18) Twilight Corporation issued 250 shares of $15 par value stock for $17 per share. The journal entry to record this transaction would include a: f) Debit to Common Stock of $3,750 h) i) j) Credit to Paid in Capital in Excess of Par Value of $500 Debit to Cash of $3,750 Credit to Cash of $4,250 None of the above
Q: Ivanhoe Enterprises Ltd. has entered into a contract beginning in February 2023 to build two…
A: The percentage of completion method indicates the method through which the company determines the…
Q: Entity H issued 9,000 shares of its $1 par value common stock for $20 per share. Which of the…
A: Common Stock - Common Stock is a stock issued by the organization to raise its equity through…
Q: Which of the following statements about depreciation is false?: Depreciation does not apply to…
A: Depreciation Expense - Depreciation Expense is an Expense charged on the fixed assets owned by the…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: To keep track of a business transaction, the business organization records the transaction in the…
Q: Select the item that best fits each description A through H. Description A. Records and tracks the…
A: A bond is a type of instrument used by a company to raise additional capital from the market. These…
Q: As of January 1, Year One, Company Z has no liabilities and only two assets: a donut maker with a…
A: Answer:- Journal entry meaning:- A journal entry is basically the act of recording the…
Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…
A: Companies that keep a large number of items on hand and anticipate major changes in their product…
Q: Western Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income…
A: Income Tax The most accurate definition of income tax is the amount of tax that the government…
Q: Running Shorts Co. makes two products: A and B. In the folding department, budgeted information is…
A: Lets understand the basics. Overhead rate is require to calculate in order to allocate overhead cost…
Q: "Preparing a budget is a waste of time. The strategic plan is what we want to accomplish." How would…
A: Introduction:- This comment raises an important question about the value of budgeting in the context…
Q: Independence and objectivity are important to the audit profession - what about courage - why is…
A: Auditor independence is a fundamental concept in the field of auditing that refers to the auditor's…
Q: The information in the following table is from the statement of cash flows for a company at four…
A: Cash Flow Statement(CFS): A cash flow statement lists the total amount of money and money…
Q: Sir angle, has
A: As per IRS rule a taxpayer can claim either standard deduction or itemised…
Q: Liberty Coffee sells three small coffees for every large coffee. A small coffee sells for $3.00,…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: 1. The company purchased the equipment on October 1, 20X1 for $100,000, and estimated that the…
A: Depreciation = (Cost - salvage value) / useful life
Q: If fixed costs are $230,000, the unit selling price is $117, and the unit variable costs are $76,…
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or loss.…
Q: What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1,…
A: The question asks to calculate the maximum total depreciation deduction that Chaz Corporation can…
Q: Ross Electronics has one product in its ending inventory. Per unit data consist of the following:…
A: Hi student Since there are multiple questions, we will answer only first question. Inventory is one…
Q: Required: a. Using the preceding Information, complete the balance sheet for Harris at December 31,…
A: A balance sheet is a type of financial statement that displays the assets, liabilities, and equity…
Q: and Rory can also receive $89,000 for trading in its old machine. The ne 1,500 per year over its…
A: Cost of new machine = $105,000 Life = 5 years cash received from trade in of old machine = $89,000
Q: Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost,…
A: An accounting technique known as perpetual inventory is the foundation of a perpetual inventory…
Q: Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…
A: The amount of taxes that an individual or business owes is generally determined by the government…
Q: Ending Inventory Costs Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end…
A: Merchandise inventory refers to the goods or products that a business holds for sale to its…
Q: ABC began a gift card program in January 2023 and sold $15,350 of gift cards in January, $17,950 in…
A: Gift cards are sold for the purpose of attracting customers. For these cards, at every balance sheet…
Q: P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement,…
A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: Eastern Universty had the following transactions at the beginning of its academic year: 1. Student…
A: A journal entry is the act of keeping or making records of any transactions either economic or…
Q: Kingbird Company provides the following selected information related to its defined benefit pension…
A: Pension fees are a form of the liability to the business. Because this is the obligation of the…
Q: d importance of
A: Designing tests of balances is an important part of the auditing process. Tests of balances are used…
Q: A business operated at 100% of capacity during its first month and incurred the following costs:…
A: Direct materials (a) $ 178,400 Direct labour (b) $ 225,500 Variable factory OH (…
Q: Each of the three independent situations below describes a finance lease in which annual lease…
A: The lease is a legal agreement between the lessor and lessee, wherein the lessor provides the asset…
Q: Holy Cow is a producer of milk and byproducts. A single production process at Holy Cow yields milk…
A: By product is a secondary or incidental product that is created during the production of a primary…
Q: Emmons Lawn Maintenance (ELM) provides lawn and garden care for residential properties. In the…
A: The following basic information as follows:- ELM maintains 76 properties and earns an average of…
Q: Accounts receivable: Multiple Choice O * arise from the purchase of goods or services on credit. are…
A: Accounts Receivables refers the person or group of persons who are dealing with the organization by…
Q: Requirement 4. Record the payment of the note payable (principal and interest) on its maturity…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: 1. 2. Compute the price and quantity variances for direct materials. Compute the rate and efficiency…
A: A standard costing system is a costing system wherein estimation is done with respect to revenue to…
Q: Recording Liquidating Dividends On November 1 of Year 2, Toni Corp. declared a cash dividend of $3…
A: Dividend is the amount of profits that is being distributed to shareholders in lieu of stock…
Q: The costs, revenue, and net operating income associated with the Scrub Daddy are given below:…
A: Given Direct Material per unit = $12 Direct Labor per unit = $4 Variable MOH per unit = $2
Q: Cost variances are further investigated for price and efficiency variances because: A) It helps to…
A: Cost variances occur when Actual costs differ from Standard costs for materials, labor and overheads…
Q: Required: d. At the end of 2023, Purple managers reach their goal of revenue increase. Write the…
A: The question is about accounting for stock options issued by Purple Inc. to its division managers.…
Q: corporated was organized on June 5, Year 1. It was authori res of 5 percent cumulative class A…
A: Stockholders' equity is the assets remaining in a business after all liabilities have been settled.
Q: n December 1, 20x1, PRC Co acquired all the identifiable assets and liabilities of BOA Co for…
A: Goodwill arises from the expectation that the acquired company's assets and operations will generate…
Q: Windsor Company owns equipment that cost $972,000 and has accumulated depreciation flows from the…
A: Depreciation is a measure of wearing out of assets from its use efflux over time or obsolete through…
Q: he net present value is incorrect. Can you try the problem again?
A: Net Present Value (NPV) The difference between the present value of the cash outflow and inflow at…
Q: What is the total amount of share premium to be reported by the surviving company? a. P1,000,000…
A: It is the difference between the issue price of a company's shares and their nominal value. It…
Q: Calculate the simple interest and maturity value. Note: Do not round intermediate calculations.…
A: Simple interest is the interest charged on the loan amount, at a particular rate for a given period…
Q: Santos Co. is preparing a cash budget for February. The company has $14.000 cash at the beginning of…
A: Cash budget refers to the process of creating a budget in order to estimate the cash flows of a…
Q: Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par…
A: A journal entry is a record of a transaction that is entered into an accounting system. It includes…
Q: Blossom Company is considering three long-term capital investment proposals. Each investment has a…
A: Time value of money:— According to this concept value of money in present day is greater than the…
Q: 4. Which segment has the best margin? a. Segment A b. Segment B c. Segment C d. Segment A and C 5.…
A: Ratio analysis used identify the business performance of the company. It is used to measure…
Q: Adrenaline Sports Company makes snowboards, downhill skis, cross-country skis, skateboards,…
A: A company may have multiple divisions and when the company has surplus funds the top management of…
please help solve these questions again
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 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. g. 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. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
- Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to cashSun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling for 37 per share on the open market, and no significant impact on the market price is expected by the issuance of the additional shares. Prepare the journal entry to record this transaction.
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Brown Corporation issues 800 shares of its 5 par common stock for 20 per share. Prepare the journal entry to record this transaction.Use the same facts as in RE 16-3, but instead assume that Pickens declares and issues a 50% stock dividend when the stock is selling for 30 per share. Prepare the journal entry on the date of declaration to record Pickenss stock dividend.