Based on the following account balances from the ledger of the Sand.docx

•Transferir como DOCX, PDF•

0 gostou•2 visualizações

Based on the following account balances from the ledger of the Sands Corp.; A. Determine the Retained Earnings balance at 12/31/07. Dividends for the year were $75,000 and the corporation's net income was $340,000 for the year. B. Determine the Total Stockholder's Equity reported on the Balance Sheet 12/31/07. Account Titles Account Balance Additional Paid In Capital Short term Investments $ 117,000 50,000 Preferred stock, 12%, $100 par value Common Stock, $5 par value Retained earnings, 1/1/07 400,000 1,650,000 125,000 Organizational expense Treasury Stock-common(2,000 shares) Merchandise Inventory 1,500 37,000 105,000 Purchases Gain on sale of investment Dividend Revenue 650,000 4,800 11,000 Accounts Payable Notes Payable Estimated income taxes payable 400,000 80,000 115,000 Paid-in-capital-Donations Mortgage Payable Interest Expense 200,000 105,000 7,500 Interest Payable Dividends Payable Dividends Cash 3,000 15,000 75,000 146,000 .

Educação

Treasury Stock-common(2,000 shares)
Merchandise Inventory
1,500
37,000
105,000
Purchases
Gain on sale of investment
Dividend Revenue
650,000
4,800
11,000
Accounts Payable
Notes Payable
Estimated income taxes payable
400,000
80,000

115,000
Paid-in-capital-Donations
Mortgage Payable
Interest Expense
200,000
105,000
7,500
Interest Payable
Dividends Payable
Dividends
Cash
3,000
15,000
75,000
146,000

Mais conteúdo relacionado

Semelhante a Based on the following account balances from the ledger of the Sand.docx

Kazaam Company, a merchandiser, recently completed its calendar-year 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s balance sheets and income statement follow. KAZAAM COMPANY Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 Assets Cash $ 49,800 $ 74,000 Accounts receivable 65,810 51,000 Merchandise inventory 278,000 251,500 Prepaid expenses 1,000 1,900 Equipment 158,000 106,000 Accum. depreciation—Equipment (41,750) (52,000) Total assets $ 510,860 $ 432,400 Liabilities and Equity Accounts payable $ 69,735 $ 115,000 Short-term notes payable 12,000 7,000 Long-term notes payable 60,000 48,750 Common stock, $5 par value 162,000 150,250 Paid-in capital in excess of par, common stock 35,250 0 Retained earnings 171,875 111,400 Total liabilities and equity $ 510,860 $ 432,400 KAZAAM COMPANY Income Statement For Year Ended December 31, 2011 Sales $ 583,500 Cost of goods sold 286,000 Gross profit 297,500 Operating expenses Depreciation expense $ 20,000 Other expenses 132,400 152,400 Other gains (losses) Loss on sale of equipment 5,125 Income before taxes 139,975 Income taxes expense 23,000 Net income $ 116,975 Additional Information on Year 2011 Transactions a. The loss on the cash sale of equipment was $5,125 (details in b ). b. Sold equipment costing $46,875, with accumulated depreciation of $30,250, for $11,500 cash. c. Purchased equipment costing $98,875 by paying $25,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,000 cash by signing a short-term note payable. e. Paid $62,625 cash to reduce the long-term notes payable. f. Issued 2,350 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $56,500. Required: Prepare a complete statement of cash flows using a spreadsheet report its operating activities using the indirect method. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) a. Net income was $116,975. b. Accounts receivable increased. c. Merchandise inventory increased. d. Prepaid expenses decreased. e. Accounts payable decreased. f. Depreciation expense was $20,000. g. Sold equipment costing $46,875, with accumulated depreciation of $30,250, for $11,500 cash. This yielded a loss of $5,125. h. Purchased equipment costing $98,875 by paying $25,000 cash and (i.) by signing a long-term note payable for the balance. j..

Kazaam Company, a merchandiser, recently completed its calendar-year.docx

careyshaunda

Consolidated financial statement

Suhail Darwesh, MBA, CMGA

A company declared a $0.25 per share cash dividend. The company ha.docx

evonnehoggarth79783

The Howit Department store is located in midtown Metro. During the past several years, net income has been declining because of suburban shopping centers. At the close of the year ended December 31,2007, the following accounts appeared in two of its trial balances. . Trial Balances Unadjusted Adjusted Difference Increase/(Decrease) Accounts Payable $37,310 $37,310 $0 Accounts Receivable 12,770 12,770 0 Accumulated Depreciation-Delivery Equipment 15,680 19,680 4,000 Accumulated Depreciation-Store Equipment 32,300 41,800 9,500 Cash 7,000 7,000 0 Delivery Expense 8,200 8,200 0 Delivery Equipment 57,000 57,000 0 Depreciation Expense-Delivery Equipment 4,000 4,000 Depreciation Expense-Store Equipment 9,500 9,500 Freight-in 5,060 5,060 0 Common Stock 70,000 70,000 0 Retained Earnings 14,200 14,200 0 Dividends 12,000 12,000 0 Insurance Expense 9,000 9,000 Interest Expense 8,000 8,000 0 Interest Revenue 5,000 5,000 0 Merchandise Inventory 34,360 34,360 0 Notes Payable 46,000 46,000 0 Prepaid Insurance 13,500 4,500 (9,000) Property Tax Expense 3,500 3,500 Purchases 640,000 640,000 0 Purchase Discounts 7,000 7,000 0 Purchase Returns and Allowances 3,000 3,000 0 Rent Expense 19,600 19,600 0 Salaries Expense 120,000 120,000 0 Sales 860,000 860,000 0 Sales Commissions Expense 8,000 14,000 6,000 Sales Commissions Payable 6,000 6,000 Sales Returns and Allowances 10,000 10,000 0 Store Equipment 125,000 125,000 0 Property Taxes Payable 3,500 3,500 Utilities Expense 10,000 10,000 0 Analysis reveals the following additional data: 1. Salaries expense is 70% selling and 30% administrative. 2. Insurance expense is 50% selling and 50% administrative. 3. A physical inventory was conduced for year ended December 31, 2007 and the inventory was valued at $36,200. 4. Rent expense, utilities expense, and property tax expense are administrative expenses. 5. $10,000 of the Notes payable is due for payment next year. 6. The beginning balance of accounts receivable is $10,750. 7. The amount of total assets at the beginning of the year is $198,275. Instructions 1) Journalize the adjusting entries that were made by the company. 2) Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of December 31, 2007. 3) Journalize the closing entries. 4) Prepare a post-closing trial balance. 5) Prepare the following ratios and show all support for your computations: a) Current Ratio b) Quick Ratio c) Working Capital d) Accounts Receivable Turnover e) Average Collection Period f) Inventory Turnover g) Days in Inventory h )Debt to Total Assets Ratio i) Gross Profit Ratio j) Profit Margin Ratio k) Return on Assets Ratio l) Asset Turnover Ratio 6) Based on the ratios computed in 5) above, answer the following questions and use the financial statement ratios to support your answers where appropriate: · Do you feel that the company is able to meet its current a.

The Howit Department store is located in midtown Metro.During th.docx

SUBHI7

Exercises 1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $ 76,000 $ 80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders' Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. 3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work. 4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-Term Investments 3,000 2,500 2,000 Accounts Receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid Expenses 800 800 800 Accounts Payable 200 200 200 Notes Payable: Short-Term 3,100 3,100 3,100 Accrued Payables 300 300 300 Long-Term Liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies. c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner. 5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.: 20X5 20X4 Net Credit Sales $832,000 $760,000 Cost of Goods Sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Accounts Receivable, Dec. 31 180,000 140,000 Inventory, Dec. 31 70,000 50,000 Accounts Payable, Dec. 31 115,000 108,000 6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs. a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days. c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss. 7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7: Net sales $1,500,000 Interest Expense 120,000 Income Tax Expense 80,000 Preferred Dividends 25,000 Net Income 130,000 Average Assets 1,100,000 Average Common Stockholders' Equity 400,000 a. Compute the net-profit-margin ratio and the rates of re ...

Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx

SANSKAR20

Chapter Six part 4.pdf

TonmoyPartho2

Financials: Creating Projections

Elia Freedman

Accounting Lec#7.pptx

RabikaKhan2

1. (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report. Income Taxes Payable $471 Short-term Investments and Marketable Securities 8,109 Cash 8,442 Other non-current Liabilities 10,449 Common Stock 1,760 Receivables 4,812 Other Current Assets 2,973 Long-term Investments 10,448 Other Non-current Assets 3,585 Property, Plant and Equipment 23,486 Trademarks 6,527 Other Intangible Assets 20,810 Allowance for Doubtful Accounts 53 Accumulated Depreciation 9,010 Accounts Payable 8,680 Short Term Notes Payable 17,874 Prepaid Expenses 2,781 Other Current Liabilities 796 Long-Term Liabilities 14,736 Paid-in-Capital in Excess of Par Value 11,379 Retained Earnings 55,038 Inventories 3,264 Treasury Stock 35,009 Other information taken from the Annual Report. Sales Revenue for 2012 $48,017 Cost of Goods Sold for 2012 19,053 Net Income for 2012 9,019 Inventory Balance on 12/31/11 3,092 Net Accounts Receivable Balance on 12/31/11 4,920 Total Assets on 12/31/11 79,974 Equity Balance on 12/31/11 31,921 Required: 1: Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also, separate the current liabilities from the non-current liabilities and provide a total for each. 2: Using the Balance Sheet from your answer above, calculate the Current Ratio and Return on common stockholders’ equity. (Points : 36) Question 2.2. (TCO B) The following selected data was retrieved from the Walmart, Inc. financial statements for the year ending January 31, 2013. Accounts Payable $38,080 Accounts Receivable 6,768 Cash 7,781 Common Stock 3,952 Cost of Goods Sold 352,488 Income Tax Expense 7,981 Interest Expense 2,064 Membership Revenues 3,048 Net Sales 466,114 Operating, Selling and Administrative Expenses 88,873 Retained Earnings 72,978 Required: 1: Using the information provided above, prepare a multiple-step income statement. 2: Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings and results.(Points : 36) Question 3.3. 45. (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the two questions below. Cash flow from operating activities In millions In millions For the year ended 2012 For the year ended 2011 Net (loss) earnings $(12,650) $7,074 Depreciation and amortization 5,095 4,984 Impairment of goodwill and purchased intangible assets 18,035 885 Stock-based compensation expense 635 685 Provision for doubtful accounts 142 81 Provision for inventory 277 217 Restructuring charges 2,266 645 Deferred taxes on earnings (711) 166 Excess tax benefit from stock-based competition (12) (163) Other, net 265 (46) Accounts and financing receivables 1,269 (227) Inventory 890 (1,252) Accounts payable (1,414) 275 Taxes on earnings (320) 610 Restructuring (840) (1,002) Other asse.

1. (TCO A) Below you will find selected information (in millions) .docx

hyacinthshackley2629

Managerial Finance: Please submit a Word document including your answers to the 4 questions at the end of the instructions. Johnson Company The Johnson company and wants to increase its sales and would like to seek additional borrowing. The company’s management and investors are concerned about the firm’s survival and its expansion plans. The President wants to improve the financial condition of the company and wants to make sure that the company can survive in the short term. The company’s 2015 actual balance sheet is given and its projected 2016 projected balance sheet is based on getting additional financing. You are a newly hired Berkeley graduate and the president of the company wants you to conduct an analysis of the company’s financial position and recommend what steps or actions Johnson must take to improve its financial health. Balance Sheet Projected 2016 2015 Cash $ 85,632 $ 7,282 Accounts receivable 878,000 632,160 Inventories 1,716,480 1,287,360 Total current assets $ 2,680,112 $ 1,926,802 Gross fixed ssets 1,197,160 1,202,950 Less accumulated depreciation 380,120 263,160 Net fixed assets $ 817,040 $ 939,790 Total assets $ 3,497,152 $ 2,866,592 Liabilities and Equity Accounts payable $ 436,800 $ 524,160 Notes payable 300,000 636,808 Accruals 408,000 489,600 Total current liabilities $ 1,144,800 $ 1,650,568 Long-term debt 400,000 723,432 Common stock 1,721,176 460,000 Retained earnings 231,176 32,592 Total equity $ 1,952,352 $ 492,592 Total liabilities and equity $ 3,497,152 $ 2,866,592 Income Statement 2015 Sales $ 7,035,600 Cost of goods sold ...

Managerial Finance Please submit a Word document including

karenahmanny4c

Financial Analysis 2.pptx

NadeemSRimawi

ACG 2071 Managerial Accounting Reporting Cash Flows Minicase CASH FLOWS PROBLEM: Kite Corporation, a merchandiser, recently completed its calendar-year 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow. Prepare a statement of cash flows in good form. Joseph Corporation Comparative Balance Sheet December 31, 2011 and 2010 Assets Cash $ 136,500.00 $ 71,550.00 Accounts Receivable $ 74,100.00 $ 90,750.00 Merchandise Inventory $ 454,500.00 $ 490,200.00 Prepaid Expenses $ 17,100.00 $ 19,200.00 Equipment $ 278,250.00 $ 216,000.00 Accumulated Depreciation $ (108,750.00) $ (93,000.00) Total Assets $ 851,700.00 $ 794,700.00 Liabilities and Equity Accounts Payable $ 117,450.00 $ 123,450.00 Short-term Notes Payable $ 17,250.00 $ 11,250.00 Long-term Notes Payable $ 112,500.00 $ 82,500.00 Common Stock, $5 par $ 465,000.00 $ 450,000.00 Paid in Capital in excess $ 18,000.00 Retained Earnings $ 121,500.00 $ 127,500.00 Total Liabilities & Equity $ 851,700.00 $ 794,700.00 ACG 2071 Managerial Accounting Reporting Cash Flows Minicase Joseph Corporation Income Statement December 31, 2011 Sales $ 1,083,000.00 Cost of goods sold $ 585,000.00 Gross profit $ 498,000.00 Operating Expenses Depreciation expense $ 36,600.00 Rent Expense $ 150,000.00 Salaries Expense $ 175,000.00 Other Expenses $ 67,850.00 $ 429,450.00 $ 68,550.00 Other gains and losses Loss on sale of equipment $ 2,100.00 $ 66,450.00 Income tax expense $ 9,450.00 Net Income $ 57,000.00 Additional Information on Year 2011 Transactions a. The loss on the cash sale of equipment was $2,100 (details in b). b. Sold equipment costing $51,000, with accumulated depreciation of $20,850, for $28,050 cash. c. Purchased equipment costing $113,250 by paying $38,250 cash and signing a long-term note payable for the balance d. Borrowed $6,000 cash by signing a short-term note payable. e. Paid $45,000 cash to reduce the long-term notes payable. f. Issued 3,000 shares of common stock for $11 cash per share. g. Declared and paid cash divi.

ACG 2071 Managerial Accounting Reporting Cash Flows Mi.docx

bobbywlane695641

Problem 1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate. (a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable). (b) Issued capital stock for $4,000 of equipment. (c) Sold equipment for $8,000, book value $8,000. (d) Paid cash dividend, $3,000 (declared in prior year). (e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000. (f) Purchased equipment for $12,000 in exchange for a note payable due in two years. (g) The cash balance on January 1, 2010 was $10,000. 2. Mucky Corporation was just formed. The following accounts of Mucky Corporation, with code letters, are needed to record the transactions given below. You are to indicate the appropriate journal entry for each transaction by entering the code letters and the correct amounts. A. Cash G. Bonds payable B. Remaining assets H. Contributed capital in excess of par C. Retained earnings I. Treasury stock D. Common stock, par $20 J. Other accounts not listed E. Dividends payable K. Dividends declared F. Accounts payable L. No entry needed Transaction Debits Credits Code Amount Code Amount 1. Sold and issued 10 common shares at par. Disregard in subsequent transaction. A $200 D $200 2. Sold and issued 5,000 shares common stock at $26 per share. A $130000 D H $100000 $30000 3. Issued a 10% stock dividend when the stock was selling at $30 per share. K $10020 E $10020 4. Declared a cash dividend of $1 per share on the shares outstanding. K $5010 E $5010 5. Paid the cash dividend of $1 per share declared earlier (see above). E $5010 A $5010 6. Purchased 100 shares of treasury stock at $27 per share. I $2700 A $2700 7. Issued a 2-for-1 stock split when the market price was $30 per share. 3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars: Balance Sheet 2010 2011 Cash and cash equivalents $ 1,250 $ 1,432 Short-term investments 953 571 Accounts and other receivables 153 146 Merchandise inventories 1,884 2,094 Prepaid expenses and other current assets 167 486 Total current assets 4,407 4,729 Total property and equipment, net 4,339 4,439 Other assets 1,022 1,097 Total assets 9,768 10,265 Accounts payable 1,023 1,022 Accrued expenses and other current liabilities 881 866 Income taxes payable 245 319 Current portion of long-term debt 452 657 Total current liabilities 2,601 2,864 Total long-term liabilities 2,842 3,427 Total liabilities 5,443 6,291 Total stockholders’ equity 4,325 3,974 Total liabilities and stockholders’ equity 9,768 10,265 Income Statement Net sal ...

Problem 1. Use the following information to prepare a s.docx

wkyra78

Financial management chapter 1 2-3

03135074749

There are 76 red xxx’s – each worth 1.18 points. You only need to fill in where you see red xxx’s (big or small) CHAPTER 1 THE McGEE CAKE COMPANY 1. The advantages to a LLC are: xxxx The biggest disadvantage is: xxxx 2. .xxxx C-2 CASE SOLUTIONS 3. .xxxx CHAPTER 2 CASH FLOWS AND FINANCIAL STATEMENTS Below are the financial statements that you are asked to prepare. 1. The income statement for each year will look like this: Income Statement 2010 2011 Sales xxxx xxxx Cost of goods sold 163,849 206,886 Selling and administrative xxxx xxxx Depreciation 46,255 52,282 EBIT $79,110 $90,584 Interest 10,056 11,526 EBT $69,054 $79,058 Taxes (use the problem to figure This amount out xxxx xxxx Net income $55,243 $63,246 Dividends(read the case to find out how much this is) xxxx xxxx Addition to retained earnings (this would be whatever the net income is less the dividends paid out) xxxx xxxx 2. The balance sheet for each year will be: Balance Sheet as of Dec. 31, 2010 Cash xxxx Accounts payable xxxx Accounts receivable xxxx Notes payable xxxx Inventory xxxx Current liabilities $60,832 Current assets $72,651 Long-term debt xxxxx Net fixed assets xxxxxx Owners' equity xxxxx Total assets $276,719 Total liab. and equity $276,719 In the first year, equity is not given. Therefore, we must calculate equity as a plug variable. Since total liabilities and equity is equal to total assets, equity can be calculated as: Equity = $276,719 – 60,832 – 103,006 Equity = $112,881 Balance Sheet as of Dec. 31, 2011 Cash xxxx Accounts payable xxxx Accounts receivable xxxx Notes payable xxxx Inventory xxxx Current liabilities $68,121 Current assets $100,834 Long-term debt xxxx Net fixed assets xxxx Owners' equity Xxxx(see below) Total assets $349,459 Total liab. and equity $349,459 The owner’s equity for 2011 is the beginning of year owner’s equity, plus the addition to retained earnings, plus the new equity, so: Equity = $112,881 + 31,623 + 20,500 Equity = $165,004 3-6 are completed for you so you can answer the questions 3. Using the OCF equation: ( OCF = EBIT + Depreciation – Taxes The OCF for each year is: OCF2010 = $79,110 + 46,255 – 13,811 OCF2010 = $111,554 OCF2011 = $90,584 + 52,282 – 15,812 OCF2011 = $127,054 4. To calculate the cash flow from assets, we need to find the capital spending and change in net working capital. The capital spending for the year was: Capital spending Ending net fixed assets $248,625 – Beginning net fixed assets 204,068 + Depreciation 52,282 Net capital spending $96,839 And the change in net working capital was: Change in net working capital Ending NWC $32,713 – Beginning NWC 11,819 Change in NWC $20,894 So, the cash flow from assets was: Cash flow from assets Operating cash flow $127,054 – Net capital spending 96,839 – Change in NWC ...

There are 76 red xxx’s – each worth 1.18 points. You only need to.docx

christalgrieg

Brief Exercise 15-4 Ravonette Corporation issued 375 shares of $15 par value common stock and 110 shares of $48 par value preferred stock for a lump sum of $20,025. The common stock has a market price of $30 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Cash 20025 Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Common Stock Paid-in Capital in Excess of Par - Common Stock Exercise 15-12 Lotoya Davis Corporation has 10.12 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 62 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 6/1 6/14 6/30 (b) How would the entry differ if the dividend were a liquidating dividend? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Warning Exercise 15-19 Shown below is the liabilities and stockholders’ equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,418,100. Jana Kingston Co. Mary Ann Benson Co. Current liabilities $315,600 Current liabilities $754,600 Long-term debt, 10% 1,281,000 Common stock ($20 par) 2,945,000 Common stock ($20 par) 2,103,000 Retained earnings (Cash dividends, $328,900) 718,500 Retained earnings (Cash dividends, $227,700) 718,500 $4,418,100 $4,418,100 For the year, each company has earned the same income before interest and taxes. Jana Kingston Co. Mary Ann Benson Co. Income before interest and taxes $1,203,000 $1,203,000 Interest expense 128,100 0 1,074,900 1,203,000 Income taxes (45%) 483,705 541,350 Net income $591,195 $661,650 At year end, the market price of Kingston’s stock was $101 per share, and Benson’s was $63.50. Assume balance sheet amounts are representative for the entire year. (a) Calculate the return on total assets? (Round answers to 2 decimal places, e.g. 16.85%.) Return on total assets Kingston Company % Benson Company % Which company is more profitable in terms of return on total assets? (b) Calculate the return on common sto ...

Brief Exercise 15-4Ravonette Corporation issued 375 shares of $1.docx

AASTHA76

Intermediate Accounting Comprehensive Project

Shivani Desai

Accounting for Partnerships

Arthik Davianti

Ashford ACC305 Guidance Report Week Two Make the following changes to the exercises and problems. Nov 13 Problem Change Amount to: Applicable Transaction Ex 4-16 240000 Customers 10000 Interest on notes receivable 32000 Principle on note receivable 15000 Sale of investments 60000 Proceeds from note payable -90000 Purchase of inventory -20000 Interest on note payable -40000 Purchase of equipment 30000 Salaries to employees -42000 Principle on note payable -52000 Payment of dividends to shareholders Ex 4-19 Financing Investing Operating 270000  -25000   -12000 -9000 -55000 36000  Ex 4-22 950 Net income 210 Depreciation expense Changed ending balance 685 Accounts receivable 670 Inventory 65 Prepaid insurance 2200 Plant and equipment -810 Accumulated depreciation 270 Accounts payable 280 Payables for admin 230 Income taxes payable 820 Note payable 945 Common stock 485 Retained earnings Ex 5-3 2011 2012 Installment Sales 390000 490000 Cost of Installment Sales 270000 290000 Cash collections on sales during: 2011 240000 90000 2012 300000 Ex 5-10 ($ in millions) 2011 2012 2013 Contract price $340 $340 $340 Actual costs to date 70 150 200 Estimated costs to complete 150 90 0 Total estimated costs 220 240 200 Estimated gross profit (actual in 2013) $120 $100 $140 Case 5-23 Net income 16000 Short term note 5000 Bonds interest rate 0.08 Cash balance 15000 Profit margin on sales 0.05 Return on assets 0.075 Gross profit margin 0.4 Inventory turnover ratio 6 Receivables turnover ratio 25 Acid test ratio 0.9 Current ratio 2 Return on shareholders equity 0.1 Debt to equity ratio 0.33 Times interest earned 12 Exercise 4-16 Bluebonnet Bakers Statement of Cash Flows For the Year Ended December 31, 2011 Cash flows from operating activities: Collections from customers Interest on note receivable Purchase of inventory Interest on note payable Payment of salaries Net cash flows from operating activities $ Cash flows from investing activities: Collection of note receivable Sale of investments Purchase of equipment Net cash flows from investing activities Cash flows from financing activities: Proceeds from note payable Payment of note payable Payment of dividends Net cash flows from financing activities Net increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 $ Exercise 4-19 Requirement 1 (Completed) Financing Investing Operating 1. Changed 2. ( Changed 3. ( 4. ( 5. Changed 6. Changed 7. Changed 8. Changed 9. ( __________ __________ __________ $ = Requirement 2 Wainwright Corporation Statement of Cash Flows For the Month Ended March 31, 2011 Cash flows from operat ...

AshfordACC305Guidance ReportWeek TwoMake the follo.docx

fredharris32

Financial Management

Rohit Krishnan

Semelhante a Based on the following account balances from the ledger of the Sand.docx (20)

Kazaam Company, a merchandiser, recently completed its calendar-year.docx

Consolidated financial statement

A company declared a $0.25 per share cash dividend. The company ha.docx

The Howit Department store is located in midtown Metro.During th.docx

Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx

Chapter Six part 4.pdf

Financials: Creating Projections

Accounting Lec#7.pptx

1. (TCO A) Below you will find selected information (in millions) .docx

Managerial Finance Please submit a Word document including

Financial Analysis 2.pptx

ACG 2071 Managerial Accounting Reporting Cash Flows Mi.docx

Problem 1. Use the following information to prepare a s.docx

Financial management chapter 1 2-3

There are 76 red xxx’s – each worth 1.18 points. You only need to.docx

Brief Exercise 15-4Ravonette Corporation issued 375 shares of $1.docx

Intermediate Accounting Comprehensive Project

Accounting for Partnerships

AshfordACC305Guidance ReportWeek TwoMake the follo.docx

Financial Management

Mais de cherishwinsland

Based on your course reading assignments and your pending research problem, what type of study do you believe you are conducting, and please explain why? Extra materials: Descriptive research is a study designed to depict the participants in an accurate way. More simply put, descriptive analysis is all about describing people who take part in the survey. There are three ways a researcher can go about doing a descriptive research project, and they are: Observational, defined as a method of viewing and recording the participants Case study, defined as an in-depth study of an individual or group of individuals Survey, defined as a brief interview or discussion with an individual about a specific topic Mixed methods research (Extracted from the article below) is the use of quantitative and qualitative methods in a single study or series of studies. It is a new methodology that is increasingly used by health researchers, especially within health services research. There is a growing literature on the theory, design, and critical appraisal of mixed methods research. However, few papers summarize this methodological approach for health practitioners who wish to conduct or critically engage with mixed methods studies. Article: Using Mixed Methods in Health Research Meta-Analysis Meta - analysis is a statistical technique for combining data from multiple studies on a particular topic. A Meta-analysis is an analytical tool for estimating the mean and variance of underlying population effects from a collection of empirical studies addressing ostensibly the same research question. Meta‐analysis has become an increasingly popular and valuable tool in psychological research, and significant review articles typically employ these methods. Article: Meta-Analysis in Medical Research Epidemiology According to the Centers for Disease Control, Epidemiology is the method used to find the causes of health outcomes and diseases in populations. In epidemiology, the patient is the community and individuals are viewed collectively. By definition, epidemiology is the study (scientific, systematic, and data-driven) of the distribution (frequency, pattern) and determinants (causes, risk factors) of health-related states and events (not just diseases) in specified populations (neighborhood, school, city, state, country, global). Article: Epidemiology is a Science of High Importance Longitudinal Studies Longitudinal Study, an epidemiologic study that follows a population forward over time, evaluating the effects of one or more variables on a process. If individuals are followed, it is termed a longitudinal cohort study. If classes—e.g., age classes—are studied, it is a longitudinal cross-sectional study. Longitudinal studies are the converse (opposite) of horizontal (parallel) studies. Article Longitudinal Studies .

Based on your course reading assignments and your pending research p.docx

Based on the following account balances from the ledger of the Sand.docx

Recomendados

Recomendados

Mais conteúdo relacionado

Semelhante a Based on the following account balances from the ledger of the Sand.docx

Semelhante a Based on the following account balances from the ledger of the Sand.docx (20)

Mais de cherishwinsland

Mais de cherishwinsland (20)

Último

Último (20)

Based on the following account balances from the ledger of the Sand.docx