stockholders of record on July 15 distributable
uly 31 On uly 1, the market price of the stock was SA er share. 31 Dec. 1 31 Issued the shares for
the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December
15, payable January 5, 2018. Determined that net income for the year was $300,000
Solution
a) Journal Entries Date Accounts and Titles Debit Credit Feb.1 Retained Earnings (50,000
X $1) $50,000.00 Dividends Payable $50,000.00 Mar.1 Dividends Payable $50,000.00
Cash $50,000.00 Apr.1 No Entry Two-for-one stock split increases number of shares to
100,000 = (50,000 X 2) and reduces par value to $10 per share Jul.1 Retained Earnings
(100,000 x 10% x $14) $140,000.00 Common Stock Dividends Distributable (10,000 X $10)
$100,000.00 Paid-in Capital in Excess of Par Value (10,000 X $4) $40,000.00 Jul.31
Common Stock Dividends Distributable $100,000.00 Common Stock $100,000.00 Dec.
1 Retained Earnings (110,000 X $.30) $33,000.00 Dividends Payable $33,000.00 Dec.
31 Income Summary $300,000.00 Retained Earnings $300,000.00 b) Geffrey
Corporation Balance Sheet (Partial) December 31, 2017 Stockholders’ equity Paid-
in capital Capital stock Common stock, $10 par value, 110,000 shares issued and
outstanding $1,100,000.00 Additional paid-in capital In excess of par value ($190,000 +
$40,000) $230,000.00 Total paid-in capital $1,330,000.00 Retained earnings ($300,000 +
33000 + 140000 + 50000) $523,000.00 Total stockholders’ equity $1,853,000.00.
For this exam, omit all general journal entry explanations.Ensure .pdf
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are
normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares
issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and
outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the
market value of the common stock was $15 per share. Stock dividends were distributed on
January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash
dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders\' section of a classified balance sheet as of December 31, 2014.
Ensure to include correct dollar signs, underlines & double underlines.
Date
Account
Debit
Credit
Comment
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares
issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and
outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
Solution
Journal entries:
Date
Accounts Title
Debit $
Credit $
Jan. 1
Retained Earnings (100000 Shares x 5%x$15)
75,000.00
Dividend Distributable (100000 Shares× 5%x$15)
75,000.00
(Being Stock Dividend Declared)
Jan. 31
Dividend Distributable
75,000.00
Paid-in Capital in Excess of par, Common (100,000 Shares x5%x($15- $10)
25,000.00
Common Stock (100000 Shares ×5%x$10)
50,000.00
(Being Stock Dividend Distributed)
Feb. 15
Treasury Stock
20,000.00
Cash (1,000x$20)
20,000.00
(Being 1000 Shares required)
Mar. 31
Cash (250 Sharesx$25)
6,250.00
Paid-in Capital in Excess of par, Common (250 Shares x ($25-20)
1,250.00
Treasury Stock (250 Shares x $20)
5,000.00
Rissued 250 shares of treasury stock for $25 each)
Jul. 1
Cash (500 Shares x $16)
8,000.00
Paid-in Capital in Excess of par, Common (500 Shares x ($20-16)
2,000.00
Treasury Stock (500 Shares x$20)
10,000.00
(To record the issued 500 shares of treasury stock for $16 each)
Oct. 1
Reatined Earnings
199,625.00
Dividend Distributable (50,000+149,625)
199,625.00
(To record the Dividend Declared)
Pref.
Problem 14-1A On January 1, 2014, Geffrey Corporation had the followi.pdf
Problem 14-1A On January 1, 2014, Geffrey Corporation had the following stockholders\'
equity accounts Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in
Capital in Excess of Par-Common Stock Retained Earnings $1,200,000 200,000 600,000 During
the year, the following transactions occurred. Declared a $1 cash dividend per share to
stockholders of record on February 15, payable March 1 Paid the dividend declared in February
Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36 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 $13 per share Issued the shares for the stock dividend Declared a
$0.50 per share dividend to stockholders of record on December 15, payable January 5, 2015
Determined that net income for the year was $350,000 Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31
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. If no entry is
required, select \"No entry\" for the account titles and enter 0 for the amounts.) Date Aocount
Titles and Explanation Debit Credit Feb. 1 Mar. 1 Apr. 1 July 1 uly 31 Dec. 1 Dec. 31 (To close
net income) (To close stock dividends) (To close cash dividends)
Solution
Journal Entries:
Date
Accounts / Explanations
Debit
Credit
Feb. 1
Cash Dividend
$ 60,000.00
Dividend Payable
$ 60,000.00
(Being cash dividend declared = 60000 Shares * $1)
Mar. 1
Dividend Payable
$ 60,000.00
Cash
$ 60,000.00
(Being cash dividend cash )
Apr. 1
No entry
(New shares = 60000*2 = 120000 Shares @ $20/ 2 =$10 Par value)
July. 1
Stock Dividend
$ 156,000.00
Dividend Distributable
$ 156,000.00
(Being Stock Dividend Declared = 120000 *10% = 12000 Shares*$13 )
July. 31
Dividend Distributable
$ 156,000.00
Paid in capital in excess of par- Common Stock (156000-120000)
$ 36,000.00
Common Stock (12000 Shares * $10)
$ 120,000.00
(Being shares issues for dividend )
Note : total number of shares after Stock Div = 120000+12000 = 132000
Dec. 1
Cash Dividend
$ 66,000.00
Dividend Payable
$ 66,000.00
(Being cash dividend declared = 132000 Shares * $0.50)
Dec. 31
Income Summary
$ 350,000.00
Retained earnings
$ 350,000.00
(Being net income closed)
Retained earnings
$ 126,000.00
Cash Dividend (60000+66000)
$ 126,000.00
(Being cash dividend closed)
Retained earnings
$ 156,000.00
Stock Dividend
$ 156,000.00
(Being cash dividend closed)
Journal Entries:
Date
Accounts / Explanations
Debit
Credit
Feb. 1
Cash Dividend
$ 60,000.00
Dividend Payable
$ 60,000.00
(Being cash dividend declared = 60000 Shares * $1)
Mar. 1
Dividend Payable
$ 60,000.00
Cash
$ 60,000.00
(Being cash dividend cash )
Apr. 1
No entry
(New shares = 60000*2 = 120000 Shares @ $20/ 2 =$10 Par value)
July. 1
Stock Dividend
$ 156,000.00
Div.
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.
Question 3 (24 markS) Westcock Shipbuilding Ltd. has a December 31 y.pdf
Question 3: (24 markS) Westcock Shipbuilding Ltd. has a December 31 year end. On January 1,
2017, the company had the following shareholder\'s equity accounts Preferred shares, $4 non-
cumulative, unlimited number authorized, 7,000 issued Common shares, unlimited number
authorized, 150,000 issued Retained earnings Accumulated Other Comprehensive Income
$850,000 2,250,000 1,750,000 22,000 Westcock Shipbuilding Ltd. had the following
transactions during 2017: Issued 700 preferred shares at $95 per share. Reacquired 5,000
common shares at $16 a share. Announced a 3-for-1 stock split of the common shares.
Immediately before the split, the share price was $13 a share. Declared the annual dividend on
preferred shares for the shareholders of record on Sep 30, payable on Oct 15 Declared a common
share dividend of $0.50 a share for all shareholders of record Nov 30. The dividend is payable on
Dec 15 Jan 31 Mar 2 Jun 28 Sep 15 Oct 31 The company reported a profit of $450,000 and other
comprehensive income of $15,000 for 2017. Required: a) Prepare journal entries to record all of
the transactions b) Prepare the Statement of Changes in Shareholder\'s Equity (HINTS: (a) Use
format similar to that shown in Illustration 14-10 on page 747 in the textbook; (b) you will need
a column for Preferred shares instead of Contributed Surplus)
Solution
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shares being issued
2-Mar
Cash
$80,000.00
Treasury stock
$80,000.00
Common stocks being repurchased
28-Jun
No entry required, since stocks do not have any par value
15-Sep
Dividends - Preferred
$30,800.00
Dividends Payable - Preferred
$30,800.00
Preferred dividends at $4 per dividend being declared
30-Sep
Dividends Payable - Preferred
$30,800.00
Cash
$30,800.00
Preferred dividends declared being paid
31-Oct
Dividends - Common
$217,500.00
Dividends Payable - Common
$217,500.00
Common stock dividends being declared
15-Dec
Dividends Payable - Common
$217,500.00
Cash
$217,500.00
Common dividends declared being paid
Dividends payable – Preferred = (7,000 + 700) x $4 = $30,800
Dividends payable – Common = (150,000 – 5,000) x $0.50 = $217,500
Stocks repurchased at $16 = 5,000 x $16 = $80,000
Statement of Changes in Shareholders\' Equity
Year ended on December 31, 2017
Preferred Share Capital
Common Share Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income
Total Equity
Balance at January 1, 2017
$850,000
$2,250,000
$0
$1,750,000
$22,000
$4,872,000
Profit for the year
$0
$0
$0
$450,000
$0
$450,000
Other Comprehensive Income
$0
$0
$0
$0
$15,000
$15,000
Dividends - Preferred
$0
$0
$0
$30,800
$0
$30,800
Dividends - Common
$0
$0
$0
$217,500
$0
$217,500
Purchase of Own Shares
$0
$0
$80,000
($80,000)
$0
$0
Balance at December 31, 2017
$850,000
$2,250,000
$80,000
$2,368,300
$37,000
$5,585,300
Journal Entries
Date
Particulars
Debit
Credit
31-Jan
Cash
$66,500.00
Preferred Shares
$66,500.00
Preferred Shar.
Winnie Corporation was organized on January 1- 2022- It is authorized.pdf
Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000
sibrtansactions occurred stock with a stated value of $4 per share. The following select equity,
debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock
for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8
Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash.
Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased
100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and
November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of
common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for
$8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun.
15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock
for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold
4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the
semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of
record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8
per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company
declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec.
31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per
share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a
net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued
interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the
adjusting entries at December 31,2022 , to report the investment securities at fair value. All
securities are considered to be short-term, except for the JW Company commn stock..
Est 12-16 AM edugen-wileyplus-com Open Assignment t experience please.docx
Est 12:16 AM edugen.wileyplus.com Open Assignment t experience please view on your desktop. ort by type Sort by date Problem 11-2A (Part Level Submission) The stockholders\' equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (796, $100 par noncumulative, 4,300 shares authorized) Common Stock ($3 stated 793,680 value, 330,700 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 (4,300 common shares) 10,320 5 529,120 4,400 During 2014, the corporation had the following transactions and events pertaining to its stockholders\' equity. reb. i Issued 4,600 shares of common stock for $32,200. a20 Purchased 1,750 additional shares of common treasury stock at $7 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. No Paid the dividend declared on October 1 Dec. 1 Declared a $0.70 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 $283,900. Paid the dividend declared on December 1. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2.200
Solution
Entry is given below
.
The stockholders equity accounts of Ivanhoe Corporation on January .pdf
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.
A company declared a $0.25 per share cash dividend. The company ha.docx
A company declared a $0.25 per share cash dividend. The company has 160,000 shares authorized, 152,000 shares issued, and 6,400 shares in treasury stock. The journal entry to record the dividend declaration is:
Debit Retained Earnings $38,000; credit Common Dividends Payable $38,000.
Debit Retained Earnings $40,000; credit Common Dividends Payable $40,000.
Debit Common Dividends Payable $38,000; credit Cash $38,000.
Debit Retained Earnings $36,400; credit Common Dividends Payable $36,400.
Debit Common Dividends Payable $36,400; credit Cash $36,400.
A company declared a $0.50 per share cash dividend. The company has 460,000 shares authorized, 437,000 shares issued, and 18,400 shares in treasury stock. The journal entry to record the payment of the dividend declaration is:
rev: 02_08_2014_QC_44760
Debit Retained Earnings $218,500; credit Common Dividends Payable $218,500.
Debit Common Dividends Payable $209,300; credit Cash $209,300.
Debit Common Dividends Payable $218,500; credit Cash $218,500.
Debit Retained Earnings $209,300; credit Common Dividends Payable $209,300.
Debit Retained Earnings $230,000; credit Common Dividends Payable $230,000.
A company has earnings per share of $8.70. Its dividend per share is $1.50, its market price per share is $100.92, and its book value per share is $77. Its price-earnings ratio equals:
11.60.
7.60.
8.85.
8.70.
5.80.
Xtreme Sports has $300,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. Xtreme Sports also has $700,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Xtreme Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
$27,000 preferred; $23,000 common.
$25,000 preferred; $25,000 common.
$0 preferred; $50,000 common.
$12,500 preferred; $37,500 common.
$24,000 preferred; $26,000 common.
A company has net income of $935,000; its weighted-average common shares outstanding are 187,000. Its dividend per share is $0.80, its market price per share is $95, and its book value per share is $86.50. Its price-earnings ratio equals
rev: 03_05_2014_QC_46271
17.30.
19.00.
9.30.
8.50.
7.70.
A company issued 260 shares of $100 par value stock for $31,000 cash. The total amount of paid-in capital in excess of par is:
$100.
$2,600.
$5,000.
$26,000.
$31,000.
A company issued 85 shares of $100 par value stock for $9,500 cash. The total amount of paid-in capital is:
$100.
$1,000.
$850.
$8,500.
$9,500.
The following data were reported by a corporation:
Authorized shares
33,000
Issued shares
28,000
Treasury shares
10,000
The number of outstanding shares is:
43,000.
23,000.
28,000.
18,000.
33,000.
A company's board of directors votes to declare a cash dividend of $1.10 per share. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of t.
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal entries for each transaction.
Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2013 was
Penelope’s first year of operations.
1.Penelope issued 1,000 shares of $1 par value common stock for $70 per share on January 1,
2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
2.Penelope issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per
share on January 1, 2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the
company’s equity section of the December 31, 2013, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/14
3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014.
Prepare the company’s equity section from December 31, 2014.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
12/15/14
Class of Stock Total Dividend Dividend Per Share
Preferred
Common
4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’
equity section of the December 31, 2014, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
Solution
1)a.
Cash Debit 70,000 [70 * 1000]
Common sto credit 1,000 [1* 1000 ]
Additional paid in capital credit 69,000 [69* 1000]
[being common stock issued at premium recorded]
Asset = liabilities + equity
+ 70,000 = 0 + +70,000
1b) cash Debit 25,000 [500*50]
Preferred stock credit 25,000
[Being preferred stock issued recorded]
1c)Stockholders equity
2) Treasury stock Debit 12,000 [60*200]
cash credit 12,000
[being stock repurchased recorded]
Asset = Liabilities + equity
- 12000 = 0 + (- )12000
3)Retained earnings Debit 6,600
Preferred stock dividend payable credit 2500 [5*500 ]
Common stock dividend payable credit 4100 [6600 -2500]
[being dividend declared recorded]
b)Preferred stock dividend payable Debit 2500 [5*500 ]
Common stock dividend payable Debit 4100
cash credit 6600
[being dividend paid recorded]
4)Preferred stock25,000Common stock1,000Additional paid in capital -common
stock69,000Retained earnings2,000stockholders equity97,000.
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the
year (December 3i) follow. The following transactions and events affected its equity during the
year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20
Purchased treasury stock for cash. Apri1 5 Deelared a $0.40 per share cash dividend, date of
record April 10. July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31
Declared a 203 stock dividend when the stock's market value vas $14 per share. August 14
Issued the stock dividend that was declared on July 31. october 5 Declared a $0.40 per mhare
cash dividend, date of record october 10. Required: 1. How many common shares are
outstanding on each cash dividend date? [The following information applies to the questions
displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1)
and end of the year (December 31 ) follow. The following transactions and events affected its
equity during the year. January 5 peelaxed a $0.40 per share cash dividend, date of record
January 10. March 20 Purchased treasury itook for cash. Apri2 5 Declared a $0.40 per share eash
dividend, date of rocord April 10. July 5 peclared a $0.40 per ahare cash dividend, date of record
July 10. July 31 Deolared a 20 s stoek dividend when the stock's market value was $14 per ahare.
Auguat i4 Isaued the Btoek dividend that was declared on July 31 . october 5 Deolared a 50.40
por ahare cash dividend, date of record october 10. 2. What is the total dollar amount for each of
the four cash dividends? What is the amount of retained earnings transferred to paid-in capital
accounts (capitalized) for the stock dividend? The following transactions and events affected its
equity during the year. January 5 Deelared a $0.40 per share cash dividend, date of record
January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.40 per share cash
dividend, date of record Apri1 10. July 5 Declared a $0.40 per share cash dividend, date of
record July 10. July 31 Declared a 208 stock dividend when the stock's market value was $14 per
ahare. August 14 Issued the stook dividend that was declared on July 31. October 5 Declared a
$0.40 per share cash dividend, date of record October 10. What is the per share cost of the
treasury stock purchased? (Round your answer to 2 decimal places.) Less cost of treasury stock
Total stookholders' equity The following transactions and events affected its equity during the
year. January 5 Declared a \$0.40 per share cash dividend, date of record January 10. March 20
Purchased treasury stock for cash. April 5 Declared a $0.40 per share cash dividend, date of
record April 10. July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31
Declared a 208 stock dividend when the stock's market value was \$14 per share. August 14
Issued the stock dividend that was declared on July 31 . October 5 Declared .
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
.
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
...
Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf
Identifying and Analyzing Financial Statement Effects of Stock Transactions
The stockholders\' equity of Verrecchia Company at December 31, 2013, follows:
During 2014, the following transactions occurred:
Jan. 5 Issued 10,000 shares of common stock for $12 cash per share.
Jan. 18 Repurchased 4,000 shares of common stock at $15 cash per share.
Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 cash per share.
July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share.
Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $35 cash per share. This is
the first issuance of preferred shares from the 50,000 authorized shares.
(a) Use the financial statement effects template to indicate the effects of each transaction.
Balance Sheet
Income Statement
(b) Prepare the December 31, 2014, stockholders\' equity section of the balance sheet assuming
that the company reports net income of $65,800 for the year.Common stock, $5 par value,
350,000 shares authorized; 250,000 shares issued and outstanding $1,250,000Paid-in capital in
excess of par value600,000Retained earnings346,000
Solution
Answer:Balance SheetTransactionCash Asset+Noncash Assets=Liabilities+Contributed
Capital+Earned CapitalJan. 5120000120000Jan. 18-60000-60000Mar. 121800018000July.
1765006500Oct. 1175000175000.
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
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
.
The following transactions and events affected its equity during the y.pdf
The following transactions and events affected its equity during the year. January 5 Deelared a
\$0,50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for
cash. April.5 Declared a $0.50 per share eash dividend, date of record April 10. July 5 Declared a
$0.50 per share canh dividend, date of record July 10 . July 31 Declared a 208 itock dividend
when the stock's market value was $12 per share. August 14 Issued the stock dividend that was
declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record oetober
10. Required: 1. How many common shares are outstanding on each cash dividend date? The
following transactions and events affected its equity during the year. January 5 Declared a $0.50
per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash.
April 5 Declared a $0 , 50 per ahare cash dividend, date of record April 10. July 5 Deelared a $0
, 50 per share eash dividend, date of record July 10. July 31 Declared a 20 s stock dividend when
the stock's market value was \$12 per share. August 14 Issued the stock dividend that was
declared on July 31. October 5 Declared a $0.50 per ahare cash dividend, date of record october
10. 2. What is the total dollar amount for each of the four cash dividends?.
Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf
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.
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the
year (December 31) follow. The following transactions and events affected its equity during the
year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20
Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of
record April 10. July 5 Declared a se.50 per share cash dividend, date of record July 10. July 31
Declared a 201 stock dividend when the stock's market value was $12 per share. August 14
Issued the stock dividend that was declared on July 31. October 5 Dectared a $0.50 per share
cash dividend, date of record october 10. 2. What is the total dollar amount for each of the four
cash dividends? Ine equity sections tor Atticus Group at the beginning of the year (January 1 )
and end of the year (Uecember si) tollov The following transactions and events affected its
equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record
January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash
dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record
July 10. July 31 Declared a 208 stock dividend when the stock's market value was $12 per share.
August 14 Issued the stock dividend that was declared on July 31. 0ctober 5 Declared a $0.50 per
share cash dividend, date of record october 10. What is the amount of retained earnings
transferred to paid-in capital accounts (capitalized) for the stock dividend? The following
transactions and events affected its equity during the year. January 5 Declared a \$0.50 per share
cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. Aprit 5
Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a 50.50 per
share cash dividend, date of record Juty 10. July 31 Dectared a 204 stock dividend when the
stock's market value was $12 per share. August 14 Issued the stock dividend that was declared
on July 31 . October 5 Declared a s0.50 per share cash dividend, date of record october 10. 4.
What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal
places.) The equity sections for Atticus Group at the beginning of the year (January 1) and end of
the year (December 31) foliow. The following transactions and events affected its equity during
the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March
20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of
record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10 . July 31
Declared a 208 stock dividend when the stock's market value was $12 per share. August 14
Issued the stock dividend that was declared on July 31. october 5 Dectared a $0.50 per share cash
dividend, date of record october 10. 5. How much net income d.
1) Platt Corporation paid $87-500 for a 70- interest in Suve Corporati.pdf
1) Platt Corporation paid $87,500 for a 70% interest in Suve Corporation on January 1, 2014,
when Suve's Capital Stock was $70,000 and its Retained Earnings $30,000. The fair values of
Suve's identifiable assets and liabilities were the same as the recorded book values on the
acquisition date. Trial balances at the end of the year on December 31, 2014 are given below:
Platt Suve Cash $4,500 $20,000 Accounts Receivable 26,000 30,000 Inventory 100,000 80,000
Investment in Suve 87,500 Cost of Goods Sold 60,000 40,000 Operating Expenses 22,000
37,000 Dividends 15,000 10,000 $315,000 $217,000 Liabilities $47,000 $27,000 Capital stock,
$10 par value 100,000 70,000 Additional Paid-in Capital 10,000 Retained Earnings 31,000
30,000 Sales Revenue 120,000 90,000 Dividend Income 7,000 0 $315,000 $217,000 During
2014, Platt made only two journal entries with respect to its investment in Suve. On January 1,
2014, it debited the Investment in Suve account for $87,500 and on November 1, 2014, it
credited Dividend Income for $7,000.
Required: 1. Prepare a consolidated income statement and a statement of retained earnings for
Platt and Subsidiary for the year ended December 31, 2014.
2. Prepare a consolidated balance sheet for Platt and Subsidiary as of December 31, 2014..
The following transactions and events affected its equity during the y.pdf
The following transactions and events affected its equity during the year. January 5 Declared a
$0.50 per share cash dividend, date of record January 10 . March 20 Purchased treasury stock for
cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10 . July 5 Declared
a $0.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend
when the stock's market value was \$14 per share. August 14 Issued the stock dividend that was
declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record October
10 . Required: 1. How many common shares are outstanding on each cash dividend date? 2.
What is the total dollar amount for each of the four cash dividends? 3. What is the amount of
retained earnings transferred to paid-in capital accounts (capitalized) for the stock dividend? 4.
What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal
places.) 5. How much net income did the company earn this year?.
eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf
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 –.
Week 4 wiley plus assignment
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Beaver Corp. reported the following in 2012 (Beavers first year of b.pdf
Beattie Company completed and transferred out 7,300 units in May 2012. There were 1,200 units
in the Work-in-Process Inventory on May 31, 2012, 30% complete as to conversion costs and
100% complete as to materials. The month\'s charges for conversion costs and material costs
were $30,640 and $42,500, respectively. There was no beginning inventory on May 1, 2012.
What is the cost of the work transferred-out during May?
Solution
Conversion cost per unit- $30640/(7300+(1200*30%))= $30640/7660=$4 per unit
Material cost per unit= $42500/(7300+1200)= $5
Hence cost of work transferred out= 7300*4+7300*5= $65700.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
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..
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
The value of Asset A has increased from $1000 last year to $1300 this.pdf
The value of Asset A has increased from $1000 last year to $1300 this year. Determine the real
rate of return on this investment if the value of the index of general price levels in the economy
has changed from 100 last year to 105 this year..
The Upsilon Pi Epsilon computing honorary socicty was founded in 1967-.pdf
The Upsilon Pi Epsilon computing honorary socicty was founded in 1967. The founding date is
shown as an unsigned binary integer in the UPE key. How many bits does that take? (Note: You
don't have to convert 1967 to binary; just use the information from the powers of two that you
memorized to tell how many bits are needed.).
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The stockholders equity accounts of Ivanhoe Corporation on January .pdf
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.
A company declared a $0.25 per share cash dividend. The company ha.docx
A company declared a $0.25 per share cash dividend. The company has 160,000 shares authorized, 152,000 shares issued, and 6,400 shares in treasury stock. The journal entry to record the dividend declaration is:
Debit Retained Earnings $38,000; credit Common Dividends Payable $38,000.
Debit Retained Earnings $40,000; credit Common Dividends Payable $40,000.
Debit Common Dividends Payable $38,000; credit Cash $38,000.
Debit Retained Earnings $36,400; credit Common Dividends Payable $36,400.
Debit Common Dividends Payable $36,400; credit Cash $36,400.
A company declared a $0.50 per share cash dividend. The company has 460,000 shares authorized, 437,000 shares issued, and 18,400 shares in treasury stock. The journal entry to record the payment of the dividend declaration is:
rev: 02_08_2014_QC_44760
Debit Retained Earnings $218,500; credit Common Dividends Payable $218,500.
Debit Common Dividends Payable $209,300; credit Cash $209,300.
Debit Common Dividends Payable $218,500; credit Cash $218,500.
Debit Retained Earnings $209,300; credit Common Dividends Payable $209,300.
Debit Retained Earnings $230,000; credit Common Dividends Payable $230,000.
A company has earnings per share of $8.70. Its dividend per share is $1.50, its market price per share is $100.92, and its book value per share is $77. Its price-earnings ratio equals:
11.60.
7.60.
8.85.
8.70.
5.80.
Xtreme Sports has $300,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. Xtreme Sports also has $700,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Xtreme Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
$27,000 preferred; $23,000 common.
$25,000 preferred; $25,000 common.
$0 preferred; $50,000 common.
$12,500 preferred; $37,500 common.
$24,000 preferred; $26,000 common.
A company has net income of $935,000; its weighted-average common shares outstanding are 187,000. Its dividend per share is $0.80, its market price per share is $95, and its book value per share is $86.50. Its price-earnings ratio equals
rev: 03_05_2014_QC_46271
17.30.
19.00.
9.30.
8.50.
7.70.
A company issued 260 shares of $100 par value stock for $31,000 cash. The total amount of paid-in capital in excess of par is:
$100.
$2,600.
$5,000.
$26,000.
$31,000.
A company issued 85 shares of $100 par value stock for $9,500 cash. The total amount of paid-in capital is:
$100.
$1,000.
$850.
$8,500.
$9,500.
The following data were reported by a corporation:
Authorized shares
33,000
Issued shares
28,000
Treasury shares
10,000
The number of outstanding shares is:
43,000.
23,000.
28,000.
18,000.
33,000.
A company's board of directors votes to declare a cash dividend of $1.10 per share. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of t.
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal entries for each transaction.
Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2013 was
Penelope’s first year of operations.
1.Penelope issued 1,000 shares of $1 par value common stock for $70 per share on January 1,
2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
2.Penelope issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per
share on January 1, 2013.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
1.Penelope reported net income of $2,000 during 2013 and paid no dividends. Prepare the
company’s equity section of the December 31, 2013, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
2.On January 1, 2014, Penelope purchased 200 shares of its common stock for $60 per share.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/14
3.On December 15, 2014, Penelope declared and paid dividends totaling $6,600 during 2014.
Prepare the company’s equity section from December 31, 2014.
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
12/15/14
Class of Stock Total Dividend Dividend Per Share
Preferred
Common
4.Penelope reported net income of $20,000 during 2014. Prepare the company’s stockholders’
equity section of the December 31, 2014, balance sheet.
Stockholders’ Equity:
Total Stockholders’
Equity
DATE
ACCOUNT NAME
DEBIT
CREDIT
BALANCE SHEET
INCOME STMT
A
=
L
+
E
R
-
E
1/1/13
Solution
1)a.
Cash Debit 70,000 [70 * 1000]
Common sto credit 1,000 [1* 1000 ]
Additional paid in capital credit 69,000 [69* 1000]
[being common stock issued at premium recorded]
Asset = liabilities + equity
+ 70,000 = 0 + +70,000
1b) cash Debit 25,000 [500*50]
Preferred stock credit 25,000
[Being preferred stock issued recorded]
1c)Stockholders equity
2) Treasury stock Debit 12,000 [60*200]
cash credit 12,000
[being stock repurchased recorded]
Asset = Liabilities + equity
- 12000 = 0 + (- )12000
3)Retained earnings Debit 6,600
Preferred stock dividend payable credit 2500 [5*500 ]
Common stock dividend payable credit 4100 [6600 -2500]
[being dividend declared recorded]
b)Preferred stock dividend payable Debit 2500 [5*500 ]
Common stock dividend payable Debit 4100
cash credit 6600
[being dividend paid recorded]
4)Preferred stock25,000Common stock1,000Additional paid in capital -common
stock69,000Retained earnings2,000stockholders equity97,000.
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the
year (December 3i) follow. The following transactions and events affected its equity during the
year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20
Purchased treasury stock for cash. Apri1 5 Deelared a $0.40 per share cash dividend, date of
record April 10. July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31
Declared a 203 stock dividend when the stock's market value vas $14 per share. August 14
Issued the stock dividend that was declared on July 31. october 5 Declared a $0.40 per mhare
cash dividend, date of record october 10. Required: 1. How many common shares are
outstanding on each cash dividend date? [The following information applies to the questions
displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1)
and end of the year (December 31 ) follow. The following transactions and events affected its
equity during the year. January 5 peelaxed a $0.40 per share cash dividend, date of record
January 10. March 20 Purchased treasury itook for cash. Apri2 5 Declared a $0.40 per share eash
dividend, date of rocord April 10. July 5 peclared a $0.40 per ahare cash dividend, date of record
July 10. July 31 Deolared a 20 s stoek dividend when the stock's market value was $14 per ahare.
Auguat i4 Isaued the Btoek dividend that was declared on July 31 . october 5 Deolared a 50.40
por ahare cash dividend, date of record october 10. 2. What is the total dollar amount for each of
the four cash dividends? What is the amount of retained earnings transferred to paid-in capital
accounts (capitalized) for the stock dividend? The following transactions and events affected its
equity during the year. January 5 Deelared a $0.40 per share cash dividend, date of record
January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.40 per share cash
dividend, date of record Apri1 10. July 5 Declared a $0.40 per share cash dividend, date of
record July 10. July 31 Declared a 208 stock dividend when the stock's market value was $14 per
ahare. August 14 Issued the stook dividend that was declared on July 31. October 5 Declared a
$0.40 per share cash dividend, date of record October 10. What is the per share cost of the
treasury stock purchased? (Round your answer to 2 decimal places.) Less cost of treasury stock
Total stookholders' equity The following transactions and events affected its equity during the
year. January 5 Declared a \$0.40 per share cash dividend, date of record January 10. March 20
Purchased treasury stock for cash. April 5 Declared a $0.40 per share cash dividend, date of
record April 10. July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31
Declared a 208 stock dividend when the stock's market value was \$14 per share. August 14
Issued the stock dividend that was declared on July 31 . October 5 Declared .
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
.
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
Jacobi Company
Balance Sheet (Shareholders' Equity)
December 31, 2015
1
Contributed Capital:
2
Preferred stock, 6%, $100 par
$200,000.00
3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00
390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):
9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015)
(20,000.00)
12
Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during 2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22
Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.
29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to $2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.
Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000).
X
...
Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf
Identifying and Analyzing Financial Statement Effects of Stock Transactions
The stockholders\' equity of Verrecchia Company at December 31, 2013, follows:
During 2014, the following transactions occurred:
Jan. 5 Issued 10,000 shares of common stock for $12 cash per share.
Jan. 18 Repurchased 4,000 shares of common stock at $15 cash per share.
Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 cash per share.
July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share.
Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $35 cash per share. This is
the first issuance of preferred shares from the 50,000 authorized shares.
(a) Use the financial statement effects template to indicate the effects of each transaction.
Balance Sheet
Income Statement
(b) Prepare the December 31, 2014, stockholders\' equity section of the balance sheet assuming
that the company reports net income of $65,800 for the year.Common stock, $5 par value,
350,000 shares authorized; 250,000 shares issued and outstanding $1,250,000Paid-in capital in
excess of par value600,000Retained earnings346,000
Solution
Answer:Balance SheetTransactionCash Asset+Noncash Assets=Liabilities+Contributed
Capital+Earned CapitalJan. 5120000120000Jan. 18-60000-60000Mar. 121800018000July.
1765006500Oct. 1175000175000.
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
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
.
The following transactions and events affected its equity during the y.pdf
The following transactions and events affected its equity during the year. January 5 Deelared a
\$0,50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for
cash. April.5 Declared a $0.50 per share eash dividend, date of record April 10. July 5 Declared a
$0.50 per share canh dividend, date of record July 10 . July 31 Declared a 208 itock dividend
when the stock's market value was $12 per share. August 14 Issued the stock dividend that was
declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record oetober
10. Required: 1. How many common shares are outstanding on each cash dividend date? The
following transactions and events affected its equity during the year. January 5 Declared a $0.50
per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash.
April 5 Declared a $0 , 50 per ahare cash dividend, date of record April 10. July 5 Deelared a $0
, 50 per share eash dividend, date of record July 10. July 31 Declared a 20 s stock dividend when
the stock's market value was \$12 per share. August 14 Issued the stock dividend that was
declared on July 31. October 5 Declared a $0.50 per ahare cash dividend, date of record october
10. 2. What is the total dollar amount for each of the four cash dividends?.
Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf
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.
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the
year (December 31) follow. The following transactions and events affected its equity during the
year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20
Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of
record April 10. July 5 Declared a se.50 per share cash dividend, date of record July 10. July 31
Declared a 201 stock dividend when the stock's market value was $12 per share. August 14
Issued the stock dividend that was declared on July 31. October 5 Dectared a $0.50 per share
cash dividend, date of record october 10. 2. What is the total dollar amount for each of the four
cash dividends? Ine equity sections tor Atticus Group at the beginning of the year (January 1 )
and end of the year (Uecember si) tollov The following transactions and events affected its
equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record
January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash
dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record
July 10. July 31 Declared a 208 stock dividend when the stock's market value was $12 per share.
August 14 Issued the stock dividend that was declared on July 31. 0ctober 5 Declared a $0.50 per
share cash dividend, date of record october 10. What is the amount of retained earnings
transferred to paid-in capital accounts (capitalized) for the stock dividend? The following
transactions and events affected its equity during the year. January 5 Declared a \$0.50 per share
cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. Aprit 5
Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a 50.50 per
share cash dividend, date of record Juty 10. July 31 Dectared a 204 stock dividend when the
stock's market value was $12 per share. August 14 Issued the stock dividend that was declared
on July 31 . October 5 Declared a s0.50 per share cash dividend, date of record october 10. 4.
What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal
places.) The equity sections for Atticus Group at the beginning of the year (January 1) and end of
the year (December 31) foliow. The following transactions and events affected its equity during
the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March
20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of
record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10 . July 31
Declared a 208 stock dividend when the stock's market value was $12 per share. August 14
Issued the stock dividend that was declared on July 31. october 5 Dectared a $0.50 per share cash
dividend, date of record october 10. 5. How much net income d.
1) Platt Corporation paid $87-500 for a 70- interest in Suve Corporati.pdf
1) Platt Corporation paid $87,500 for a 70% interest in Suve Corporation on January 1, 2014,
when Suve's Capital Stock was $70,000 and its Retained Earnings $30,000. The fair values of
Suve's identifiable assets and liabilities were the same as the recorded book values on the
acquisition date. Trial balances at the end of the year on December 31, 2014 are given below:
Platt Suve Cash $4,500 $20,000 Accounts Receivable 26,000 30,000 Inventory 100,000 80,000
Investment in Suve 87,500 Cost of Goods Sold 60,000 40,000 Operating Expenses 22,000
37,000 Dividends 15,000 10,000 $315,000 $217,000 Liabilities $47,000 $27,000 Capital stock,
$10 par value 100,000 70,000 Additional Paid-in Capital 10,000 Retained Earnings 31,000
30,000 Sales Revenue 120,000 90,000 Dividend Income 7,000 0 $315,000 $217,000 During
2014, Platt made only two journal entries with respect to its investment in Suve. On January 1,
2014, it debited the Investment in Suve account for $87,500 and on November 1, 2014, it
credited Dividend Income for $7,000.
Required: 1. Prepare a consolidated income statement and a statement of retained earnings for
Platt and Subsidiary for the year ended December 31, 2014.
2. Prepare a consolidated balance sheet for Platt and Subsidiary as of December 31, 2014..
The following transactions and events affected its equity during the y.pdf
The following transactions and events affected its equity during the year. January 5 Declared a
$0.50 per share cash dividend, date of record January 10 . March 20 Purchased treasury stock for
cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10 . July 5 Declared
a $0.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend
when the stock's market value was \$14 per share. August 14 Issued the stock dividend that was
declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record October
10 . Required: 1. How many common shares are outstanding on each cash dividend date? 2.
What is the total dollar amount for each of the four cash dividends? 3. What is the amount of
retained earnings transferred to paid-in capital accounts (capitalized) for the stock dividend? 4.
What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal
places.) 5. How much net income did the company earn this year?.
eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf
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 –.
Week 4 wiley plus assignment
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Beaver Corp. reported the following in 2012 (Beavers first year of b.pdf
Beattie Company completed and transferred out 7,300 units in May 2012. There were 1,200 units
in the Work-in-Process Inventory on May 31, 2012, 30% complete as to conversion costs and
100% complete as to materials. The month\'s charges for conversion costs and material costs
were $30,640 and $42,500, respectively. There was no beginning inventory on May 1, 2012.
What is the cost of the work transferred-out during May?
Solution
Conversion cost per unit- $30640/(7300+(1200*30%))= $30640/7660=$4 per unit
Material cost per unit= $42500/(7300+1200)= $5
Hence cost of work transferred out= 7300*4+7300*5= $65700.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
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..
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
Similar to The stockholders equity accounts of Miley Corporation on January 1- 20.pdf (20)
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The stockholders equity accounts of Ivanhoe Corporation on January .pdf
A company declared a $0.25 per share cash dividend. The company ha.docx
A company declared a $0.25 per share cash dividend. The company ha.docx
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The following transactions relate to Penelope Inc. Prepare journal e.pdf
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet wa.docx
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Included in the December 31, 2015, Jacobi Company balance sheet .docx
Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf
Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
The following transactions and events affected its equity during the y.pdf
The following transactions and events affected its equity during the y.pdf
Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf
Question1 30 pointsOn December 31, 2014, Flimsy Incorporated, h.pdf
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
The equity sections for Atticus Group at the beginning of the year (Ja.pdf
1) Platt Corporation paid $87-500 for a 70- interest in Suve Corporati.pdf
1) Platt Corporation paid $87-500 for a 70- interest in Suve Corporati.pdf
The following transactions and events affected its equity during the y.pdf
The following transactions and events affected its equity during the y.pdf
eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf
eaver Corporation had the Toloing StoCK ISSued and outstanding at Jan.pdf
Beaver Corp. reported the following in 2012 (Beavers first year of b.pdf
Beaver Corp. reported the following in 2012 (Beavers first year of b.pdf
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed.docx
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
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