Comprehensive Problem 4 Part 1 Selected transactions completed by Eq.pdf

•

0 gostou•5 visualizações

Comprehensive Problem 4 Part 1: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,20 Y, were as follows: 1. Journalize the selected transactions: If no entry is required, select "No entry required" from the dropdown. For a compound transaction, if an amount box does no require an entry, leave it blank. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. 9. Purchased 8,000 shares of treasury common stock at $33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc, treated the investment as an equity method investment. i. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders..

Educação

Mais conteúdo relacionado

Semelhante a Comprehensive Problem 4 Part 1 Selected transactions completed by Eq.pdf

Problem 1 (10 Points) Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $10,000 for incorporation fees. Jan. 15 Issued 400,000 shares of stock at $5 per share. July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share. Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share. Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share. Instructions Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation. You must show your computations to receive full credit. Problem 2 (12 Points) The following items were shown on the balance sheet of ELO Corporation on December 31, 2021: Stockholders’ equity Paid-in capital Capital stock Common stock, $6 par value, 800,000 shares authorized; ______ shares issued and ______ outstanding $3,000,000 Additional paid-in capital In excess of par 1,500,000 Total paid-in capital 4,500,000 Retained earnings 1,850,000 Total paid-in capital and retained earnings 6,350,000 Less: Treasury stock (10,000 shares) 50,000 Total stockholders’ equity $6,300,000 Instructions Complete the following statements and show your computations. (a) The number of shares of common stock issued was _______________. (b) The number of shares of common stock outstanding was ____________. (c) The total sales price of the common stock when issued was $____________. (d) The cost per share of the treasury stock was $_______________. (e) The average issue price of the common stock was $______________. (f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________. Problem 3 (10 Points) Journey Company had the following transactions involving notes payable. October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note. Dec. 31, 2021 prepares the adjusting entry. April 1, 2022 Pays principal and interest to Washington State Bank. Instructions Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions. You must show all your calculations to receive full credit. Problem 4 (18 Points) Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant. (a) Issuance of 600,000 shares of common stock at the market price of $10 per share. (b) Issuance of $6 million, 4% bonds at par. Instructions Complete the following table. You MUST show your work to receive full credit. Issue StockIssue Bond.

Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx

LacieKlineeb

Omit all general journal entry explanations. Be sure to include correct dollar signs, underlines and double underlines. Question 1 (15 points) Statement of Cash Flows The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000. Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method. Hint (recall the 3 sections) Question 2 (10 points) On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence . The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year. Requirements: a. Prepare the January 1 and December 31 general journal entries for Baker Company. b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015? Question 3 (20 Points) On December 31, 2016, Murphy Inc. 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 2016 and were not recorded: a. On January 1, Murphy 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, Murphy re-acquired 1,000 shares of common stock for $20 each. c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each. d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each. e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. On December 15, Murphy split common stock 2 shares for 1. g. Net Income for 2016 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, 2016. Question 4 (14 poi.

Omit all general journal entry explanations.Be sure to include c.docx

IlonaThornburg83

Chapter 2 Exercises 1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: a. Jackson Corporation has common stock with a par value of $1 per share. b. Royal Corporation has no-par common with a stated value of $5 per share. c. French Corporation has no-par common; no stated value has been assigned. 2. Stock subscriptions: Journal entries Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock. a. Prepare journal entries to record 1) the subscriptions to investors. 2) the receipt of cash from subscribers. 3) the issuance of shares. b. Determine the year-end balance in the Common Stock Subscribed account. c. Determine the year-end balance in the Common Stock Subscriptions Receivable account. 3. Analysis of stockholders' equity Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow: 20X6 20X5 Preferred stock, $100 par value, 10% $ 580,000 $ 500,000 Common stock, $10 par value 2,350,000 1,750,000 Paid-in capital in excess of par value Preferred 24,000 — Common 4,620,000 3,600,000 Retained earnings 8,470,000 6,920,000 Total stockholders' equity $16,044,000 $12,770,000 a. Compute the number of preferred shares that were issued during 20X6. b. Calculate the average issue price of the common stock sold in 20X6. c. By what amount did the company's paid-in capital increase during 20X6? d. Did Star's total legal capital increase or decrease during 20X6? By what amount? 4. Preparation of stockholders' equity section The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period: . Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share. . Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share. Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet. · Bond premium: Straight-line amortization Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31. e. Prepare the required journal entry to record the bond issuance on January 1, 20X1. e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization. e. Compute 20X1 bond interest expense. e. Present th ...

Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx

cravennichole326

Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines. Question 1 (15 points) Statement of Cash Flows The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000. Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method. Hint (recall the 3 sections) Question 2 (10 points) On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year. Requirements: a. Prepare the January 1 and December 31 general journal entries for Baker Company. b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015? Question 3 (20 Points) On December 31, 2016, Murphy Inc. 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 2016 and were not recorded: a. On January 1, Murphy 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, Murphy re-acquired 1,000 shares of common stock for $20 each. c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each. d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each. e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. On December 15, Murphy split common stock 2 shares for 1. g. Net Income for 2016 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, 2016. c. Question 4 (14 points) 4A. Janu.

Omit all general journal entry explanations.Be sure to include cor.docx

cherishwinsland

Acc 291 final exam

supportonlineexam11

Question 1 (1 point) The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense. Account Debit Credit Cash $600,000 Accounts Receivable, net 3,500,000 Cost in excess of billings on long-ter contracts 1,600,000 Billings in excess of cost on long-term contracts $700,000 Prepaid taxes 450,000 Property, plant, and equipment, net 1,480,000 Notes Payable, noncurrent 1,620,000 Common Stock 750,000 Additional Paid In Capital 2000,000 Retained Earnings - unappropriated 900,000 Retained Earnings - restricted for Notes Payable 160,000 Earning from long-term contracts 6,680,000 Cost and Expenses 5,180,000 ________ Totals $12,810,000 $12,810,000 Other financial data for the year ended December 31, year 1, are Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months. During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%. In Flip's December 31, year 1 balance sheet, what amount should be reported as total noncurrent liabilities? Question 1 options: $2,480,000 $1,780,000 $1,620,000 $2,320,000 Save Question 2 (1 point) The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense. Account Debit Credit Cash $600,000 Accounts Receivable, net 3,500,000 Cost in excess of billings on long-ter contracts 1,600,000 Billings in excess of cost on long-term contracts $700,000 Prepaid taxes 450,000 Property, plant, and equipment, net 1,480,000 Notes Payable, noncurrent 1,620,000 Common Stock 750,000 Additional Paid In Capital 2000,000 Retained Earnings - unappropriated 900,000 Retained Earnings - restricted for Notes Payable 160,000 Earning from long-term contracts 6,680,000 Cost and Expenses 5,180,000 ________ Totals $12,810,000 $12,810,000 Other financial data for the year ended December 31, year 1, are Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months. During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%. In Flip's December 31, year 1 balance sheet, what amount should be reported as total current assets? Question 2 options: $6,150,000 $5,700,000 $5,450,000 $5,000,000 Save Question 3 (1 point) Flip, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $750,000 in stock and borrowed funds of $110,000. During the first year of op ...

Question 1 (1 point)The following trial balance of Flip Corp.docx

amrit47

Modern Advanced Accounting in Canada 6th Edition Hilton Test Bank

janatevyhy

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

DonnieMax

1) Retained earning is a. Always equal to the amount of cash that the corporation has generated from operations. b. A part of the paid-in capital of the corporation. c. A part of the stockholders’ claim on the total assets of the corporation. d. Closed at the end of each accounting period. 2) When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the a. stated value of the stock. b. par value of the stock. c. market value of the stock. d. book value of the stock. 3) If Vickers Company issues 4,000 shares of $5 par value common stock for $140,000, a. Common Stock will be credited for $140,000. b. Paid-In Capital in Excess of Par will be credited for $20,000. c. Paid-In Capital in Excess of Par will be credited for $120,000. d. Cash will be debited for $120,000. 4) If common stock is issued for an amount greater than par value, the excess should be credited to a. Cash. b. Retained Earnings. c. Paid-in Capital in Excess of Par. d. Legal Capital. 5) If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation at a. fair value. b. cost. c. zero. d. a nominal amount 6) If stock is issued for less than par value, the account a. Paid-In Capital in Excess of Par is credited. b. Paid-In Capital in Excess of Par is debited if a debit balance exists in the account. c. Paid-In Capital in Excess of Par is debited if a credit balance exists in the account. d. Retained Earnings is credited. 7) Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Outstanding shares d. Authorized shares 8) New Corp. issues 2,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to a. Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $8,000. b. Common Stock $28,000. c. Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000. d. Common Stock $20,000 and Retained Earnings $8,000. 9) If Keene Company issues 4,500 shares of $5 par value common stock for $80,000, the account a. Common Stock will be credited for $22,500. b. Paid-in Capital in Excess of Par will be credited for $22,500. c. Paid-in Capital in Excess of Par will be credited for $80,000. d. Cash will be debited for $57,500. 10) Carson Packaging Corporation began business in 2013 by issuing 25,000 shares of $3 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $12. On its December 31, 2013 balance sheet, Carson Packaging would report a. Common Stock of $300,000. b. Common Stock of $75,000. c. Common Stock of $200,000. d. Paid-In Capital of $75,000. 11) Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a a. debit to Cash for $60,000. b. credit to Common Stock for $60 ...

1) Retained earning isa. Always equal to the amount of cash that.docx

dorishigh

Acc 291 final exams

examzking

On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred: Jan. 8 Issued 40,000 shares of its own common stock for $400,000. Jan. 18 Declared a cash dividend of $1 per share to stockholders of record on Jan. 10. Jan. 31 Paid the $1 cash dividend declared on Jan. 18. Feb. 2 Purchased 3,000 shares of its own common stock for the treasury at $11 per share. Feb. 14 Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share. March 25 Declared a 2 for 1 stock split on outstanding shares. Instructions Prepare journal entries to record the above transactions. Part B. The following information is available for Flip Corporation for the year ended December 31, 2014: Beginning retained earnings $ 340,000 Cost of goods sold 620,000 Declared cash dividends 50,000 Operating expenses 170,000 Other expenses and losses 40,000 Other revenues and gains 60,000 Sales 1,000,000 Tax rate 30% Instructions: 1. Prepare a corporate income statement in good form. 2. Prepare a retained earnings statement for the year. Question 2: 10 points: January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000. Instructions: a. Assuming that the 35,000 shares represent a 10% interest in Flop Corporation: 1. Prepare the journal entry to record the investment in Flop stock. 2. Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year. 3. What is the balance of the Stock Investments account on Flip Company's books at the end of the year? b. Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation. Question 3: 15 points: The following information is available for Flip Corporation for the year ended December 31, 2014: Collection of principal on long-term loan to a supplier $15,000 Acquisition of equipment for cash 10,000 Proceeds from the sale of long-term investment at book value 20,000 Issuance of common stock for cash 27,000 Depreciation expense 28,000 Redemption of bonds payable at carrying (book) value 35,000 Payment of cash dividends 15,000 Net income 25,000 Purchase of land by issuing bonds payable 45,000 In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014: 2014 2013 Cash $ 66,000 $14,000 Accounts receivable (net) 20,000 16,000 Prepaid insurance 18,000 13,000 Total current assets $104,000 $43,000 Accounts payable $ 30,000 $20,000 Salaries payable 3,000 7,000 Total current liabilities $ 33,000 $27,000 Instruction.

On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docx

juliennehar

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

teofilapeerless

Acct 221: Principles of Accounting II There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam. For this exam, omit all general journal entry explanations. Be sure to include correct dollar signs, underlines and double underlines. Question 1 (15 points) Statement of Cash Flows The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000. Requirements: Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method. Hint (recall the 3 sections) Question 2 (10 points) On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence . The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year. Requirements: Prepare the January 1 and December 31 general journal entries for Baker Company. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015? Question 3 (20 Points) On December 31, 2016, Murphy Inc. 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 2016 and were not recorded: On January 1, Murphy 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. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each. On March 31, Murphy reissued 250 shares of treasury stock for $25 each. On July 1, Murphy reissued 500 shares of treasury stock for $16 each. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. On December 15, Murphy split common stock 2 shares for 1. Net Income for 2016 was $275,000. Requirements: Prepare journal entries for the transactions listed above. Prepa.

Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx

rhetttrevannion

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.

All answers must be on the answer sheet provided. $ and . needed.docx

milissaccm

Strayer university acc 566 (5)

Christina Walkar

After reading the information on stockholder's equity in Chapter 18 from your Intermediate Accounting text, use a Word or an Excel document to address the following problems: P 18-1, "Various Stock Transactions; Correction of Journal Entries," page 1078. This problem tests your knowledge on the issuance of capital stock and correction of journal entries for stockholders' equity. P 18-10, "Transactions Affecting Retained Earnings," page 1082. This problem tests your knowledge of transactions affecting retained earnings. P 18–1 Various stock transactions; correction of journal entries • LO18–4 IFRS Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 40 million common shares for $20 per share. Mar. 11 Issued 5,000 shares in exchange for custom-made equipment. McCollum’s shares have traded recently on the stock exchange at $20 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Required: Prepare the journal entries that should have been recorded for each of the transactions. P 18–10 Transactions affecting retained earnings • LO18–4 through LO18–8 Indicate by letter whether each of the transactions listed below increases ( I ), decreases ( D ), or has no effect ( N ) on retained earnings. Assume the shareholders’ equity of the transacting company includes only common stock, paid-in capital—excess of par, and retained earnings at the time of each transaction. (Some transactions have two possible answers. Indicate both.) Transactions · N 1. Sale of common stock · 2. Purchase of treasury stock at a cost less than the original issue price · 3. Purchase of treasury stock at a cost greater than the original issue price · 4. Declaration of a property dividend · 5. Sale of treasury stock for more than cost · 6. Sale of treasury stock for less than cost · 7. Net income for the year · 8. Declaration of a cash dividend · 9. Payment of a previously declared cash dividend · 10. Issuance of convertible bonds for cash · 11. Declaration and distribution of a 5% stock dividend · 12. Retirement of common stock at a cost less than the original issue price · 13. Retirement of common stock at a cost greater than the original issue price · 14. A stock split effected in the form of a stock dividend · 15. A stock split in which the par value per share is reduced (not effected in the form of a stock dividend) · .

After reading the information on stockholders equity in Chapter.docx

MARK547399

Acc 291 final exam

enersivard

Acc 291 final exam

supportonlineexam438

Semelhante a Comprehensive Problem 4 Part 1 Selected transactions completed by Eq.pdf (18)

Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx

Omit all general journal entry explanations.Be sure to include c.docx

Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx

Omit all general journal entry explanations.Be sure to include cor.docx

Acc 291 final exam

Question 1 (1 point)The following trial balance of Flip Corp.docx

Modern Advanced Accounting in Canada 6th Edition Hilton Test Bank

Week 4 wiley plus assignment

1) Retained earning isa. Always equal to the amount of cash that.docx

Acc 291 final exams

On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docx

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

Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx

All answers must be on the answer sheet provided. $ and . needed.docx

Strayer university acc 566 (5)

After reading the information on stockholders equity in Chapter.docx

Acc 291 final exam

Mais de praveenvezella1

Consider regression though the origin (i.e., straight line regression.pdf

praveenvezella1

Consider four populations of island iguanas. Each island has a different carrying capacity (K), and the iguanas are subject to demographic and environmental stochasticity. Which population is MOST likely to go extinct? island 1,K=100 island 2,K=300 island 3,K=900 island 4,K=1,200 Question 39(2.5 points) Which population model can be applied to a scenario where patches of suitable habitat are scattered throughout a matrix of unsuitable habitat? the basic subpopulation model the landscape metapopulation model the source-sink metapopulation model the basic metapopulation model.

Consider four populations of island iguanas. Each island has a differ.pdf

praveenvezella1

Consider a town in which only two residents, Edison and Hilary, own wells that produce water safe for drinking. Edison and Hilary can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Suppose Edison and Hilary form a cartel and behave as a monopolist. The profit- maximizing price is per gallon, and the total output is gallons. As part of their cartel agreement, Edison and Hilary agree to split production equally. Therefore, Edison's profit is and Hilary's profit is Suppose Edison and Hilary form a cartel and behave as a monopolist. The profit-maximizing price is per gallon, and the total output is gallons. As part of their cartel agreement, Edison and Hilary agree to split production equally. Therefore, Edison's profit is and Hilary's profit is Suppose that Edison and Hilary have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Edison says to himself, "Hilary and I aren't the best of friends anyway. If I increase my production by 35 gallons, I can increase my profit even though her profit goes down. I will do that starting tomorrow." After Edison implements his new plan, the price of water to per gallon. Given Hilary and Edison's production levels, Edison's profit becomes and Hilary's profit becomes Because Edison has deviated from the cartel agreement and increased his output of water by 35 gallons, Hilary decides that she will also increase her production by 35 gallons. After Hilary increases her production, Edison's profit becomes , Hilary's profit becomes , and total profit (the sum of the profits of Edison and Hilary) is now Note that Edison and Hilary started by behaving cooperatively. However, once Edison decided to cheat, Hilary decided to cheat as well. In other words, Hilary's output decisions are based on Edison's actions. This behavior is an example of.

Consider a town in which only two residents, Edison and Hilary, own w.pdf

praveenvezella1

Consider a setting in which information is asymmetric and firm manage.pdf

praveenvezella1

Consider a random sample of size n=4 taken without replacement rom a .pdf

praveenvezella1

Consider a random variable X with cumulative distribution function (C.pdf

praveenvezella1

Consider a firm that hires workers to mow lawns. The figure below shows the number of lawns mowed per day for up to four workers. 1.) Use the point drawing tool to indicate the marginal product of each worker. Properly label the points (MP1,MP2,MP3,MP4). 2.) Use the multipoint curved line drawing tool to connect the four points. Label your curve 'MP L Carefully follow the instructions above, and only draw the required objects..

Consider a firm that hires workers to mow lawns. The figure below sho.pdf

praveenvezella1

Consider a game between four players, Boromir, Frodo, Gimli and Legolas. They have met to decide who should take the ring to Mordor. Their preference orderings are shown below in Table "Lord of the Rings". The game is one in which all players simultaneously make a choice among the four people. Only if they all agree - a unanimity voting rule is put in place - is someone selected; otherwise, no one takes on this epic task. How many total pure strategy Nash equilibria (symmetric and asymmetric) does this game have?.

Consider a game between four players, Boromir, Frodo, Gimli and.pdf

praveenvezella1

Consider a 2-curve with df=17. Obtain the 2-value that has area 0.10 .pdf

praveenvezella1

conociendo un biosensor Con qu procesos celulares se relaciona la base y diseo de un biosensor? Explicar cmo funciona el biosensor. Qu se requiere para disear un biosensor? (sobre elementos genticos) Cmo funciona el sistema reportero de este biosensor? Qu otro gen podra sustituir al reportero utilizado en el artculo? conociendo un biosensor Con qu procesos celulares se relaciona la base y diseo de un biosensor? Explicar cmo funciona el biosensor. Qu se requiere para disear un biosensor? (sobre elementos genticos) Cmo funciona el sistema reportero de este biosensor? Qu otro gen podra sustituir al reportero utilizado en el artculo?.

conociendo un biosensor �Con qu� procesos celulares se relacion.pdf

praveenvezella1

Conjugation, transduction, and transformation are important mechanisms in bacteria to promote exchange of genetic material. The figure below shows the age of horizontally acquired genes in a strain of E. coli where at least 755 genes [more than one-sixth of this strain's genomel have been acquired by horizontal transfer and the majority of those genes have been transferred quite recently. If bacteria still often engage in horizontal gene transfer events why haven't bacteria increased in complexity?.

Conjugation, transduction, and transformation are important mechanism.pdf

praveenvezella1

Concert marketing: GSU's Rialto Center for the Performing Arts wanted to investigate why ticket sales for the upcoming season significantly decreased from last year's sales. The marketing staff collected data from a survey of community residents. Out of the so people surveyed, only 7 received the concert brochure in the mail. Which of the following is a reason that the marketing staff should not calculate a confidence interval for the proportion of all community residents who received the concert brochure by mail? Check all that apply. A. The sample needs to be random, but we don't know if it is. B. The actual count of community residents who received the concert brochure by mail is too small. C. OThe actual count of community residents who didn't receive the concert brochure by mail is too small. D. np is notgreater than 10 E. n(1p^) is not greater than 10 ..

Concert marketing GSUs Rialto Center for the Performing Arts wanted.pdf

praveenvezella1

Conclusin para espectrofotmetro (Necesito una conclusin para el espectrofotmetro) INTRODUCCIN El espectrofotmetro es un instrumento utilizado para medir los espectros de muestras y reas microscpicas. Se utiliza para medir espectros NIR UV visibles de muestras microscpicas. Mide la transmisin, la absorcin, la reflectancia, la polarizacin y la fluorescencia de una muestra determinada. Est diseado como un microscopio ptico combinado con un espectrofotmetro NIR UV visible. Mide un rango de muestras de hasta 1 x 1 micrmetro. Con la ayuda del software, se pueden realizar medidas de mapeo 3D y calorimetra. Con esto es posible la medicin del espesor de pelcula delgada de micropuntos sin contacto. Tiene una gran influencia en el campo de la investigacin y la industria. Dado que tiene un gran rango espectral, los cientficos e ingenieros lo utilizan para obtener espectros de reas de muestra extremadamente pequeas. Incluso funciona en el campo donde la luz visible y el infrarrojo no funcionan. Por ejemplo, un cientfico forense o un qumico lo usa para combinar fibras o pinturas de muestras microscpicas. Un gelogo puede usarlo para la calificacin de gemas. RESULTADO DE APRENDIZAJE 1. El funcionamiento mecnico bsico del espectrofotmetro secomam PRIM. 2. Los principios bsicos de la espectrofotometra, incluida la relacin/clculo del valor de transmitancia (T) y absorbancia (A). 3. Identificar la absorbancia mxima (A max) de un compuesto y cmo se determina. 4.Comprender el uso del estndar de protenas. METODOLOGIA A.Determinar el espectro de absorbancia y la longitud de onda de mxima absorbancia El instrumento que se utilizara en esta prctica es el Secomam PRIM. 1. El espectrofotmetro est encendido. calent el mquina durante 15 minutos. 2. Se presion el botn Val para activarlo. 3. El botn de transmitancia ha sido seleccionado por el utilizado del botn A 4. La longitud de onda se ha fijado en 375nm. 5. La cubeta se limpi y sec. 6. Se coloc la solucin en blanco y la cubeta en el portamuestras del espectrmetro. 7. Se presion el botn cero. 8. Se ha retirado la cubeta con la solucin en blanco. 9. Se limpi y sec otra cubeta. 10. La solucin estndar A se verti en la cubeta y la cubeta se coloc en el portamuestras del espectrmetro. 11. La transmitancia se registra en el papel de resultados. 12. Se retir la cubeta con la solucin estndar A. 13. La longitud de onda se cambia a 425 nm 14. La cubeta con la solucin en blanco se coloc en el portamuestras del espectrofotmetro. 15. Se presion el botn cero. 16. Se retir la cubeta con la solucin en blanco. 17. La cubeta con la solucin estndar A se coloc en portamuestras del espectrmetro. 18. La transmitancia se registra en el papel de resultados. 19. Se retir la cubeta con la solucin estndar A. 20. Paso 13 a paso 19 para diferentes longitudes de onda: 490, 530, 540, 550, 580, 625 y 700nm. 21. La absorbancia se calcul en papel de resultados. 22. El grfico de absorbancia y longitud de onda se registr en el papel de resultados. B. Traz.

Conclusi�n para espectrofot�metro (Necesito una conclusi�n par.pdf

praveenvezella1

Condensed balance sheet and income statement data for Vaughn Corporat.pdf

praveenvezella1

Comsder two indmiduals, Rove and Sharon, who produce fish and coconuts. Rose and Sharon's hourly productivity are shown in Table 32 . Which of the following is true? Rose has a comparative advantage in producing coconuts but not fish Rose has a comparatve advantage in producing fish but not coconuts Roce has a comparative advantage in producing both goods Rose does not have a comporative advantage in producing either good.

Comsder two indmiduals, Rove and Sharon, who produce fish and coconut.pdf

praveenvezella1

Complex Geologic Profile Make a geologle profle using the map and.pdf

praveenvezella1

Complete the following table to find the ending inventory under the Dollar Value LIFO Retail Inventory Method. Round percentages to two decimal places. (Click the icon to view the table.) Complete the partial table below to determine the retail value for the beginning inventory layer and the current-year layer cost-to-retail ratio. In the following ste prices. (If an input field is not used in the table, leave the input field empty; do not enter a zero. Round all percentages to two decimal places, X.XX\%. Round al Data table.

Complete the following table to find the ending inventory under the D.pdf

praveenvezella1

Complete the following ReheapUp function. template void HeapType roo.pdf

praveenvezella1

Computer Programming I with Python What to do: Open your IDLE and develop the following program. Practices: open a IDLe shell and do the following. Save your work as lab9_exercises.py and submit with your programs a. Create a list called "int listl that has 20 integers in it b. Create another lists called 'str list 1 " that have 5 names in it c. Print both lists d. Print both list's size e. Print first and last elements of each list f. Write two loop (one for each list) to iterate through list and display lists content g. Create onther list of integers called 'int Is 2 ' add 5 integers to the list h. Print the list i. Create another list called chat_list, add some characters in it j. Print the list k. Create another list called str_Ist_2, add some string in it 1. diplay your list m. compate int_Istl with int_Ist 2. Display the list which had more elements in it n. Compare str_Istlwith str_Ist2 (see b and k ) if they are equal in size display their length o. compare str_lstl with char_Ist (see b and i). what happened?.

Computer Programming I with Python What to do Open your IDLE and dev.pdf

praveenvezella1

Complete the following heapsort function template void HeapSort (Item.pdf

praveenvezella1

Mais de praveenvezella1 (20)