Prepare the stockholders' equity section of Headland Corporation's bal.pdf

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Prepare the stockholders' equity section of Headland Corporation's balance sheet as of December 31,2020 . (Enter account nome only and do not provide descriptlve information) On January 5, 2020, Headland Corporation received a charter granting the right to issue 4,800 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,200 shares of common stock at $14 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $54 , 700 ; a factory building with a fair value of $156 , 000 ; and land with an appraised value of $293.000 . July 29 Purchased 1,700 shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 1,700 treasury shares at $15 per share. Dec. 31 Declared a $0.40 per share cash dividend on the cormmon stock and declared the preferred dividend. Dec.31 Closed the income Summary account. There was a $181 , 300 net income..

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Acc 227 week 7 dq 1

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Sept. 1 Nov. 1 eTextbook and Media List of Accounts (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Sheffield Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares of 8%,$100 par value preferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at \$110 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000. May 1 Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at \$6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at \$110 per share..

Sept. 1 Nov. 1 eTextbook and Media List of Accounts.pdf

gsbadboy941

*Problem 13-6A Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity. The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2014. Preferred Stock $119,000 Paid-in Capital in Excess of Par—Preferred Stock 23,900 Common Stock 981,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,781,300 Treasury Stock (1,000 common shares) 14,000 Paid-in Capital from Treasury Stock 500 Retained Earnings 81,600 .

Problem 13-6AIrwin Corporation has been authorized to issue 20,80.docx

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Problem 13-3A The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows. Preferred Stock (8%, $49 par, cumulative, 10,200 shares authorized) $ 387,100 Common Stock ($1 stated value, 1,937,100 shares authorized) 1,408,700 Paid-in Capital in Excess of Par—Preferred Stock 123,200 Paid-in Capital in Excess of Stated Value—Common Stock 1,496,800 Retained Earnings 1,814,400 Treasury Stock (10,300 common shares) 51,500 During 2012, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 24,100 shares of common stock for $123,900. Apr. 14 Sold 6,000 shares of treasury stock—common for $33,800. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $456,600. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT .

Problem 13-3AThe stockholders’ equity accounts of Ashley Corpo.docx

ChantellPantoja184

Novak Corporation has been authorized to issue 20.000 shares of $100 par value, 10% , preferred stock and 1,149.400 shares of nopar common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31,2022 , the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $141 , 000 . All common stock issued was for cash. In November, 1,380 shares of common stock were purchased for the treasury at a per share cost of $13 . In December, 460 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022. indented when amount is entered. Do not indent manuolly.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. [b] Prepare the stodholders equity section at December 31.2022 . fEnter the account name only and do not provide the deseriptive information provided in the question.J .

Novak Corporation has been authorized to issue 20-000 shares of $100 p.docx

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On January 1, 20XI, Parent Company acquired 80% of the common stock of Subsidiary Company for $750,000. On this date, Subsidiary had total owners equity of $540,000 Any excess of cost over book value is attritbutable to land, undervalued $197,500 and to goodwill. During 20XI and 20X2, Parent has appropriately accounted for its investment in Subsidiary using the simple equity method. On January 1, 20X2, Parent held merchandise acquired from Subsidiary for $10,000. During 20X2, Subsidiary sold merchandise to Parent for $100,000, of which $20,000 is held by Parent on December 31, 20X2. Subsidiary usual gross profit on affiliated sales is 40%. On Dcember 31, 20X2, Parent still owes Subsidiary $20,000 for merchandise acquired in December of 20X2. On January 1, 20X2, Parent sold to Subsidiary some equipment with a cost of $50,000 and a book value of $20,000. The sales price was $40,000, Subsidiary uses the equipment in its business and is depreciating the equipment over a fire year life, assuming no salvage value and using the straight line method. ****Prepare the Determenation and Distribution Schedule as of the Date of Acquisiton, 1/1/X1, Please Use Good Form!! Solution Since it is given that Parent Company acquired 80% of the common stock of Subsidiary Company for $750,000. & Subsidiary had total owners equity of $540,000 & it is also given that excess of cost over book value is attritbutable to land, undervalued $197,500 and balance to goodwill therefore following is the distributionParticularsAmountInvestment as 1st Jan 20x1 7,50,000DistributionCommon Stock (80%) 4,32,000Revalution of Land 1,97,500Goodwill (Balance) 1,20,500.

On January 1, 20XI, Parent Company acquired 80 of the common stock .pdf

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Complete Week Four Assignment in WileyPLUS: • Exercise Do It! 11-1 • Exercise E11-15 • Exercise E11-16 • Problem P11-6A • Problem P11-8A Week 4 assignment Question 1 Correct. Indicate whether each of the following statements is true or false. 1. The corporation is an entity separate and distinct from its owners. (True) 2. The liability of stockholders is normally limited to their investment in the corporation. (True) 3. The relative lack of government regulation is an advantage of the corporate form of business. (False) 4. There is no journal entry to record the authorization of capital stock. (True) 5. No-par value stock is quite rare today. (False)

Week 4 wiley plus assignment

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Key Wing, Inc, prepared the fo owing bolsnce sheet st December 31, 200. The follawing occunred durling 20X. L. A $35,000 nate poysble was lssued. 2. Land was durchsed for $50,000 3. Bands poygble (meturing in 205 ) in the smount of $30,000 were retired by poying $30,000cssh. 4. Capltsl stock. in the amount of $40,000 wss lisued at psr volue. 5. The compony sold surplus equlpment for $14,000. The equlpment had s book value of $14,000 st the time of the ssie. 6. Net income wss $35,500. 7. Cosh dividends of $5,000 were ouid to the stockholders. 8. 100 shares of stock of anather compsny (considered short-term lnvestments) were purchased for $8,300. 9.$75,000 in bonds were lasued. The next dey, the proceeds were used to purchase a new bulding. 10. \$12,000 of depreclation wss recorded on the plant and equipment. 11. At December 51,201, Cssh was 993,200 , Accounts recelvable had a bo ance af $4,500, lnventory had increased to $73,0 Account: psysble had fsllen to $25,500. Lang-term investments snd Tsxes poysble were unchanged from 200. Required: L. Prepse a ststement of cash flows for 20X. 2. Prepare the December 31,20X1, balance sheet far Koy Wing, lnc. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for 20x1. (Net cach outfiowa and amaunts ta be deducted should be indicated by a minus siqn.) The following occurred during 201. 1. A $35,000 note payable was issued. 2. Land was purchased for $50,000 3. Bonds payable (maturing in 205 ) In the amount of $30,000 were retired by paying $30,000 cash. 4. Capltal stock in the amount of $40,000 was issued at par value. 5. The company sold surplus equipment for $14,000. The equipment had a book value of $14,000 at the time of the sale. 6. Net income was $35,500 7. Cash dlvidends of $5,000 were paid to the stockholders. 8. 100 shares of stock of another company (consldered short-term Investments) were purchased for $8,300. 9.$75,000 in bonds were issued. The next day, the proceeds were used to purchase a new bullding. 10. $12000 of depreclation was recorded on the plant and equipment. 11. At December 31,201, Cash was $93,200, Accounts recelvable had a balance of $41,500, Inventory had increased to $73,000, a Accounts payable had fallen to $25,500. Long-term Investments and Taxes payable were unchanged from 200. Required: 1. Prepare a statement of cash flows for 201. 2. Prepare the December 31, 20X1, balance sheet for Kay Wing. Inc. Complete this question by entering your answers in the tabs below. Prepare the December 31, 20X1, balance sheet for Kay Wing, Inc..

Key Wing, Inc, prepared the fo owing bolsnce sheet st December 31, 20.pdf

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On January 1, 2013 Frascom had the following account balances in its shareholder’s equity accounts. Common Stock, $1 par, 250,000 shares issued 250,000 Paid-in Capital –excess of par, common 500,000 Paid-in Capital- excess of par, preferred 100,000 Preferred Stock, $100 par, 10,000 shares outstanding 1,000,000 Retained Earning 2,000,000 Treasury Stock at cost, 5,000 shares. 25,000 During 2013, Frascom,Inc had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value of $10 per share, market value $9 per share) February 17: Distributed the property dividends. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The market value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. .

On January 1, 2013 Frascom had the following account balances in its.docx

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Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid $235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year, earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the balance sheet at December 31, Year 2. Complete this question by entering your answers in the tabs below..

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ssuser58be4b1

Question 1: On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2014 and were not recorded: a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each. c. On March 31, Frick reissued 250 shares of treasury stock for $25 each. d. On July 1, Frick reissued 500 shares of treasury stock for $16 each. e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. One December 15, Frick split common stock 2 shares for 1. g. Net Income for 2014 was $275,000. Requirements : a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014. Question 2: On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, 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. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year. Requirements : a. Prepare the January 1 & December 31 general journal entries for Frick Company. b. How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014 Question 3: The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000. Requirements : Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method. Question 4: Frick Corporation had the following bond transactions during the fiscal year 2014: a. On January 1: issued ten (10), $1,000 bonds at 102. The 5-year bonds, is dated Janua.

Question 1On December 31, 2014, Frick Incorporated, had the.docx

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Week 6 assignment: · do problems 1, 2 3 and 4 (see below) · Resource: Chapters. 11 and 12 of your text. · Submit as either a Microsoft® Excel® or Microsoft® Word document (Excel is preferred) Problem #1 -- Issuing stock Bellvue Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Jan. 30. Issued 300,000 shares of common stock at par for cash. 31. Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 21. Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively. Mar. 2. Issued 15,000 shares of preferred stock at $77.50 for cash. Journalize the transactions. Journalize the entries to record the transactions. Problem #2 – Treasury stock transactions Tom’s Lawn Equipment Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 19 of the current year, Tom’s Lawn Equipment Inc. reacquired 24,000 shares of its common stock at $64 per share. On August 30, 19,000 of the reacquired shares were sold at $68 per share, and on September 6, 3,000 of the reacquired shares were sold at $70. a. Journalize the transactions of June 19, August 30, and September 6. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. What is the balance in Treasury Stock on December 31 of the current year? d. How will the balance in Treasury Stock be reported on the balance sheet? Problem #3 -- Entries for selected corporate transactions Bath ‘n More Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Bath ‘n More Inc., with balances on January 1, 2012, are as follows: Common Stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) $4,000,000 Paid-In Capital in Excess of Stated Value 750,000 Retained Earnings 9,150,000 Treasury Stock (40,000 shares, at cost) 600,000 The following selected transactions occurred during the year: Jan. 4. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800. Apr. 3. Issued 75,000 shares of common stock for $1,200,000. June 6. Sold all of the treasury stock for $725,000. July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 1. Nov. 10. Purchased 25,000 shares of treasury stock for $500,000. Dec. 27. Declared a $0.16-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $950,000. 31. Closed the two divid.

Week 6 assignment· do problems 1, 2 3 and 4 (see below)· Reso.docx

melbruce90096

Question 5 No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Question 5 Irwin Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,004,400 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock$120,000Paid-in Capital in Excess of Par—Preferred Stock22,000Common Stock1,004,400Paid-in Capital in Excess of Stated Value—Common Stock2,715,600Treasury Stock (720 common shares)7,920Paid-in Capital from Treasury Stock1,080Retained Earnings82,500 The preferred stock was issued for land having a fair value of $142,000. All common stock issued was for cash. In November, 1,080 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 360 shares of treasury stock were sold for $14 per share. No dividends were declared in 2017. Solution a) Journal Entries (Amounts in $) b) IRWIN CORPORATION Balance Sheet (Partial) December 31, 2017 (Amounts in $) No.Account Titles and ExplanationDebitCredit1Land142,000Preferred Stock120,000Paid-in Capital in Excess of Par Value-Preferred Stock22,0002Cash3,720,000Common Stock1,004,400Paid-in Capital in Excess of Stated Value-Common Stock2,715,6003Treasury Stock (1,080 shares*$11)11,880Cash11,8804Cash (360 shares*$14)5,040Treasury Stock (360 shares*$11 per share)3,960Paid-in Capital from Treasury Stock (360 shares*$3)1,080.

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ebrahimbadushata00

1.1. Propare the joumal ontries to record the transactions of Canada Ltd. (Show all workings.) 1.2 Prepare the equity section as at December 2022 . Answer the quention in the space provided below. Canada Lid has been authorised to issue 400000$100 par value, 10% no-par noncumulative preference shares and 3.000000 no-par ordinary shares. The company assigned a $5.00 stated value to the ordinary shares. On 31 December 2022, the ledger contained the following balances pertaking to equity: Additional information: Al the preference shares were issued for land having a fair value of $250000 . Al the ordinary shares were it sued for $6.00 cash. On 1 November, 1500 ordinary shares that were stated at $5 were purchased for the treasury at a cost of $9 per share. In December, 500 treasury shares were sold for $11 per share. No dividends were declared in 2022. No dividends whre deciafed in 2022 . .

1-1- Propare the joumal ontries to record the transactions of Canada L.docx

duane12345678

Question 1: 30% points: On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2014 and were not recorded: a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each. c. On March 31, Frick reissued 250 shares of treasury stock for $25 each. d. On July 1, Frick reissued 500 shares of treasury stock for $16 each. e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. One December 15, Frick split common stock 2 shares for 1. g. Net Income for 2014 was $275,000. Requirements : a. Prepare journal entries for the transactions listed above. (hint: one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.) b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014. Question 2: 5% points: On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, 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. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year. Requirements:( Hint: Recall the equity method used when one company buys another company) a. Prepare the January 1 & December 31 general journal entries for Frick Company. b. How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014 Question 3: 15% points : The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000. Requirements: Prepare Flip Company's statement of cash flows f.

Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx

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At the beginning of 2024, Taylor Corporation had the following stockholders equity balances in its general ledger: Common Stock, $10 Par Value $2,500,000 Paid-In Capital in Excess of Par: Common 500,000 Paid-In Capital, Treasury Stock 4,000 Paid-In Capital, Stock Options 44,000 Retained Earnings 3,000,000 Treasury Stock (15,000 shares) (180,000) Total Stockholders Equity $5,868,000 The paid-in capital from stock options relates to options granted on 1/1/20 to the CEO as incentive compensation. As of 1/1/24, the remaining expected benefit period is six years; expense has been and will be recorded evenly over the benefit period. The following events were among the many occurring in 2024: a. January 2: Purchased 4,000 shares of its common stock for $18 per share. Brown uses the cost method of accounting for treasury stock transactions. b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common stock. (Hint: Dont forget to consider Treasury Stock existing on 1/1/24 when computing outstanding shares. ) c. April 1: Issued 18,000 shares of $40 par, noncumulative, convertible 6% preferred stock for $60 per share, where one share of preferred stock is convertible into two shares of common stock. d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $11 per share were re-issued for $8 per share. e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common stock when the market value of the common stock was $21 per share. Brown uses the book value method of accounting for conversions. f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when the market price of the stock was $16 per share. g. November 1: Corrected an error that was made several years ago, when land that had been purchased for $40,000 was inadvertently expensed. h. December 1: Declared and distributed a property dividend of land to preferred shareholders. The land had a fair value of $45,000 and a carrying value of $44,000. i. December 31: Recorded 2024 compensation expense related to the stock options. Required : all the Journal Entries for the entries.

At the beginning of 2024 Taylor Corporation had the followi.pdf

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At the beginning of 2024 Taylor Corporation had the followi.pdf

aayushmaany2k14

Concord Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 997,100 shares of nopar common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November, 1,440 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 480 shares of treasury stock were sold for \$16 per share. No dividends were declared in 2022. Prepare the joumal entries for the: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. (b) Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) CONCORD CORPORATION Balance Sheet (Partial) $$.

Concord Corporation has been authorized to issue 20,000 shares of $10.pdf

fashionwear2

1-Identify whether obligations are current liabilities. (LO 1), C Linton Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability, noncurrent liability, or both. 3-Compute and record sales taxes payable. (LO 3)AP Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales. 4-Prepare entries for unearned revenues. (LO 3), AP Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. 10-Prepare journal entries for bonds issued at face value. (LO 5), AP Rooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2014, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (c) Prepare the journal entry on January 1, 2015, to record interest paid. 13-Prepare liabilities section of balance sheet. (LO 7), AP Presented here are liability items for Desmond Inc. at December 31, 2014. Prepare the liabilities section of Desmond's balance sheet. Accounts payable $157,000 Notes payable (due May 1, 2015) 20,000 Bonds payable (due 2018) 900,000 Unearned rent revenue 240,000 Discount on bonds payable 41,000 FICA taxes payable $7,800 Interest payable 40,000 Notes payable (due 2016) 80,000 Income taxes payable 3,500 Sales taxes payable 1,700 2-Prepare entries for interest-bearing notes. (LO 2), AP On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480. Instructions (a) Determine the amount borrowed by Criqui. (b) Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555? (c) Prepare the entry for the initial borrowing and the repayment for the facts in part (a). 3-Prepare entries for interest-bearing notes. (LO 2), AP On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. 5-Journalize payroll entries. (LO 3), AP ...

1-Identify whether obligations are current liabilities.(LO 1), C.docx

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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.

Sanford CompanyThe Sanford Company had the following balance she.docx

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