Please explain. Lecture Example 2. Accounting for DebentureIssueA company issues a prospectus for the issue of 5000x $100,10-year debentures, which is fully subscribed.GENERAL JOURNALDescription Debit CreditExample 3. Accounting for Cash DividendsA company declares and pays an interim dividend of $50 000during the year and declares a final dividend of $50 000 at theend of the financial year.Descriptiona) Record declaration of interim dividendb) Record payment of interim dividendGENERAL JOURNALc) Record appropriation of profit for interim dividendAt end of yeard) Record declaration of final dividende) Record appropriation of profit for final dividendDescription Debit CreditDebit CreditExample 4. Accounting for Share DividendsA company issued shareholders with a 1 for 5 bonus issue outof retained profits on its issued capital of 500 000 sharesissued for $1.GENERAL JOURNAL

Meaning of debentures It is a long term debt which is issued by a company against which a fixed rate…

Answered: A company issues a prospectus for the…

A company issues a prospectus for the issue of 5000x $100, 10-year debentures, which is fully subscribed. GENERAL JOURNAL

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section11.3: Accounting For The Declaration And Payment Of A Dividend

Problem 1OYO

See similar textbooks

Similar questions

Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
Current Attempt in Progress The following data were taken from the balance sheet accounts of Oriole Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings a. b. $590,000 630,000 C. 501,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) 162,000 870,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $45. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a book value of…
#1 O Category. Prior Year Current Year Accounts payable 3,134.00 5,904.00 Accounts receivable 6,978.00 8,907.00 Accruals 5,624.00 6,194.00 Additional paid in capital 20,362.00 13,212.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,484.00 18,100.00 Current portion long-term debt 500 500 Depreciation expense 1,003.00 1,011.00 Interest expense 1,257.00 1,156.00 Inventories 3,097.00 6,657.00 Long-term debt 16,532.00 22,027.00 Net fixed assets 75,252.00 74,022.00 Notes payable 4,045.00 6,536.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,789.00 34,684.00 Sales 46,360 45,408.00 Тахes 350 920 What is the firm's cash flow from financing? Submit Answer format: Number: Round to: 0 decimal places.
Denna Company's working capltal accounts at the beginning of the year follow Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 85,eee $ 25,600 S 386,000 $ 499, 000 S 18, See $ 227,000 $ 130,eee $ 73,500 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $45,000. a. Issued additional shares of common stock for cash. $230,000. b Sold inventory costing $82.000 for $115,000, on account c. Wrote off uncollectible accounts in the amount of $16,000, reducing the accounts recelvabie balance accordingly d. Declared a cash dividend, $45.000. e Paid accounts payable, $124,000. f Borrowed cash on a short-term note with the bank, $82,500 g. Sold inventory costing $19,500 for $13,000 cash. h. Purchased Inventory on account. $61.250. 1. Pald off all short-term notes due, $212,500. J. Purchased equipment for cash, $87,000. k. Sold marketable…
Category Prior Year Current Year Accounts payable 3,159.00 5,955.00 Accounts receivable 6,974.00 8,952.00 Accruals 5,771.00 6,100.00 Additional paid in capital 19,965.00 13,214.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,509.00 18,563.00 Current portion long-term debt 500 500 Depreciation expense 1,044.00 984.00 Interest expense 1,285.00 1,168.00 Inventories 3,015.00 6,719.00 Long-term debt 16,894.00 22,766.00 Net fixed assets 75,882.00 73,989.00 Notes payable 4,022.00 6,500.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,811.00 34,391.00 Sales 46,360 45,993.00 Taxes 350 920 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places. unanswered not_submitted Attempts Remaining: Infinity
Homework: - The trial balance of AL Rand Company comes on December 31, 2019 Account name $ Notes Payable Capital 14,400,000 55,110,000 90,000 6,000,000 15,900,000 6,900,000 4,500,000 17,700,000 15,000,000 3,600,000 Reserves Cash Notes Receivable Securities investments Goods for the last period Patent Goodwill Brand Required Activate Windows The preparation of the statement of financial position (balance sheet) as on 31-12-201
the following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Oct. 1 Interest Expense 710 203,264.00 ↓ 2 Notes Payable 215 499,298.00 ↓ 3 Cash 110 702,562.00 ↓ Using the information provided, compute the following amounts. 1. What was the carrying amount (book value) of the installment note before the payment on October 1? 2. What portion of next year’s payment will be interest? (Round the amount to the nearest dollar.) can you show me how to work through this problem?
Category Prior Year Current Year Accounts payable ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,516.41 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,946.66 Interest expense 40,500 41,874.31 Inventories 279,000 288,000 Long-term debt 336,467.85 401,942.46 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,499.58 Retained earnings 306,000 342,000 Sales 639,000 854,554.01 Taxes 24,750 48,384.56 ??? What is the current year's return on equity (ROE)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign re rounded to 4 decimal places (ex: 0.0924))
Clark Company paid Sherman Company for merchandise with a $4,000, 60-day, 9% note dated April 1. If Clark Company pays the note at maturity, what entry should Sherman make at that time? Select one: a. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense A) +4,360 -4,000 +360 +360 b. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense B) -4,360 -4,000 -360 +360 c. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense C) +4,060 -4,000 +60 +60 d. BALANCE SHEET INCOME STATEMENT ASSETS =…
Test Financial Statement Preparation ( So) Instruction: Prepare a formal Statement of Canh Flows for the year ended December 31, 2021, in thousand Pesos Bebeme Corp provided the following information during 2021 Dividend paid Cash, January 2021 Dividend received Cash received from customens Proceeds from issuing share capital P1,000 1800 s00 9000 1.500 Interest received 200 Proceeds from sale of long term investment Cash paid to suppliers and employees Interest paid on long term debt Income taxes paid 2.000 6,000 400 300 5/8 ...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)
The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…