Assume that a company paid $6 per share to re-purchase 1,100 of its $3 par value common stock. The purchase of this treasury stock: Group of answer choices increased total equity by $6,600 increased total equity by $3,300 decreased total equity by $3,300 decreased total equity by $6,600
Q: Your supervisor asks you to produce a budget variance report. Using the most common definition of…
A: Budget variance report is an important management tool to manage the performance of the business…
Q: You have a credit card that charges an interest rate of 1.8% compounded monthly. The table below…
A: WORKINGS- December 1 Beginning Balance 1327.24 LESS-…
Q: In regard to all of the identified cost drivers for overhead, 20% of the identified cost drivers…
A: This question relates to 80:20 rule. This rule says that with only 20% of efforts, 80% of the…
Q: DATE Jan. 01 Jan 04 Jan 06 Jan. 07 Jan 08 Jan. 09 Jan 10 DATE Jan 10 Jan 28 Jan. 31 ACCOUNT TITLE…
A: Journal book - the books in which business transactions are recorded for the first time are called…
Q: The Articles of Partnership of Ange and Bill and the following provisions were stipulated: Annual…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Accounts Receivable Bliss Co. 5/12 SJ1 50 5/25 CRJ1 20 Rowe Co. 5/18 SJ1 60 Accounts Receivable 1200…
A: Accounts receivable is the amount of owed by the customer of the company. The goods are provided to…
Q: 17. The Nameless Co. uses process costing and has the following information: Materials 1,000 Units…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Cash budgets should contain non-cash charges such as amortisation expense (depreciation) O Trye O…
A: • Cash Budget is a statement of estimated cash flows from all activities of an entity for a future…
Q: At December 31, the records of Seacrest Enterprises provided the following selected and incomplete…
A:
Q: Which of the following is a formula for a financial ratio? 1) earnings before interest and taxes /…
A: Ratio analysis allows the business organizations to compare one firm to another within the same…
Q: Alfredo Co. has collected the following per unit data: Direct labor $8 Variable selling and admin.…
A: Lets understand the basics. Under variable cost approach, price is calculated by adding mark up…
Q: QPF Movie Group, owns and operates movie theaters worldwide. Assume the company issued 5 percent…
A: Bond is that debt instrument which is used by the organization to finance its long term fund needs,…
Q: In 2020, DFS medical supply recognized rent revenue of 500 for financial accounting purpose and…
A: A permanent difference is such a transaction affecting either the financial income as per the books…
Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…
A: The statement of cost of goods manufactured includes the cost of goods that are manufactured during…
Q: To meet projected annual sales, Bluegill Manufacturers, Inc. needs to produce 75,000 machines for…
A: The money a business makes from the selling of its products or the delivery of its services is known…
Q: The December 31, 2022 statement of financial position of Xu Company showed Accounts Receivable…
A: The net accounts receivable balance is calculated by reducing Adjusted balance of Accounts for…
Q: (1) Debt and equity ratios. (2-a) Compute debt-to-equity ratio for the current year and one year…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The City Engineering Department of a city submitted a proposal for improving the downtown area. They…
A: Given data: Actual costs = Php 401,600,000 Total Benefits = Php 51,550,000
Q: Sunland Corporation follows IFRS. Prior to 2022, the accounting income and taxable income for…
A: The method of depreciation may differ in accounting and taxation. Sometimes, the depreciation method…
Q: Required: 1. How many units can the cell produce per hour (on a continuous running basis)? If…
A: Time taken using Cellular manufacturing Processing time (12 units) First unit (24 + 15 + 10 + 8)…
Q: Complete this question by entering your answers in the tabs below. Income Statement Reason for…
A:
Q: Ange partnership begins its first year of operations with the following capital balances:…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Required information [The following information applies to the questions displayed below] Financial…
A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…
Q: Beauty Beyond Words Salon uses an activity-based costing system to determine the cost of services.…
A: Cost of service includes all the expenses and costs which are paid or incurred on the providing such…
Q: Sage Hill, Inc., spent $58,800 in attorney fees while developing the trade name of its new product,…
A: JOURNAL ENTRIES Journal Entry is the First stage of Process of Accounting. Journal Entry is the…
Q: How companies detect theft or fraud in industries
A: the working of the company gets impacted by the miss happening that happen in the company due to the…
Q: Which of the following factors does the IRS consider irrelevant when determining reasonable…
A: An S corp or S organization is an enterprise shape this is permitted below the tax code to byskip…
Q: Indicate one ratio from each of the three categories (profitability, liquidity, and solvency) that…
A: Answer:- Ratio analysis :- The study or analysis of the line items included in the company's…
Q: An example of a performance measure with a long−timehorizon is ________. A. quality of room…
A: An overall performance size is a numeric final result of an evaluation that shows how properly an…
Q: 2019 Accrued salaries should have been $20,000 2020: Accrued salaries should have been $40,000 Both…
A: Lets understand the basics. Adjustment entry is required to make to record correct amount of revenue…
Q: The document that shows a bondholders' purchase of bonds, the par value of the bonds, stated…
A: The correct answer is: (D) Bond certificate The receipt of purchase would not have information…
Q: Which of the following statements are correct about fixtures? (select all that apply) Personal…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Mahadeus opened an RRSP deposit account on December 1, 2008, with a deposit of $2300. He added $2300…
A: The amount in the account is $10,591.657 =$10,592(Rounded off) Workings:- The deposit of $2,300…
Q: Question 15 A corporation may not be prosecuted and convicted of: a criminal offense if its agent…
A: A Corporation may not be prosecuted and convicted of: - criminal offense if its agent committed the…
Q: 60. Equipment costing P588,000 has a useful life of five years with an P80,000 salvage value at the…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: At the end of the accounting period, you estimate refunds and allowances will be 1% of Sales. Total…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video…
A: JOURNAL ENTRY Journal Entry is the First stage of Process of Accounting. Journal Entry is the…
Q: Why should multinational companies be concerned about auditing issues? Think about this in the…
A: Multinational companies should be concerned about auditing issues because auditing is a crucial part…
Q: What is the fair value of the lottery payments according to the Financial Accounting Standards Board…
A: According to the financial accounting standards board (FASB), The fair and present value of the…
Q: With the help of accounting ratios, Critically analyse the Solvency performance of the Apple…
A: Solvency can be measured using debt equity ratio. Debt equity ratio can be found out using the…
Q: When one currency declines against the dollar, it may correspond to lower inflation in the foreign…
A: Inflation is the general increase or decrease in the prices of goods and services in an economy over…
Q: QUESTION 17 Which of this can suggest a heightened of risk of fraud in the acquisition and payment…
A: Risk of fraud means the opportunity for misstatements or misappropriation of assets and operations…
Q: During a properly declared U.S. war with Outer Altoona, Harriet, a single taxpayer, was killed in…
A: The term "taxable income" refers to income that is utilized to determine a taxpayer's tax obligation…
Q: 17. Jackson Company purchased $ 50,000 in equipment on July 1 , 2021. The equipment had a 10 - year…
A: The error refers to a mistake that occurs as a result of entering the transaction into the books of…
Q: Which of the following is a criterion for classifying a lease as a finance lease by the lessee?
A: The correct answer is: (A) The lease term is equal to 75% or more of the estimated economic life of…
Q: What is the difference between revenue and expenditure
A: An organization's fixed assets, which have a useful life of one year or longer, are purchased,…
Q: Cordner Corporation has two production departments, P1 and P2, and two service departments, S1 and…
A: Direct method of overhead allocation means a method where overhead of support department is direct…
Q: Which of the following would be least likely to be considered a managerial accounting report?
A: The correct answer is: (A) Statement of stockholders’ equity Statement of stockholders’ equity is a…
Q: Wang Company manufactures and sells a single product that sells for $630 per unit; variable costs…
A: The break even sales are calculated as fixed cost divided contribution margin ratio. The margin of…
Q: 2 Bartolo Delivery has two divisions, air express and ground service, that share the common costs of…
A: COST ALLOCATION Cost allocation is the process of identifying, aggregating, and assigning costs to…
Step by step
Solved in 2 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).Compute for stockholders' equity using the following information: 5 points Bonds payable Additional paid in capital on common stock Donated capital Treasury stock at cost Common stock, par P1 Common stock option warrants Investments in marketable securities P120,000 20,000 16,000 8,000 200,000 40,000 28,000 6,000 54,000 Additional paid in capital from treasury stock Retained earningsIF BG CORPORATION ISSUED THE FF. WHAT IS THE PAR VALUE OF PARTICIPATING PREFERRED STOCKS? 600 COMMON STOCKS PAR VALUE $100 550 PARTICIPATING PREFERRED STOCKS PAR VALUE $100 AT 3% BG CORPORATION DECLARED A $20,000 DIVIDEND IN 2021 Group of choices: A. $3,300 B.$1,650 C.$33,000 D.$55,000
- Assume that a company paid $6 per share to purchase 1,100 shares of its $3 par common stock as treasury stock. The purchase of treasury stock A. increased total equity by $3,300. B. decreased total equity by $3,300. C. decreased total equity by $6,600. D. increased total equity by $6,600.Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.Assume a company provided the following information: Earnings per share $ 1.20 Number of common shares outstanding, beginning of the year 45,000 Number of common shares outstanding, end of the year 55,000 Price - earnings ratio 12.50 Dividend yield ratio 4% The dividend per share is closest to: Multiple Choice $1.10. $0.90. $1.20. $0.60.
- Assume that a company paid $6 per share to purchase 1,100 shares of its $3 par common stock as treasury stock. The purchase of treasury stock increased total equity by $3,300. decreased total equity by $3,300. decreased total equity by $6,600. increased total equity by $6,600.A corporation purchases 9,515 shares of its own $10 par common stock for $18 per share, recording it at cost. What will be the effect on total stockholders' equity? a.decrease by $171,270 b.increase by $171,270 c.decrease by $76,120 d.increase by $76,120If a firm initially sells 100 shares of Common Stock at $5.00 per share and the stock is currently selling on the NYSE at $8.00, what will be the balance of Common Stock reported on the Equity section of the Balacnce Sheet? $5.00 $500.00 $8.00 $800.00
- The shareholders’ equity of Raven Company is as shown: RAVEN COMPANY Partial Balance Sheet 1 Common stock, $10 par $300,000.00 2 Additional paid-in capital on common stock 200,000.00 3 Retained earnings 200,000.00 4 $700,000.00 Raven is considering the declaration and issuance of a stock dividend at a time when the market price is $20 per share Prepare the appropriate journal entries for the declaration on December 1 and payment or distribution of the dividend on December 15, assuming the board of directors recommends a 40% stock dividend.The owners' equity accounts for Vulcano International are shown here: Common stock ($1 par value) Capital surplus Retained earnings Total owners' equity a. Assume the company's stock currently sells for $47 per share and a stock dividend of 8 percent is declared. How many new shares will be distributed? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. New shares issued $ 80,000 200,000 660,000 $ 940,000 Show the new balance for each equity account. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Common stock Capital surplus Retained earnings Total owners' equityA corporation purchases 43800 shares of its own $15 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholders’ equity? Decrease by $1533000 Increase by $1533000 Increase by $657000 Decrease by $657000
