Winnie Corporation was organized on January 1- 2022- It is authorized.pdf
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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..
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Sun Corporation received a charter that authorized the issuance of 118.pdf
Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par
common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun
Corporation completed the following transactions during its first two years of operation: Year 1
Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of
the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon
stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid
$235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares
of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record
on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased
600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year,
earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared
the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock.
Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare
the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the
balance sheet at December 31, Year 2. Complete this question by entering your answers in the
tabs below..
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
...
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.
Record the following transactions in the General Journal- Jan 1.pdf
Record the following transactions in the General Journal:
Jan 1 When the market rate was 12%, Winnifred Corp. issued $2,000,000, 14%, 5-year bonds.
Interest is payable semiannually on June 30 and December 31. The corporation uses the effective
interest method of amortizing bond premium or discount. (It would be a good idea to construct a
bond amortization schedule)
Jan 1 Issued 20,000 Common Shares for 50,000 cash.
Mar 5 Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of
record on March 9. Dividends will be paid on March 15.
Mar 10 Declared a 1 for 2 stock split on Common Shares outstanding.
Mar 15 Paid the cash dividend declared on Mar 5.
Jun 30 Made the first interest payment on the bond. The company uses the effective interest
method.
July 20 Repurchased 10,000 common shares, the market price was $5 per share.
July 31 Issued 10,000 Preferred shares for 180,000 cash.
Sept 30 Declared a 10% common stock dividend to shareholders of record on Oct 15. Market
price at the time was $6 per share. Shares will be distributed Nov 25.
Nov 25 Distributed the common stock dividend.
Dec 31 Made the second interest payment on the bond using the effective interest method.
Dec 31 Closed the income summary account which had a credit balance of $153,000 to Retained
Earnings.
Requirement 3 (5%)
Post the transactions from the Journal in requirement 2. Compute the ending balances in
the ledger.
.
Required Stockholders Eauitv Note You must complete part.pdf
Required: Stockholders' Eauitv (Note: You must complete parts a through d before combleting t
Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and
50,000 shares of $10 par value preferred stock. During the year the company issued the following
shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17
Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000
shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of
common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for
$16 per share. a. How many common shares have been issued? b. How many common shares
are outstanding? c. How many preferred shares have been issued d. How many preferred shares
are outstanding? e. Prepare the stockholder's equity section of the balance sheet for the year
ended assuming the net income for the year was $35,000..
On January 1, 2022, Ivanhoe Corporation had the following stockholde.pdf
On January 1, 2022, Ivanhoe Corporation had the following stockholders' equity accounts.
Common Stock ($24 par value, 61,000 shares issued and outstanding) Paid-in Capital in Excess
of Par-Common Stock Retained Earnings During the year, the following transactions occurred.
Mar. 1 Apr. 1 July 1 Feb. 1 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 $40. Declared a 15% stock dividend
to stockholders of record on July 15, distributable July 31. On July 1, the market price of the
stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.40 per share
dividend to stockholders of record on December 15, payable January 5, 2023. Determined that
net income for the year was $365,500. 31 Dec. 1 $1,464,000 31 191,000 619,000
Common Stock Date Explanation Ref Debit Credit Balance Balance Common Stock Dividends
Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-
Common Stock Date Explanation Ref Debit Credit Balance Balance Retained Earnings Date
Explanation Ref Debit: Credit Balance Balance Net income
Date Account Titles and Explanation Debit Credit
Prepare a stockholders' equity section at December 31. (Enter account nome only and do not
provide descriptive informotion.) IVANHOE CORPORATION Balance Sheet (Partial)
On January 1, 2022, Ivanhoe Corporation had the following stockholders' equity accounts.
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 $40. July 1 Declared a 15% stock dividend to stockholders of record an July 15,
distributable July 31 . On July 1, the market price of the stock was $14 per share. 31 Issued the
shares for the stock dividend. Dec. 1 Declared a \$0.40 per share dividend to stockholders of
record on December 15, payable January 5, 2023. 31 Determined that net income for the year
was $365,500..
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
Recommended
Sun Corporation received a charter that authorized the issuance of 118.pdf
Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par
common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun
Corporation completed the following transactions during its first two years of operation: Year 1
Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of
the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon
stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid
$235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares
of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record
on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased
600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year,
earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared
the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock.
Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare
the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the
balance sheet at December 31, Year 2. Complete this question by entering your answers in the
tabs below..
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
...
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.
Record the following transactions in the General Journal- Jan 1.pdf
Record the following transactions in the General Journal:
Jan 1 When the market rate was 12%, Winnifred Corp. issued $2,000,000, 14%, 5-year bonds.
Interest is payable semiannually on June 30 and December 31. The corporation uses the effective
interest method of amortizing bond premium or discount. (It would be a good idea to construct a
bond amortization schedule)
Jan 1 Issued 20,000 Common Shares for 50,000 cash.
Mar 5 Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of
record on March 9. Dividends will be paid on March 15.
Mar 10 Declared a 1 for 2 stock split on Common Shares outstanding.
Mar 15 Paid the cash dividend declared on Mar 5.
Jun 30 Made the first interest payment on the bond. The company uses the effective interest
method.
July 20 Repurchased 10,000 common shares, the market price was $5 per share.
July 31 Issued 10,000 Preferred shares for 180,000 cash.
Sept 30 Declared a 10% common stock dividend to shareholders of record on Oct 15. Market
price at the time was $6 per share. Shares will be distributed Nov 25.
Nov 25 Distributed the common stock dividend.
Dec 31 Made the second interest payment on the bond using the effective interest method.
Dec 31 Closed the income summary account which had a credit balance of $153,000 to Retained
Earnings.
Requirement 3 (5%)
Post the transactions from the Journal in requirement 2. Compute the ending balances in
the ledger.
.
Required Stockholders Eauitv Note You must complete part.pdf
Required: Stockholders' Eauitv (Note: You must complete parts a through d before combleting t
Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and
50,000 shares of $10 par value preferred stock. During the year the company issued the following
shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17
Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000
shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of
common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for
$16 per share. a. How many common shares have been issued? b. How many common shares
are outstanding? c. How many preferred shares have been issued d. How many preferred shares
are outstanding? e. Prepare the stockholder's equity section of the balance sheet for the year
ended assuming the net income for the year was $35,000..
On January 1, 2022, Ivanhoe Corporation had the following stockholde.pdf
On January 1, 2022, Ivanhoe Corporation had the following stockholders' equity accounts.
Common Stock ($24 par value, 61,000 shares issued and outstanding) Paid-in Capital in Excess
of Par-Common Stock Retained Earnings During the year, the following transactions occurred.
Mar. 1 Apr. 1 July 1 Feb. 1 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 $40. Declared a 15% stock dividend
to stockholders of record on July 15, distributable July 31. On July 1, the market price of the
stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.40 per share
dividend to stockholders of record on December 15, payable January 5, 2023. Determined that
net income for the year was $365,500. 31 Dec. 1 $1,464,000 31 191,000 619,000
Common Stock Date Explanation Ref Debit Credit Balance Balance Common Stock Dividends
Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-
Common Stock Date Explanation Ref Debit Credit Balance Balance Retained Earnings Date
Explanation Ref Debit: Credit Balance Balance Net income
Date Account Titles and Explanation Debit Credit
Prepare a stockholders' equity section at December 31. (Enter account nome only and do not
provide descriptive informotion.) IVANHOE CORPORATION Balance Sheet (Partial)
On January 1, 2022, Ivanhoe Corporation had the following stockholders' equity accounts.
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 $40. July 1 Declared a 15% stock dividend to stockholders of record an July 15,
distributable July 31 . On July 1, the market price of the stock was $14 per share. 31 Issued the
shares for the stock dividend. Dec. 1 Declared a \$0.40 per share dividend to stockholders of
record on December 15, payable January 5, 2023. 31 Determined that net income for the year
was $365,500..
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
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.
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.
Graded Assignments Stockholders Equity The balance sheet of Love Liz.pdf
Graded Assignments Stockholders' Equity The balance sheet of Love Lizzo Incorporated
included the following shareholders' equity accounts at December 31. 2022: During 2022, the
following events and transactions occurred: - On February 28th, the board of directors declared a
property dividend of 7,000 shares of Sowell Corporation common stock that Lizzo had
purchased in January as an investment with a cost basis of $125,000. The investment shares had
a fair value of $20 per share and were distributed March 31st to shareholders of record March
15th. - On June 30th, a 5\% common stock dividend was declared and distributed. The market
value of the common stock was $30 per share. - On September 5 th, the company reissued 1,000
shares of treasury stock at a price of $31 per share. - On December 1st, the board of directors
declared the annual cash dividend of 6% on the 10,000 preferred shares, payable on December
28th to shareholders of record December 20th. - On December 1st, the board of directors
declared a cash dividend of $0.20 per share on its common shares, payable on December 28th to
shareholders of record December 20th. - On December 29th, the company issued 50,000 shares
of common stock at a price of $35 per share. - On December 15, a 2-for-1 stock split was
declared and distributed. The market value of the $3 par common stock was $40 per share. Hint:
the number of treasury shares are affected by this stock split. - Net income for the year was
$5,877,000.
Required: Part 1: Record the journal entries for each transaction and supporting calculations for
each journal entry as necessary. Remember to keep track of the number of shares outstanding, as
applicable, for each transaction. Hint: Creating T-accounts and updating each time a journal
entry is recorded is helpful. Part 2: Prepare a rellforward of the shareholders' equity section of
the balance sheet for Love Lizzo, Inc, at December 31, 2022. Part 3: How many shares of
common stock are authorized, issued and outstanding?.
During the year the following transactions occurred Feb 1.pdf
During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share
to stockholders of record on February 15 , payable March 1. Mar 1 Paid the dividend declared in
February. Apr. 1 Anmounced a 2 -for-1 stock split. Prior to the split, the market price per share
was $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable
July 31. On July 1, the market price of the stock was $14 per share. 31 I smed the shares for the
stock dividend. Dec. 1 Deciared a 50.30 pee share dividend to stockholders of record on
December 15, payable lamuary 5.2023 31 Determined that net income for the year was $326.500
.Feh. 1 Cash Bividends 126000 Dividends Payable 126000 Mar, 1 v Dividends Payabie 126000
Cash 126000 begin{tabular}{|l|l|l|} hline Aore. & NoEntry & 0 & NoEntry & hline
end{tabular}Dividends Payable Dec:31 v Income Summary Retained Earnings (To close net
income) (To close stock dividends) (To close cash dividends)equity accounts as needed.) (Post
entries in the order of journol entries presented in the previous part) Common Stock Common
Stock Dividends Distributable.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
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
.
On January 1 2022 Wildhorse Corporation had the following .pdf
On January 1, 2022, Wildhorse Corporation had the following stockholders' equity accounts.
During the year, the following transactions occurred. Feb. 1 Declareda $2 cash dividend per share
to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was
$40. July 1 Declared a 15% stock dividend to stockholders of record on July 15 , distributable July
31 . On July 1 , the market price of the stock was $14 per share. 31 Issued the shares for the
stock dividend. Dec. 1 Declareda $0.30 per share dividend to stockholders of record on December
15, payable January 5, 2023. 31 Determined that net income for the year was $326,500.Prepare a
stockholders'equity section at December 31. (Enter account name only and do not provide
descriptive information.).
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 .
The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
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.
Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
Accounting II
Test #2
QUESTION #1
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
Instructions
Prepare all entries related to the bond issue for 2008.
QUESTION #2
Presented below are three independent situations:
(a)
Howell Corporation purchased $250,000 of its bonds on June 30, 2008, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $229,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(b)
Justice, Inc. purchased $200,000 of its bonds at 97 on June 30, 2008, and immediately retired them. The carrying value of the bonds on the retirement date was $196,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(c)
Starr Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Starr $5 par value common stock for each $1,000 par value bond. On December 31, 2008, after the bond interest has been paid, $30,000 par value of bonds were converted. The market value of Starr's common stock was $38 per share on December 31, 2008.
Instructions
For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
QUESTION #3
Unruh Company issued $900,000, 10%, 20-year bonds on January 1, 2008, at 104. Interest is payable semiannually on July 1 and January 1. Unruh uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the January 1, 2008 and the July 1, 2008 journal entries related to the bond issue.
QUESTION #4
Karly Company issued $250,000, 11%, 10-year bonds on December 31, 2008, for $230,000. Interest is payable semiannually on June 30 and December 31. Karly uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the appropriate journal entries on
(a)
December 31, 2008.
(b)
June 30, 2009.
QUESTION #5
The adjusted trial balance for Payne Corporation at the end of the current year contained the following accounts:
Bonds payable, 10%
..............................................................
$800,000
Bond interest payable
............................................................
20,000
Discount on bonds payable
....................................................
40,000
Lease liability
.........................................................................
60,000
Mortgage notes payable, 9%, due 2018
.................................
80,000
Accounts payable
...................................................................
120,000
Instructions
(a)
Prepare the long-term liabilities section of the balance sheet.
(b)
Indicat.
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
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..
Shareholders Equity Presented below is information related to NewCo C.pdf
Shareholders Equity Presented below is information related to NewCo Corp shareholder
transactions during 2023: 1. On January 1, the company was formed, and was authorized to issue
350,000 shares of $4 par value common stock. 2. On January 2,175,000 shares were issued for
$16 per share. 3. On March 31, NewCo issued a 2:1 stock split. 4. On April 15, NewCo issued
and distributed a 4% stock dividend, when the shares were valued at $32 per share. Shareholders
with fractional shares were paid cash (totaling 1,050 equivalent whole shares). 5. On June 30 ,
NewCo declared a cash dividend of $0.25, payable to the shareholders of record on July 15 , to
be paid on July 25. 6. On August 2, the company purchases 4,375 shares of the common stock
outstanding at $29 per share and retired the shares. 7. On August 15 , the company purchases
4,813 shares of the common stock outstanding at $38 per share and retired the shares. 8. On
December 1 , the board of directors declared a property dividend consisting of corporate bonds
of Lopez Corporation that NewCo Corp was holding as an investment. The bonds were
originally purchased for $1.75 million were classified as held-to-maturity investments. The
bonds currently have a fair value of $1.65 million. The property dividend was payable to
shareholders of record December 15 , and distributed on December 31..
With activities (A through G ) and their expected times (in days) give (1).pdf
With activities (A through G ) and their expected times (in days) given by the nodes/circles in
the following project diagram, the critical path for this project is: E F G A C D G A B G A E F G
None of the above.
Wisconsin Dells- Wisconsin- is a popular tourist destination- During t.pdf
Wisconsin Dells, Wisconsin, is a popular tourist destination. During the winter months, the
population dwindles to a meager few, but when summer comes, the size of the town surges.
Hunter Jackson is the town sanitation engineer. When the size of the town surges, so do his
responsibilities. Among them is management of the sewage processing volume. In an interview
with the local paper. Hunter complained that a report on tourist population that he uses to adjust
processing volume refers to data that was collected four days ago and it takes him a week to
make adjustments. Which of the following characteristics of useful information is absent in the
situation described above? retiable timely complete relevant Which of the following is not
usually a consideration when designing a coding system? ease of reporting standardization future
expansion needs governinent coding regulations What is the primary difference between fraud
and errors in financial statement reporting? The type of transaction effected The materiality of
the misstatement The level of management involved The intent to deceive.
Wisconsin Stats 700 In a town in china the age of residents is approxi.pdf
Wisconsin Stats 700 In a town in china the age of residents is approximately normally distributed
with a mean of 51 and a standard deviation of 7. 1. What is the proportional of residents who are
younger than 60 2. The youngest 43% of residents in this town are under what age? 3. Approx.
95% of residents are within Y years of the mean age. What is Y ?.
Wing shape in Drosophila melanogaster (fruit flies) can be either stra.pdf
Wing shape in Drosophila melanogaster (fruit flies) can be either straight or curly (straight is
dominant to curly). For another characteristic, eye color can be red or white (red is dominant to
white).
If you crossed a heterozygous fruit fly with straight wings and red eyes to one with curly
wings/white eyes, what is the phenotypic ratio of their offspring? If you crossed a heterozygous
fruit fly with straight wings and red eyes to one with curly wings/white eyes, what is the
phenotypic ratio of their offspring?.
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Similar to Winnie Corporation was organized on January 1- 2022- It is authorized.pdf
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.
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.
Graded Assignments Stockholders Equity The balance sheet of Love Liz.pdf
Graded Assignments Stockholders' Equity The balance sheet of Love Lizzo Incorporated
included the following shareholders' equity accounts at December 31. 2022: During 2022, the
following events and transactions occurred: - On February 28th, the board of directors declared a
property dividend of 7,000 shares of Sowell Corporation common stock that Lizzo had
purchased in January as an investment with a cost basis of $125,000. The investment shares had
a fair value of $20 per share and were distributed March 31st to shareholders of record March
15th. - On June 30th, a 5\% common stock dividend was declared and distributed. The market
value of the common stock was $30 per share. - On September 5 th, the company reissued 1,000
shares of treasury stock at a price of $31 per share. - On December 1st, the board of directors
declared the annual cash dividend of 6% on the 10,000 preferred shares, payable on December
28th to shareholders of record December 20th. - On December 1st, the board of directors
declared a cash dividend of $0.20 per share on its common shares, payable on December 28th to
shareholders of record December 20th. - On December 29th, the company issued 50,000 shares
of common stock at a price of $35 per share. - On December 15, a 2-for-1 stock split was
declared and distributed. The market value of the $3 par common stock was $40 per share. Hint:
the number of treasury shares are affected by this stock split. - Net income for the year was
$5,877,000.
Required: Part 1: Record the journal entries for each transaction and supporting calculations for
each journal entry as necessary. Remember to keep track of the number of shares outstanding, as
applicable, for each transaction. Hint: Creating T-accounts and updating each time a journal
entry is recorded is helpful. Part 2: Prepare a rellforward of the shareholders' equity section of
the balance sheet for Love Lizzo, Inc, at December 31, 2022. Part 3: How many shares of
common stock are authorized, issued and outstanding?.
During the year the following transactions occurred Feb 1.pdf
During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share
to stockholders of record on February 15 , payable March 1. Mar 1 Paid the dividend declared in
February. Apr. 1 Anmounced a 2 -for-1 stock split. Prior to the split, the market price per share
was $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable
July 31. On July 1, the market price of the stock was $14 per share. 31 I smed the shares for the
stock dividend. Dec. 1 Deciared a 50.30 pee share dividend to stockholders of record on
December 15, payable lamuary 5.2023 31 Determined that net income for the year was $326.500
.Feh. 1 Cash Bividends 126000 Dividends Payable 126000 Mar, 1 v Dividends Payabie 126000
Cash 126000 begin{tabular}{|l|l|l|} hline Aore. & NoEntry & 0 & NoEntry & hline
end{tabular}Dividends Payable Dec:31 v Income Summary Retained Earnings (To close net
income) (To close stock dividends) (To close cash dividends)equity accounts as needed.) (Post
entries in the order of journol entries presented in the previous part) Common Stock Common
Stock Dividends Distributable.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
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
.
On January 1 2022 Wildhorse Corporation had the following .pdf
On January 1, 2022, Wildhorse Corporation had the following stockholders' equity accounts.
During the year, the following transactions occurred. Feb. 1 Declareda $2 cash dividend per share
to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in
February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was
$40. July 1 Declared a 15% stock dividend to stockholders of record on July 15 , distributable July
31 . On July 1 , the market price of the stock was $14 per share. 31 Issued the shares for the
stock dividend. Dec. 1 Declareda $0.30 per share dividend to stockholders of record on December
15, payable January 5, 2023. 31 Determined that net income for the year was $326,500.Prepare a
stockholders'equity section at December 31. (Enter account name only and do not provide
descriptive information.).
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 .
The stockholders equity accounts of Miley Corporation on January 1- 20.pdf
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.
Accounting IITest #2QUESTION #1On January 1, 2008, Kohl .docx
Accounting II
Test #2
QUESTION #1
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
Instructions
Prepare all entries related to the bond issue for 2008.
QUESTION #2
Presented below are three independent situations:
(a)
Howell Corporation purchased $250,000 of its bonds on June 30, 2008, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $229,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(b)
Justice, Inc. purchased $200,000 of its bonds at 97 on June 30, 2008, and immediately retired them. The carrying value of the bonds on the retirement date was $196,500. The bonds pay semiannual interest and the interest payment due on June 30, 2008, has been made and recorded.
(c)
Starr Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Starr $5 par value common stock for each $1,000 par value bond. On December 31, 2008, after the bond interest has been paid, $30,000 par value of bonds were converted. The market value of Starr's common stock was $38 per share on December 31, 2008.
Instructions
For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
QUESTION #3
Unruh Company issued $900,000, 10%, 20-year bonds on January 1, 2008, at 104. Interest is payable semiannually on July 1 and January 1. Unruh uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the January 1, 2008 and the July 1, 2008 journal entries related to the bond issue.
QUESTION #4
Karly Company issued $250,000, 11%, 10-year bonds on December 31, 2008, for $230,000. Interest is payable semiannually on June 30 and December 31. Karly uses the straight-line method of amortization and has a calendar year end.
Instructions
Prepare the appropriate journal entries on
(a)
December 31, 2008.
(b)
June 30, 2009.
QUESTION #5
The adjusted trial balance for Payne Corporation at the end of the current year contained the following accounts:
Bonds payable, 10%
..............................................................
$800,000
Bond interest payable
............................................................
20,000
Discount on bonds payable
....................................................
40,000
Lease liability
.........................................................................
60,000
Mortgage notes payable, 9%, due 2018
.................................
80,000
Accounts payable
...................................................................
120,000
Instructions
(a)
Prepare the long-term liabilities section of the balance sheet.
(b)
Indicat.
1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations:
a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
c) When a corporation is formed, organization costs are recorded as an asset.
d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
e) The number of issued shares is always greater than or equal to the number of authorized shares.
f) A journal entry is required for the authorization of capital stock.
g) Publicly held corporations usually issue stock directly to investors.
h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
i) The market price of common stock is usually the same as its par value.
j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
Directions
Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement.
2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock.
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Directions
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
3. Locket Co. had the following transactions during the current period:
Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28th Purchased 2,000 shares of treasury stock for $80,000.
Directions
Journalize these transactions for Locket.
4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions.
Mar. 1st Purchased 50,000 shares for cash at $15 per share.
July 1st Re-issued 10,000 treasury shares for cash at $17 per share.
Sept. 1st Sold 8,000 treasury shares for cash at $14 per share.
Directions
(a) Journalize the treasury stock transactions.
(b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...
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
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Shareholders Equity Presented below is information related to NewCo C.pdf
Shareholders Equity Presented below is information related to NewCo Corp shareholder
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$16 per share. 3. On March 31, NewCo issued a 2:1 stock split. 4. On April 15, NewCo issued
and distributed a 4% stock dividend, when the shares were valued at $32 per share. Shareholders
with fractional shares were paid cash (totaling 1,050 equivalent whole shares). 5. On June 30 ,
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be paid on July 25. 6. On August 2, the company purchases 4,375 shares of the common stock
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1. Mike has come to you with these statements about corporations.docx
1. Mike has come to you with these statements about corporations.docx
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf
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Group of answer choices
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Deme
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- 1. 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.