nmon Stock l-in-Capital in Excess of Par Value
Q: Beth's business purchased only one asset during the current year (a full 12-month tax year). On…
A: Solution:- Calculation of the maximum depreciation expenses as follows under:-
Q: below: Cash P96,000 Accounts Payable P178,000 Accounts Receivable 184,000 Annie Capital 266,000…
A: When a new partner is admitted to a partnership firm, the firm gets reconstituted. For this purpose…
Q: Skip to question [The following information applies to the questions displayed below.] The…
A: The bank reconciliation statement is prepared to adjust the balance of cash book and passbook with…
Q: ena Technology sells arc computer printers for $56 per unit. Unit product costs are: Direct…
A:
Q: 15.4A The statements of financial position and additional information relating to Pennylane Ltd are…
A: Cash flow statement A cash flow statement is one of the important financial statements that depict…
Q: 1. A business has an asset with data shown in the table. S 2,300 Compute the asset depreciation…
A: Depreciation is an expense recorded as consumption of fixed asset during that year. In Sum of years…
Q: Horizontal Analysis Income Statemen For 20Y2, McDade Company reported a decline in net income. At…
A: The horizontal analysis for financial statements is done to compare the data for two different years…
Q: The variable overhead spending variance has to do with the efficient use of The overhead items. All…
A: Solution Variable overhead spending variance is a difference between actual cost manufacturing a…
Q: of product but actually produced only 7,400 units. Actual fixed overhead costs were $286,100.…
A: The standard cost variance is the difference between a standard cost and an actual cost.
Q: A plant asset was purchased for P19,000 on January 1, 2011 with a resio n 2014, the total useful…
A: Calculation of depreciation :- Some of Year Method = n(n+1)/2 Where n = number of years So SYD =…
Q: The controller of Feinberg Company is gathering data to prepare the cash budget for July. Heplans to…
A: A cash budget is a forecast of a company's free cash flow over a set period of time. This budget…
Q: If a company wishes to extend credit standards in order to increase its sales and generate…
A: The question is related Management of Receivables. The details are given regarding the same.
Q: only A milling machine has an initial cost is Php 370,000 and a service life of 10 years. Determine…
A: As requested to answer only part A so we are answering only that.
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Adjustment entries are those that are made after the trial balance is made by taking balances from…
Q: $14,500, accounts receivable of $473,000, inventories of $482,250, and accounts payable of $169,055.…
A: A Cash Budget is a forecast of expected cash receipts & expected cash payments. The Cash Budget…
Q: From page 10-1 of the VLN, when a company sells shares of stock, those shares of stock are said to…
A: When the company sells the shares, those stock is said to be Issued shared and outstanding shares.…
Q: Barker, Inc. had reported the folowing details for the year ended December 31, 2019: Net sales…
A: The asset turnover ratio is calculated as ratio of sales and average total assets
Q: The following selected transactions were completed by Betz Company during July of the current year.…
A: Introduction Purchase of merchandise inventory is recorded by debiting to merchandise inventory…
Q: Trini Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor…
A: Manufacturing overhead is the sum of all indirect costs incurred while manufacturing a product. Cash…
Q: On the basis of the following data, determine the value of the inventory at the…
A: Note: Under the Lower of cost or Market method, inventory is valued at the lower of the Cost of the…
Q: Coronado Industries had sales in 2021 of $5,698,400 and gross profit of $921,800. Management is…
A: Sales Budget- A sales budget is a plan that outlines the methods and strategies for forecasting…
Q: Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 9 April…
A: Africa Trader sold goods to SA traders. For SA traders, it is cash purchased. So it will be recorded…
Q: A company reports the following for one of its products. Direct materials standard (4 pounds @ $2…
A: Answer - (a) Direct material price variance = (Standard price - Actual price) * Actual quantity…
Q: QUESTION 8 A company's unadjusted trial balance shows a debit balance of $30,000 in the allowance…
A: Solution: If allowance for doubtful accounts is having debit balance, it means actual bad debts…
Q: a. What amount of joint product cost would be allocate to each product? b. What is financial…
A: Lets understand the basics. For allocating joint process cost, there are various methods are…
Q: Nguyen Company has an opportunity to purchase an asset that will cost company $59,000. The asset is…
A: Unadjusted rate of return = Annual net income / Average investment where, Average investment = (Cost…
Q: Directions: Answer the following questions by the due date. Use numerical calculations (if needed)…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: at purchase was $69159 and Sri's
A: Dividend received from Canadian corporation = $1878 Earnings after selling his holdings…
Q: Lynch Company manufactures and sells a single product. The following costs were incurred during the…
A: Cost refers to the expenditure incurred by the firm as a consideration for goods or services.
Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: What is the interest income for the year 2023? How much is the total proceeds of Squirtle for the…
A: Answer:
Q: Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Administrative expense 732…
A: Formula: Gross profit = Ne sales -Cost of goods sold
Q: The Bottling Department of Mountain Springs Water Company had 5,000 liters in beginning work in…
A: Solution: Equivalent units for conversion cost under FIFO method = Beginning WIP Units * % completed…
Q: Rocky Mountain Corporation makes two types of hiking boots—Xactive and Pathbreaker. Data concerning…
A: Solution 1: Determination of activity rate for each activity & allocation of overhead…
Q: Pharoah Company manufactured 6,720 units of a component part that is used in its product and…
A: given Pharoah Company manufactured 6,720 units of a component part that is used in its product and…
Q: Greta had the following transaction in 2021: a. Carl sold a building in 2021 and generated a $3,000…
A: The pointers to determine the net capital gain or loss under the rules and regulations of IRS are…
Q: xable compensation income of P500,000.00. She also earned an additional P2,000.00 and P1,000.00…
A: Tax refers to the mandatory charge levied by the government over the money earned or gained by an…
Q: Arlington LLC purchased an automobile for $76,000 on July 5, 2021. What is Arlington's depreciation…
A: Depreciation is non-cash expense which writes down the value of asset. It is calculated based on…
Q: Comparative income statements are available for Johanna's Fine Furs 2010 2009 P 850,000 325,000…
A: There are two methods of analysis: Horizontal analysis Vertical analysis Horizontal Analysis: It…
Q: Young Corporation is considering purchasing equipment that costs $50,000 and is expected to provide…
A: To calculate the payback period, we need to find the time that the project has recovered its initial…
Q: Rerun Manufacturing Company is in the process of preparing its 2020 budget and is anticipating the…
A: Estimated net sales is the amount of sales which is estimated to be sold in 2020. It is calculated…
Q: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year…
A: Formula: Return on plan Assets = Ending fair value of plan Assets - Beginning fair value of plan…
Q: to service a minimum
A: Khaki Pants have a higher contribution margin per minute on the cutting machines. As the cutting…
Q: QUESTION 2 Gary inherited a Maine summer cabin on 10 acres from his grandmother. His grandparents…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Cash Budgets The management accountant at Genus Manufacturing Company, Karen Cranston, is in the…
A: A cash budget is a document produced to help a business manage their cash flow. A cash budget is…
Q: Cobb Department Store sells gift certificates redeemable only when merchandise is purchased. These…
A: Unearned revenue is the amount of revenue collected, but the services have not been performed yet or…
Q: Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800…
A: GIVEN Salaries and wages payable$1,700 Salaries and wages expense$1800 Utilities expense$22500…
Q: QUESTION 30 John received a bulding as a gift from his grandmother. At the time of the gift the…
A: Gain or loss of Transaction To determine the gain or loss of the transaction which is the amount…
Q: value a share of common stock.
A: Common stock is the ordinary shares issued by the company. It shows the equity that offers the share…
Q: Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following…
A: T Accounts: A T-account is a graphical depiction of a general ledger, which is used to record the…
Hello, I am struggling with the questions marked with red x's. I think the thing that is holding me back, is I can't seem to figure out what exactly the number of outstanding shares is.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Could you please explain how you get the 76,250 in the cash dividend formula? I was thinking it would still be the 75,000 outstanding shares (75,000 x $1.00)?
Cash Dividend (76,250 x $1.00) |
- Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Selected stock transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 200,000 shares of common stock at 12, receiving cash. b. Issued 8,000 shares of preferred 2% stock at 115. c. Purchased 175,000 shares of treasury common for 10 per share. d. Sold 110,000 shares of treasury common for 14 per share. e. Sold 30,000 shares of treasury common for 8 per share. f. Declared cash dividends of 1.25 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Pro Parts stockholders equity accounts had the following balances: Common stock subscriptions receivable 5,000 Common stock, 5 par, 12,000 shares 60,000 Preferred stock, 10 par, 4%, 4,000 shares 40,000 Common stock subscribed, 5 par, 3,000 shares 15,000 Paid-in capital in excess of par-common stock 4,000 Retained earnings 35,000 Prepare the stockholders equity section of the balance sheet.
- STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Mel Brothers stockholders equity accounts have the following balances: Common stock subscriptions receivable 6,000 Common stock, 6 par, 15,000 shares 90,000 Preferred stock, 10 par, 8%, 10,000 shares 100,000 Common stock subscribed, 6 par, 5,000 shares 30,000 Retained earnings 50,000 Prepare the stockholders equity section of the balance sheet.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.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.